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ISSUER NEWS - JAKARTA. PT Pertamina Geothermal Energy Tbk (PGEO) recorded a positive financial performance throughout 2023. According to the audited consolidated financial report, PGEO posted a net profit of US$ 163.57 million, increase of 28.47% year on year (YoY) from 2022's US$ 127.32 million.
Meanwhile, revenue in 2023 reached US$ 406.29 million, up from 2022's US$ 386.07 million.
The increased revenue in 2023 came from the Kamojang area amounting to US$ 151.51 million, followed in order by Ulubelu with US$ 120.18 million, the Lahendong area with US$ 83.88 million, the Lumut Balai area with US$ 41.32 million, and the Karaha area with US$ 9.38 million.
Meanwhile, PGEO's sales expenses increased by 3.33% to US$ 178.98 million from US$ 173.21 million in 2022.
President Director of Pertamina Geothermal Energy, Julfi Hadi, said that the net profit margin, which increased to 40% from 33% in 2022, shows PGE's ability to improve production performance and control sales expenses, demonstrating PGE's consistency in implementing operational excellence.
“The performance we achieved in 2023 is proof of PGE's commitment and consistency in enhancing the company's value through various efficiency efforts and optimization of production assets. This achievement also affirms the bright prospects of the geothermal industry," said Jufli in a press release, Monday (4/3).
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Jufli continued, PGEO is determined to continue developing the potential of geothermal energy in Indonesia and other regions in the world.
According to him, PGEO continues to expand through the exploration of geothermal potential and optimization of work areas for the acceleration of increasing the installed capacity of the company's geothermal power plants (PLTP) to 1 GW in the next 2 years. In 2023, the company operated 6 own operation areas.
Jufli continued, PGEO has a track record in the development and management of effective geothermal projects in various regions in Indonesia and PGE's geothermal assets have consistently achieved high operational reliability, exceeding 96% since 2019. Furthermore, production performance (own operations) in 2023 reached 4,735 GWh, up from 2022's 4,620 GWh.
In terms of Environment, Social and Governance (ESG) rating, in 2023 PGEO managed to maintain the top position in the ESG assessment in Indonesia and ranked third globally as a company in the utilities sector.
In addition, PGEO also continues to support the achievement of Indonesia's net zero emission target by 2060 through the carbon trading scheme.
"In 2023, the Company contributed to the domestic carbon market with carbon credit sales of US$ 0.76 million or equivalent to 864,209 tons of CO2eq compared to US$ 0.75 million in 2022," concluded Jufli.
