Earns USD 47 Million Net Profit, MEDC Distributes Dividends of IDR 15-20 per Share

JawaPos.com – Oil and gas company PT Medco Energi Internasional Tbk (MEDC) posted a net profit of USD 47 million in 2021 and provides new guidelines for an annual dividend of IDR 15-20 per share part.

“I am pleased to report a strong financial performance as prices and demand recover after the Covid-19 pandemic. The company’s performance allows us to provide guidance on new dividends and lower debt targets,” said CEO of Medco Energi Internasional Roberto Laronto in a statement in Jakarta, Friday (10/6).

Medco has set a lower leverage target, namely net debt per EBITDA of 2.5 times. EBITDA was recorded at USD 714 million or an increase of 44 percent YoY.

The average selling price of oil is US$68 per barrel, up 68 percent compared to 2020 which was only US$40 per barrel. Meanwhile, the weighted average gas selling price is USD 6.5 per MMBTU, up 26 percent from 2020 which was only USD 5.2 per MMBTU.

A net profit of USD 47 million was achieved in line with the recovery of energy demand which was previously low due to the Covid-19 pandemic in 2020. The three oil and gas, electricity and mining business segments posted profits.

Net profit was affected by dry holes and the decline in value of Mexico Blocks 10 and 12 reached USD 28 million, AMG value decreased USD 15 million, offset by adjustments to the market value of Serulla of USD 47 million and DSLNG of USD 25 million.

The company’s capital expenditure was recorded at USD 114 million, increasing in the fourth quarter as demand recovered.

Meanwhile, the consolidated debt was USD 3.0 billion and the limited group was USD 2.6 billion, an increase of USD 294 million compared to 2020. Including the issuance of bonds amounting to USD 400 million for the acquisition. Corridor in the first quarter of 2022.

Net debt was recorded at USD 1.8 billion and the ratio to EBITDA was 2.7 times. Finance costs are 20 percent lower than in 2020 as a result of consistent debt reduction.

President Director of Medco Energi Hilmi Panigoro expressed his pleasure to see a much better full year performance improvement and support from stakeholders for the extension of the Senoro-Toili PSC. “The assessment of the Acquisition of ConocoPhillips Indonesia in March has strengthened Medco Energi’s position in Southeast Asia and supports our climate change strategy,” said Hilmi.