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Industrial Services

PT Perusahaan Gas Negara (Persero) Tbk

Company Background

State-owned Perusahaan Gas Negara is Indonesia's largest natural gas transmitter and distributor. The majority of the company's shares are owned by the Indonesian government, and PGN's largest customer is the power generation industry, which accounts for about 40% of total sales.

PGN went public in 2003, and is currently has one of the largest companies by market value on the Indonesia Stock Exchange. The company made headlines earlier this year after a government minister revealed plans to merge PGN with Pertamina, another state-owned oil and gas company. The plan was later canceled due to after backlash from various government officials and employees.

Having spent most of his career in the financial industry, Hendi Prio Santoso joined PGN from JP Morgan Securities Indonesia in 2007 as director of finances. In 2008, he was appointed president. The company has since shifted toward upstream businesses, acquiring gas and oil blocks both domestically and abroad.

Business Summary

PT Perusahaan Gas Negara Tbk engages in the distribution and transmission of natural gas. It operates through The following business segments: Gas Distribution, Gas Transmission, Exploration and Production of Oil and Gas, and Other Operations. The Gas Distribution segment mainly involves in gas distribution purchased from gas suppliers and then supplies to the industrial, commercial and household customers. The Gas Transmission segment handles gas transmission for customers. The Exploration and Production of Oil and Gas segment explores, exploits, and develops business for oil and gas. The Other Operations segment provides processing of liquefied natural gas, fiber optic rental for network services and constructions; maintenance services to the customers and management; and leasing buildings and equipment. The company was founded in May 13, 1965 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2018 IDRUSD
Revenue55,100.13B3,870.26M
Gross Profit15,175.01B1,065.90M
Operating income8,826.85B620.00M
Income before tax8,327.15B584.90M
Net income4,342.09B304.99M
EBITDA16,409.13B1,152.58M
Diluted EPS179.090.01
Dividends Per Share56.990.00
Total Assets114,166.74B7,939.27M
Total liabilities68,123.55B4,737.38M
Total equity37,021.84B2,574.53M
Operating cash flow15,456.79B1,085.69M
Currency in IDRCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 38,597.57B 41,113.33B 39,033.75B 47,780.99B 55,100.13B
Gross Profit 13,720.28B 11,150.69B 10,072.82B 11,769.51B 15,175.01B
Operating income 10,014.59B 7,606.65B 5,943.43B 6,480.74B 8,826.85B
Income before tax 11,031.62B 5,936.76B 5,120.45B 5,592.79B 8,327.15B
Net income 8,437.29B 5,374.97B 4,047.63B 2,634.93B 4,342.09B
EBITDA 12,703.68B 11,599.31B 10,121.74B 14,235.51B 16,409.13B
Diluted EPS 355.91 267.94 172.90 108.66 179.09
Dividends Per Share 144.84 91.32 75.18 31.61 56.99
Total Assets 70,465.29B 89,533.88B 92,073.12B 111,025.29B 114,166.74B
Total liabilities 34,852.60B 47,864.52B 49,362.69B 52,543.76B 68,123.55B
Total equity 35,612.33B 41,635.60B 42,615.87B 50,754.83B 37,021.84B
Operating cash flow 9,719.52B 7,974.95B 9,675.96B 10,990.66B 15,456.79B
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 3,253.38M 3,068.79M 2,934.77M 3,570.59M 3,870.26M
Gross Profit 1,156.48M 832.31M 757.33M 879.51M 1,065.90M
Operating income 844.13M 567.77M 446.86M 484.29M 620.00M
Income before tax 929.85M 443.13M 384.98M 417.94M 584.90M
Net income 711.17M 401.19M 304.32M 196.90M 304.99M
EBITDA 1,070.79M 865.79M 761.01M 1,063.79M 1,152.58M
Diluted EPS 0.03 0.02 0.01 0.00 0.01
Dividends Per Share 0.01 0.00 0.00 0.00 0.00
Total Assets 5,689.56M 6,495.02M 6,834.15M 8,183.18M 7,939.27M
Total liabilities 2,814.09M 3,472.21M 3,663.95M 3,872.76M 4,737.38M
Total equity 2,875.44M 3,020.35M 3,163.17M 3,740.91M 2,574.53M
Operating cash flow 819.25M 595.26M 727.49M 821.31M 1,085.69M

Valuation Measures

Dec 2018
PER11.83
ROA3.85%
ROE9.89%
Operating margin16.01%
Profit margin7.88%

Key executives

  • President Director: Persistent Prakoso Soewarto
  • Finance Director: Said Reza Pahlevy
  • Director-Infrastructure & Technology: Dilo Seno Widagdo
  • Director-Commerce: Danny Praditya
  • Head-Treasury Division: Joko Heru Sutopo

Shareholders

  • Government of Indonesia (56.9%)
  • The Vanguard Group, Inc. (1.5%)
  • Investec Asset Management Ltd. (1.3%)
  • BlackRock Fund Advisors (0.9%)
  • Norges Bank Investment Management (0.8%)
  • Eastspring Investments (Singapore) Ltd. (0.6%)
  • TOBAM SAS (0.4%)
  • Dimensional Fund Advisors LP (0.4%)
  • PT Schroder Investment Management Indonesia (0.3%)
  • APG Asset Management NV (0.3%)

Contact Details

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  • PGN Euro Finance Ltd.
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  • PGN Euro Finance 2003 Ltd.
  • PT Transportasi Gas Indonesia

Competitors

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