JAKARTA - Energi Mega Persada Tbk, an oil and gas company, managed to record US$ 28 million in net profit in 2019. In 2018, the company recorded a loss of US$ 12.7 million.
The turnover started as the company recorded a 22.26% revenue growth in 2019, from US$ 273.46 million recorded in 2018 to US$ 334.34 million.
At the same time, the company managed to reduce its cost of goods sold by 10.58% to US$ 176 million, enabling it to record a gross profit of US$ 157.5 million.
The company also managed to pay off some of its debts, as shown in the decrease in liabilities, 11.21% to US$ 573.27 million (2019). According to Eduardus Ardianto, Chief Financial Officer of ENRG, the debt payments brings a positive feedback to the company, particularly lower interests and higher liquidity. (ARM/AC/AR)