JAKARTA – PT Medco Energi Internasional Tbk (MEDC) posted a net profit of USD 18 million in the first quarter of 2025, down 81% from USD 94.08 million in the same period last year.

“The primary cause of the profit decline was the net loss from PT Amman Mineral Internasional Tbk (AMMN) during the commissioning process of its new smelter,” said Roberto Lorato, Director and Chief Executive Officer of MEDC, in an official statement in Jakarta on Friday (30/5).

Nevertheless, Roberto added that AMMN successfully produced 37 million pounds (Mlbs) of copper and 32 thousand ounces (Koz) of gold. The first copper cathode production was achieved in the first quarter of 2025 and has already been exported in early April, while the precious metals refining facility is scheduled to begin commissioning in the second quarter of 2025.

On the operational side, as of the end of March 2025, the company’s EBITDA stood at USD 332 million, showing an increase compared to the previous quarter.

This was supported by proactive cost management, despite seasonal declines in gas demand.

“This solid EBITDA result reflects the fundamental strength and operational performance of MedcoEnergi,” said Roberto.

Meanwhile, MedcoEnergi’s oil and gas production reached 143 mboepd at the end of March 2025. The figure was affected by seasonal declines in gas demand and scheduled maintenance activities at the Senoro Field, with a cash production cost of USD 8.4/boe.

In the South Natuna Sea Block B, the Terubuk and Forel fields have commenced production and were inaugurated by President Prabowo Subianto. These two fields are expected to produce up to 20,000 BOPD and 60 MMSCFD.

MedcoEnergi’s power segment recorded sales of 871 GWh in the first quarter of 2025, lower than 1,146 GWh in the previous period. The decline was due to maintenance of the Riau CCGT plant, an earthquake near the Sarulla geothermal facility, and flooding at the Sumbawa solar power plant.

This negative impact was partially offset by the operation of the 35 MW Phase 1 Ijen Geothermal Project, which began operating in February. In addition, construction of the 25 MWp East Bali solar power plant has been completed and is targeted to commence commercial operation in June 2025.

MedcoEnergi President Director Hilmi Panigoro emphasised that this performance demonstrates financial discipline, operational resilience, and the company’s commitment to sustainable growth.

“MEDC will continue to strengthen its business portfolio and seek new opportunities to create long-term value for stakeholders,” said Hilmi. (DH/ZH)