After IPO, Boss Of Pertamina Geothermal Energi Is Confident With Good Performance

JAKARTA - President Director of PT Pertamina Geothermal Energy Tbk (PGE) Ahmad Yuniarto believes PGE's performance will increase after conducting an Initial Public Offering (IPO) on Friday 24 February. It is known, through the IPO, this subsidiary of PT Pertamina Persero managed to reap fresh funds of IDR 9.05 trillion.

"We hope that the good performance that has been maintained so far will be continued in the future and will get even better," he said in a press conference quoted on Friday, February 25.

He further explained, during the first nine months of 2022, PGE was able to record US$287.4 million in revenue and generate US$111.4 million in net profit.

"And of course, the board of directors will continue the good performance of geothermal exploitation and generation activities," added Ahmad.

In line with Ahmad Yulianto, Deputy Minister of State-Owned Enterprises (BUMN) Pahala Mansyuri said that historically, PGE's revenue has always increased by 5 to 10 percent every year. In addition to increasing revenue, Pahala also saw the developments carried out by PGE so he believes PGE can continue to grow in the future.

"Of course, this also allows for growth in revenue as well as EBITDA and profit. I have said, PGE as an energy company is an energy company with arguably the best EBITDA margin at the moment," he said.

Just so you know, with revenue of US$287, PGE has EBITDA of US$244 million and an EBITDA margin of close to 70 percent.

"If we look at it from a good profitability standpoint, from a development standpoint and total capacity is also good. From a growth potential standpoint it is also good," concluded Pahala.

Based on information and data from the prospectus, geothermal power generation capacity in Indonesia is expected to grow strongly from around 2.8GW in 2022 to around 6.2GW in 2030, with a CAGR of around 10.4 percent, compared to the average growth globally at a CAGR of around 3.9 percent in the same period.

By 2030, Indonesia will have the largest geothermal capacity in the world, contributing 28 percent of the projected global net geothermal capacity. This growth is supported by Indonesia's significant potential for geothermal resources, rapid market demand growth, and policy support as a key part of the government's roadmap to increase the contribution of renewable energy to the national energy mix.

PGE currently manages 13 Geothermal Working Areas with a total installed capacity of 1,877 MW. In detail, a capacity of 672 MW is managed directly (own operation) and 1,205 MW through a Joint Operation Contract scheme. The 672 MW PLTP capacity that is managed directly by PGE comes from 6 Geothermal Working Areas, namely Kamojang in West Java 235 MW, Karaha in West Java 30 MW, Lahendong in North Sulawesi 120 MW, Ulubelu in Lampung 220 MW, Lumut Balai in South Sumatra 55 MW and Sibayak in North Sumatra 12 MW.