Recorded Revenue of USD 54.58 Billion, Pertamina Write a Letter to Fortune Global
Jakarta, August 17, 2020 – Jakarta, August 17, 2020 – PT Pertamina (Persero) sent an official letter to Fortune Global regarding the 2020 Fortune 500 ranking, which does not include Pertamina.
The Fortune Global 500 is an annual event by Fortune magazine that ranks 500 companies based on the total income stated in the company's financial statements in the previous fiscal year.
Based on the 2019 Financial Statements, Pertamina managed to earn USD 54.58 billion in revenue and USD 2.5 billion in net profit. With these achievements in the financial performance of 2019, Pertamina should be in the position of 198 in the 2020 Fortune Global 500.
Vice President of Corporate Communication of Pertamina, Fajriyah Usman explained, to get information about the ranking process, Pertamina conducted research and asked for an explanation directly from the management.
"The list made by the Fortune Global 500 was a passive monitoring activity carried out by Fortune, without direct clarification to Pertamina. With the revenue that Pertamina achieved in 2019, we should still be listed in position 198 of the Fortune Global 500. Therefore, we need to get an official explanation from the institution," said Fajriyah.
Fajriyah explained, Pertamina posted revenue in 2019 parallel to rank 198, namely Nippon Steel Corporation, with revenues of USD 54.45 billion or IDR 806 trillion (exchange rate of IDR 14,800 / USD), while Pertamina recorded revenues of USD 54.58 billion or IDR 808 trillion in 2019. Based on the Fortune Global 500, Nippon Steel Corp. booked a loss of around USD 3.97 billion, while Pertamina still posted a profit of USD 2.5 billion.
"We should not be knocked out of the list. We are in line with the 198th rank, with Nippon [Nippon Steel Corporation]. Therefore, we should be in the Top 500 range," she said.
With revenues of USD 54.58 billion and a position in the 198th rank, Pertamina is recorded higher compared to several other well-known global companies, such as Goldman Sachs Group, Morgan Stanley, Caterpillar, and LG Electronic which are in positions 202 - 207 with revenues of around USD 53 billion. Meanwhile, other world energy companies, such as Repsol and ConocoPhilips, were ranked 245th and 348th. Fajriyah Usman is optimistic that in the coming year, Pertamina will be listed again in the Fortune Global 500 with a higher position.
"The restructuring that is currently being carried out by Pertamina is part of the business transformation as a world-class energy company to increase corporate value. With the support of the Shareholders, Board of Commissioners and Directors as well as all employees, Pertamina hopes that the aspiration to become a global energy champion can be achieved and we will be able to place this SOE in the Fortune 100 Global position," said Fajriyah.
Efforts to achieve these aspirations are also encouraged. One of which is the implementation of New Pertamina Clean, which is a commitment of the Commissioners, Directors, management, and all Pertamina employees to continue to have high integrity, cleanliness, and transparency.**