Exceeding 2022, Pertamina Geothermal Records A Net Profit Of IDR 2.06 Trillion In The Third Quarter Of 2023

Rupiah (Photo: Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) recorded a net profit of IDR 133.4 million US dollars or equivalent to IDR 2.06 trillion (exchange rate of IDR 15,487 per US dollar) in the third quarter of 2023. This amount has reached the amount of PAPda in 2022 amounting to 127.3 million US dollars.

This net profit of PT Pertamina's (Persero) subsidiary increased 19.7 percent year on year (yoy) compared to 111.4 million US dollars in the same period in 2022.

PGE Finance Director Nelwin Aldriansyah said the achievement made PGE in a solid financial position to continue to grow sustainably, as reflected in the strong debt to equity ratio (DER) level, at the level of 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," he said, quoting Antara, Tuesday, October 31.

In terms of operating income, the government's geothermal issuer recorded an increase from USD 287.4 million in the third quarter of 2022 to USD 308.9 million or approximately IDR 4.7 trillion in the third quarter of 2023.

PGE has posted a carbon credit revenue of 732 thousand US dollars or equivalent to Rp11.3 billion during the third quarter of 2023, which is the first revenue from the Indonesian carbon exchange.

Nelwin said

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

In terms of equity, it was recorded that it increased from 1.25 million US dollars to 1.93 million US dollars or equivalent to Rp29.8 billion, compared to 31 December 2022, so that, according to Nelwin, the company is in a healthy financial condition and has the ability to pay debts and generate profits.

"Meanwhile, liabilities fell from 1.22 million US dollars to 960 thousand US dollars or equivalent to Rp. 14.8 billion," said Nelwin.

Of all areas, PGE Area Kamojang contributed the largest revenue for PGE during the second quarter of 2023, which was valued at US$109.6 million or equivalent to Rp1.6 trillion, followed by PGE Area Ulubelu worth US$86.1 million or equivalent to Rp1.3 trillion.