PT Kencana Energy Tbk (KEEN) targets profit for the year and revenue this year to be US$11.86 million and US$47.4 million, respectively.

Kencana Energy 2020 annual report released Monday (14/6) showed the company targets to increase the realization of profit for the current year and revenue throughout last year by US$8.64 million and US$25.38 million.

President Director of Kencana Energy, Henry Maknawi, said that although 2020 was full of economic shocks due to the Covid-19 pandemic, the company's operating income was still able to grow.

"One of the driving factors is the contribution of the company's electricity production as much as 105.6% during 2020 from 103.9 GwH in 2019 to 213.6 Gwh. This is supported by the operation of the Air Putih PLTA at the beginning of last year and the revenue of the Madong PLTM project which increased 50.6%," he said.

Under the government's policy to continue to increase the supply of EBT i