JAKARTA – PT Medco Energi Internasional Tbk (MEDC) posted a net profit of only USD 18 million in the first quarter of 2025, down 75.8% from the same period last year.

Meanwhile, the oil and gas company owned by Arifin Panigoro saw its revenue grow slightly by 0.7% year-on-year to USD 560 million in the first quarter.

However, MEDC bore losses from associates and joint ventures amounting to USD 20 million in the first quarter.

This contrasts with the performance of MEDC’s associates and joint ventures, which recorded a net profit of USD 113.1 million in the last quarter of 2024.

The associate that weighed on MEDC’s results in the first quarter was PT Amman Mineral Internasional Tbk (AMMN), a copper and gold mining company that reported a loss of USD 29.03 million.

Nevertheless, Investment Analyst at Stockbit Sekuritas Digital, Hendriko Gani, said MEDC’s operational performance still grew positively on a quarterly basis early this year.

“In line with consensus expectations (24.9% FY25F consensus estimate) and exceeding our expectations (27.6% FY25F Stockbit estimate),” Hendriko said.

Meanwhile, MEDC’s oil production in the first quarter fell 2.5% quarter-on-quarter, while gas production declined 4.6%. The company’s average selling price for oil remained stable at USD 72 per barrel and gas at USD 7.1 per barrel. (KR/ZH)