PT Perusahaan Gas Negara Tbk (PGAS) recorded a net profit of\nUS$121.84 million, equivalent to approximately Rp2.09 trillion, for the\nthree-month period ending 31 March 2026, marking a growth of around\n35.1% compared to Rp1.55 trillion (US$90.19 million) in Q1 2025.<\/p>\n
Based on the unaudited interim consolidated financial statements as\nof 31 March 2026 released by the company, revenue for Q1 2026 was\nrecorded at US$929.56 million (Rp15.98 trillion), a slight decline of\n3.8% from Rp16.6 trillion (US$966.56 million) in Q1 2025.<\/p>\n
Although revenue experienced a minor correction, the cost of goods\nsold was reduced more significantly from Rp14.19 trillion to Rp13.25\ntrillion, reflecting operational efficiencies that could strengthen\nfuture profitability. Gross profit thus increased to Rp2.71 trillion\nfrom Rp2.42 trillion in the same period the previous year.<\/p>\n
Operating profit for Q1 2026 was recorded at US$117.65 million\n(Rp2.02 trillion), up from US$105.87 million (Rp1.82 trillion) in Q1\n2025. The operating profit margin improved to ~12.7%, compared to ~11%\nin Q1 2025. This has caught the market\u2019s attention as an indicator of\nmargin resilience amid fluctuations in natural gas prices. Profit before\ntax surged 29.2% to Rp2.34 trillion from Rp1.81 trillion.<\/p>\n
PGAS is a state-owned enterprise listed on the Indonesia Stock\nExchange (BEI) in the natural gas distribution and transmission\nsector.<\/p>\n
Financial Position: Equity Strengthens, Liabilities Decline<\/p>\n
Total assets of PGAS as of 31 March 2026 were recorded at US$6.2\nbillion (Rp106.59 trillion), relatively stable from Rp107.10 trillion as\nof 31 December 2025. Total liabilities decreased from Rp45.1 trillion to\nRp42.52 trillion, reflecting an improvement in debt structure that could\nbe a positive focus for investors. The company\u2019s net equity increased to\nRp64.07 trillion from Rp61.99 trillion at the end of 2025.<\/p>\n
Cash and cash equivalents as of 31 March 2026 were recorded at\nRp23.37 trillion, a slight increase from Rp22.96 trillion. The\ndebt-to-equity ratio improved from 0.73x to 0.66x, while the current\nratio rose from 1.77x to 2.01x, indicating a solid short-term liquidity\nposition.<\/p>\n
Stock Valuation and Dividend Yield Estimation<\/p>\n
Based on the closing price of PGAS at Rp1,940 per share on 27 April\n2026 and Q1 2026 EPS of Rp63.60 (USD 0.0037 \u00d7 Rp17,183.1), the\nannualized EPS could potentially reach ~Rp254.4.<\/p>\n
The estimated Price-to-Earnings (P\/E) ratio based on Q1 2026 is\naround 7.6x, which investors monitor as a benchmark for the relative\nvaluation of this state-owned energy issuer. The last recorded dividend\nin this report was Rp182.08 per share for the 2024 fiscal year.<\/p>\n
Conclusion<\/p>\n
The Q1 2026 interim financial report of PGAS reflects significant\nimprovements in profitability: net profit of Rp2.09 trillion grew 35%\nannually, driven by a 6.6% reduction in cost of goods sold despite a\n3.8% revenue correction. The balance sheet position improved with\nliabilities declining and equity strengthening to Rp64.07 trillion,\nreflecting a financial foundation that could attract medium-term\ninvestors. Investors should monitor announcements from the 2026 Annual\nGeneral Meeting of Shareholders to learn about dividend distribution\ndecisions for the 2025 fiscal year through official disclosures on the\nBEI (www.idx.co.id).<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/revenue-declines-yet-pgas-profit-surges-35-in-q1-2026-how-is-that-possible-1777467169", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }