PGAS: Gas Distribution Decline

By administrator | July 25, 2019 | Infrastructure Transportation.
PGAS: Gas Distribution Decline

PGAS: Gas Distribution Decline

PGAS: Gas Distribution Decline. The gas distribution volume of the Perusahaan Gas Negara (Persero), Tbk (PGAS) period 1H19 has not been targeted. Based on the Bloomberg source, estimating the distribution volume of PGAS at 2Q19 only reaches 945 MMcfd. The Volume was below the 2019 target of 960-970 MMcfd. While the distribution volume for 1H19 reached 932 MMcfd. President Director of PGAS, Gigih Prakoso explained that the decline in the 1H19 period gas distribution volume was caused by a reduced gas supply from the gas supplier.

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Nevertheless, Gigih said that the current gas supply is normal so that it will be able to improve the distribution of gas to consumers according to the target and guidelines 2019. It can be done because domestic gas demand is still strong. He also added that revenues at 1H19 became hampered because the volume of distribution in the first half of this year was not smooth.

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The solution, PGAS will pursue its target in this second semester. The PGAS distribution Volume reached its peak in April for 1,003 MMcfd and June at 851 MMcfd. On 1Q19, PGAS recorded revenues of USD860, 53Mn. The revenue dropped 8.79% YoY compared to the same period last year. The decline in revenues sent the PGAS to a loss of profit attributable to the parent entity of USD91.12Mn to USD65.1Mn or decrease 28.55% YoY.

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Previously, PGAS targeted revenues around USD5Bn this year with a return over USD200Mn. To achieve these targets, PGAS will perform a number of agenda. For example, continue to develop market distribution and shoot 244,043 new customers. In addition, PGAS also pursued the completion of transmission pipelines from Gresik to Semarang. The target, until 2024 they had to build a transmission pipe for 528 km.

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Throughout 1H19 PGAS has spent a capital expenditure (capex) budget worth USD150Mn. That means the company has absorbed 30% of the total capex estimated USD500Mn. This year the PGAS allocates 80% of capex to finance the development of gas transmission pipelines and gas distribution pipes. About USD50Mn among them to fund the infrastructure of the Rokan Block which in 2021 switched operations to the hands of its parent business, Pertamina (Persero).

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