MEDC and AMMN Bolster Performance As Commodity Prices Surge

PT Medco Energi Internasional Tbk. (MEDC) and its associated entity PT Amman Mineral Internasional Tbk. (AMMN) improved their performance in the last quarter of the year, consistent with expectations of rising commodity prices and energy demand.

Artha Adventy

3 Nov 2023 - 18.54
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MEDC and AMMN Bolster Performance As Commodity Prices Surge

Medco E&P Natuna Ltd's Buntal-5 gas field development project. Photo/SKK Migas

Bisnis, JAKARTA — PT Medco Energi Internasional Tbk. (MEDC) and its associated entity PT Amman Mineral Internasional Tbk. (AMMN) improved their performance in the last quarter of the year, consistent with expectations of rising commodity prices and energy demand.

This strategy was adopted after MEDC and AMMN reported a decline in revenue and net profit throughout the first nine months of 2023.

As of September 30, 2023, MEDC generated revenues of $1.66 billion, a 4.50% decrease compared to the same period the previous year when it was $1.74 billion.

This included revenue from contracts with customers of $1.63 billion and financial income of $33.75 million. These contracts involved oil and gas sales, construction contracts, electricity sales contracts, operations and shipping services, and other services.

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MEDC and AMMN Bolster Performance As Commodity Prices Surge

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