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LISTED COMPANY - JAKARTA. PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO), a leading global green energy company, has further solidified its position by consistently maintaining a positive financial performance in the first quarter of 2024. The company has also reported positive results in terms of revenue, profit, and electricity production, surpassing the targets set in its Corporate Work and Budget Plan (RKAP).
In the first three months of 2024, PGE recorded revenues of US$ 103.32 million and a net profit of US$ 47.49 million, marking an increase compared to revenues of US$ 102.615 million and a net profit of US$ 46.938 million in the same period in 2023. Furthermore, in the first quarter of 2024, PGE managed to maintain a very high net profit margin of 46%, sustaining a high profitability trend thanks to operational excellence driving efficiency.
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PGE's CEO, Julfi Hadi, stated that the first quarter performance of 2024 reaffirms PGE's commitment as a world-class green energy company operating efficiently. "We continue to strive to optimize resources in our work area while consistently playing an active role in the development of geothermal potential, which is a significant contribution to the national energy transition towards clean energy," said Julfi Hadi.
The increase in profitability was driven by an increase in total revenue, a decrease in operational costs, interest income, and gains from foreign exchange rate changes. More specifically, revenue growth was driven by an increase in operating revenue realization due to escalating steam and electricity prices, as well as the optimization of power generation (load factor) of geothermal power plants (PLTP).
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Overall, the company's performance, particularly net profit, revenue, and electricity production exceeded the targets set in the RKAP. The net profit for the first quarter of PGE was 67.6% higher than the RKAP target, amounting to US$ 28.34 million a year to date until March 2024. The company's revenue was 3.64% higher than the RKAP target, in line with steam and electricity production reaching 1,208,436 MWh or 4.84% above the target for the first quarter of 2024.
PGE's CFO, Yurizki Rio, stated that PGE strives to maintain its financial performance while maximizing capital expenditure for business expansion acceleration. The realization of PGE's capital expenditure in the first quarter of 2024 reached US$ 18.08 million, or 136% higher compared to the same period in 2023, which was US$ 7.66 million. Furthermore, the capital expenditure allocated during this period for development was about US$ 8.51 million, with capital expenditure for maintenance amounting to US$ 9.57 million.
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"With strong financial resources, PGE is committed to continuing to develop geothermal energy potential by accelerating various development projects in Indonesia and seeking potential development abroad," said Yurizki Rio.
As a leader in the geothermal industry, PGE is committed to maintaining financial performance, expanding its business reach by exploring geothermal resource potential, and optimizing its work area to accelerate the increase in generation capacity to reach 1 GW in the next two years. In addition, PGE is also committed to supporting Indonesia's net zero emission target by 2060 through various active participation, including in the carbon trading scheme.
