Jakarta. State-owned oil company Pertamina recorded a net profit of $3.81 billion last year, equivalent to Rp 56.6 trillion, the highest in the company's history. 

Last year’s net profit represented an 86 percent rise from 2021, which amounted to $2.05 billion or Rp 29.3 trillion, the company said in a statement.

Pertamina's revenue rose by 48 percent to $84.89 billion last year from $57.5 billion a year earlier.

The financial report was approved during the shareholders’ annual meeting on Tuesday.
 
Aligned with the revenue increase, Pertamina's consolidated EBITDA also rose to $13.59 billion, a 47 percent increase compared to 2021, which amounted to $9.26 billion.

"In 2022, Pertamina achieved its highest performance in the company's history. We recorded a net profit of $3.81 billion," Pertamina Chief Executive Officer Nicke Widyawati said.

"However, this is not the end of our achievements, but rather the beginning of a journey towards even better accomplishments," she added.

Nicke explained that the company's revenue increase was not solely driven by higher oil and gas production and product sales. Pertamina also successfully made breakthroughs in cost-saving measures which contributed to savings of around $3 million.

Pertamina's financial achievements are aligned with its sustainability accomplishments, which have had a positive impact. In October 2022, Pertamina was ranked second globally in the Integrated Oil & Gas sub-industry by Sustainalytics, with an ESG score of 22.1.