PT Pertamina Geothermal Energy Tbk Torehkan Achievements Positive Throughout The Third Quarter Of 2023

Previously in August, PT Pertamina Geothermal Energy Tbk also made achievements by receiving international awards at the Annual Global CSR & ESG Summit and Awards 2023. (Doc. PGE)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) achieved positive achievements by posting an increase in revenue and net profit during the third quarter of 2023.

In the third quarter-2023 report, PGEO posted an increase in net profit of 19.7 percent year-on-year, from 111.4 million US dollars to 133.4 million US dollars or IDR 2.065 trillion (exchange rate of IDR 15,487 as of September 30, 2023).

Meanwhile, in terms of operating income, the government's geothermal issuer recorded an increase of 7.49 percent from USD 287.4 million to USD 308.9 million or IDR 4.7 trillion year-on-year.

Finance Director of PT Pertamina Geothermal Energy Tbk. Nelwin Aldriansyah said this achievement shows that PGE has managed to manage finances well.

"In addition, PGEO has been able to improve operational performance and achieve sustainable growth," he said.

In the quarter-III 2023, PGEO has also posted a carbon credit revenue of 732 thousand US dollars or Rp11.3 billion, which is the first revenue from the Indonesian carbon exchange.

Nelwin said this achievement has put PGE in a solid financial position to continue to grow sustainably. This can be seen from the strong debt to equity ratio (DER) rate, which is at 36.8 percent.

"With a good DER level, this is a positive signal for us to open up opportunities for business expansion through third-party funding," said Nelwin.

The Company's equity side also shows an increasing trend from 1.25 million US dollars to 1.93 million US dollars or Rp29.8 billion when compared to 31 December 2022.

This shows, said Nelwin, PGEO is in a healthy financial condition and has the ability to pay off debts and generate profits.

"Meanwhile, the Company's liabilities fell from 1.22 million US dollars to 960 thousand US dollars or Rp. 14.8 billion." he said.

From all areas, up to the third quarter of 2023 PGEO Area Kamojang's revenue contributed to the Company's largest revenue of US$109.6 million or Rp1.6 trillion, which was then followed by PGEO Area Ulubelu worth US$86.1 million or Rp1.3 trillion.

Then in an effort to strengthen the position as a world class green energy company, in the third quarter of 2023, the Company is actively conducting strategic cooperation with various parties.

Among them are PT Jasa Daya Chevron (Chevron) in the development of Way Ratai, Africa Geothermal International Limited (AGIL) to develop geothermal potential in the Longonot concession in Kenya, and the Geothermal Development Company (GDC).

"This achievement, which has been very good, will certainly motivate us to continue to grow and develop in providing green energy for the people of Indonesia," concluded Nelwin.