Up 49.3 Percent, Pertamina Geothermal Energy Earns IDR 715.4 Billion Net Profit In The First Quarter Of 2023

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk(PGEO) managed to make a very good performance in the first quarter of 2023. This is reflected in positive financial performance.

PGE posted a 49.3 percent increase in net profit in the first quarter of 2023 to IDR 715.4 billion, compared to the same period the previous year, which was IDR 478.6 billion.

This increase in net profit is also accompanied by an increase in operating income by 19 percent with gross profit which also grew by 32.7 percent. This excellent financial performance shows the operational efficiency carried out by PGE. This efficiency will ultimately have an impact on sustainable growth.

Finance Director of PT Pertamina Geothermal Energy Tbk., Nelwin Aldriansyah said, currently PGE is in a solid financial position to continue to grow sustainably. This is evidenced by the strong level of debt to equity ratio (DER), which is in the range of 40 percent.

"This excellent achievement will certainly motivate us to continue to grow and develop in providing green energy for the people of Indonesia," he said in a written statement, Saturday, June 3.

In line with the increase in financial performance, PGE's asset value also increased compared to December 2022 to IDR 43.4 trillion. This increase reflects PGE's efforts to optimize asset management and investment, which will ultimately increase the company's value and encourage the use of geothermal potential in Indonesia.

Not only that, PGE also managed to pay off a short-term loan (bridge loan) of IDR 6 trillion which was achieved from the issuance of green bonds which contributed to reducing the company's total debt in the first quarter of 2023 to IDR 11.3 trillion. This makes PGE's capital structure more ideal and strong.

This debt decrease is also proof of the Company's commitment to managing financial obligations wisely, which contributes to the financial stability and sustainability of the company's business.

Overall, this achievement shows that PGE has managed to manage finances well, improve operational performance, and achieve sustainable growth.

"In the future, PGE will remain focused on strengthening its position in the new and renewable energy sector (EBT), especially geothermal and making a significant contribution to Indonesia's sustainable development to provide access to reliable and affordable clean and environmentally friendly energy," concluded Nelwin.