JAKARTA - Although PT Energi Mega Persada Tbk (ENRG)'s revenue fell 3%, the company's net profit grew 92% to US$ 53 million in 2020. The decline in sales was insignificant because it was supported by growth in oil and gas production over the past year.
Syailendra S Bakrie, President Director of PT Energi Mega Persada Tbk (ENRG) said that net sales were recorded at US$ 324.88 million, lower than US$ 334.34 million in 2019, while operating profit fell 21% to US$ 111, 62 million from US$ 141.25 million.
The decline in ENRG sales was due to the average gas price dropping 18% to US$ 5.38 / million cubic feet (mcf) from US$ 6.53 / mcf and the average oil price dropping 35% to US$ 43.55 / bbl. of 67.42 / bbl. Gas production increased 11% to 171 mcf per day from 154 mcf per day and oil production increased 46% to 3,444 barrels per day from 2,363 barrels per day. (LK/LM)