Pertamina (PERTAMINA) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached USD75.33 billion, down 0.61% from 2023, with net profit at USD3.13 billion, a 29.6% decrease year-over-year, mainly due to lower crack spreads and asset impairments.

• EBITDA for 2024 was USD10.79 billion, a 24.8% decline from 2023, reflecting higher cost of goods sold and direct costs.

• Total assets stood at USD89.85 billion, with equity at USD44.08 billion and liabilities at USD45.77 billion as of year-end 2024.

• The company maintained a strong liquidity position, with a current ratio of 227.26% and a quick ratio of 137.92% in 2024.

Financial highlights

• Operating income for 2024 was USD6.39 billion, down 23.9% from 2023.

• Cost of goods sold and direct expenses increased by 2.99% to USD65.25 billion.

• Export sales rose to USD7.74 billion, up 7.5% from 2023, while domestic sales of crude oil, gas, and oil products reached USD53.04 billion.

• Net profit margin declined to 4.15% in 2024 from 5.86% in 2023.

• Dividend payout for 2024 was IDR9.36 trillion, with a dividend-to-net profit ratio of 14%.

Outlook and guidance

• The company projects continued global economic uncertainty in 2025, with a focus on dual growth strategy: maximizing legacy businesses and building low-carbon businesses.

• Strategic priorities include reducing crude oil imports, increasing upstream production, expanding renewable energy, and implementing decarbonization initiatives.

• The company aims to achieve Net Zero Emissions by 2060 and targets EBITDA of USD20 billion to reach a USD100 billion valuation.