Jakarta. Pertamina Patra Niaga, the trading arm of state-owned oil company Pertamina reported a net profit of $193.07 million for fiscal year 2022.

This net profit was attributed to improving business revenue which stood at $72.09 million, a 55 percent increase from the previous year's $25.87 million.

The financial performance for 2022 was approved at the shareholders' meeting in Jakarta on Thursday.

"Despite challenging conditions, we were able to pass through 2022 with a positive performance and will continue to fulfill our energy distribution assignments throughout Indonesia," Pertamina Patra Niaga CEO Alfian Nasution said.

This positive financial performance is supported by several factors, including increased revenue from non-subsidized fuel products and cost savings in distribution and supplies.

"Pertamina Patra Niaga's distribution costs could be reduced by up to 15 percent from the 2022 target," added Alfian, adding that cost-saving measures were able to reduce costs by $30 million.

Throughout the past year, Pertamina Patra Niaga added 96 new fuel stations which sell products at uniform prices. The number of outlets providing subsidized 3-kilogram LPG has already topped 64,000.

Pertamina Patra Niaga also built six charging stations for electric vehicles and 22 electric vehicle battery exchange facilities.