Aneka Gas Industri Tbk (AGII), Indonesia’s largest gas company, has released its Q3 2017 financial results for the nine months ended on 30th September 2017, with a 47% increase in net income to Rp 67bn ($5m).

The increase in net income was accompanied by an 11% increase in net revenue of Rp 136bn ($10m) to Rp 1,332bn ($98,000).

Rachmat Harsono, the Vice-President Director of PT Aneka Gas Industri Tbk, stated that, “Overall, our company registered a number of positive growth in the third quarter of 2017. The sales growth in the third quarter of 2017 was mostly attributed to the Infrastructure (49%) Consumer Goods (19%), and Medical (12%) sectors compared to the same period in 2016. This sales growth corresponds with increased government spending in infrastructure, which is estimated at Rp 387,3 trillion ($29m) for 2017.”

AGII’s gross profit increased 9% in the third quarter of 2017 to Rp 714bn ($53m) while operating profit increased 2% to Rp 279bn ($21m). The company’s EBITDA grew 16% to Rp 479bn ($35m) in the third quarter of 2017 thereby resulting in net income of Rp 67bn ($5m), or a growth of 47% compared to the same period in the previous year.

“During the first nine months of the year, we added nine new filling stations that brings the total number of filling stations in our inventory to 95 overall. The performance to date serves as part of our commitment to maintain our position as the market leaders in Indonesia,” Harsono stated.

Total assets of the company as of 30th September 2017 is Rp 6 trillion ($440m) while total liabilities are Rp 3 trillion ($220m).