JAKARTA, Dec. 3 (Xinhua) -- Indonesia's state-owned oil and gas company PT Pertamina reported a net profit of 2.66 billion U.S. dollars from January to October 2024, with revenue reaching 62.5 billion dollars.
"Despite facing challenging market dynamics, Pertamina has managed to maintain positive financial performance," said Pertamina's Deputy CEO Wiko Migantoro during a hearing with the House of Representatives on Tuesday.
Pertamina's performance has been fluctuating in recent years, influenced by global commodity price fluctuations, Wiko added.
In 2023, net profit increased to 4.4 billion dollars, despite a revenue decline to 75.8 billion dollars, due to improved profitability strategies in the downstream sector. In 2022, the company recorded a net profit of 3.81 billion dollars with a revenue of 84 billion dollars.
Pertamina also recorded 780 million dollars in cost efficiencies throughout 2024 and has allocated 4.7 billion dollars in investments to support various strategic projects, with a focus on the upstream sector to boost oil production. ■