Jakarta. State-run oil company Pertamina recorded strong growth in 2023 with net profit rising by 14 percent to reach $4.4 billion from $3.8 billion a year earlier.

Pertamina Finance Director Emma Sri Martini attributed the surge to increased production and effective efficiency measures.

“Pertamina maintains its growth amid global uncertainties and the declining trend of the Indonesia Crude Price (ICP). We managed to bolster our performance and profitability," Emma said during a hearing with the House of Representatives on Wednesday.

Throughout 2023, Pertamina’s oil production rose 8 percent year-on-year to 1.44 million barrels per day and total sales increased 2 percent to reach 100 million kiloliters, Emma said. 

Additionally, restructuring programs in the organization and optimized risk mitigation efforts also contributed to highly efficient businesses, she added.

Last year, Pertamina achieved self-sufficiency in diesel and aviation fuel production.