Pertamina Geothermal Energy Earns 163.57 Million US Dollars Profit In 2023

JAKARTA - PT Pertamina Geothermal Energy Tbk or PGE posted a net profit of 163.57 million US dollars throughout 2023, or an increase of 28.47 percent year on year (yoy) compared to 127.32 million US dollars in 2022.

Net profit was supported by revenues recorded at US$406.29 million in 2023, or grew from the previous US$386.07 million in 2022.

PGE President Director Julfi Hadi in Jakarta, Monday, March 4, explained that the increase in the company's sales was contributed mainly from the Kamojang Area of US$151.51 million, followed by the Ulubelu Area of US$120.18 million.

Then, the Lahendong Area amounted to 83.88 million US dollars, followed by the Lumut Balai Area amounting to 41.32 million US dollars, and the Karaha Area amounting to 9.38 million US dollars.

"This performance in 2023 is proof of PGE's commitment and consistency in increasing the company's value through various efforts to efficiency and optimize production assets. This achievement also confirms the bright prospects of the geothermal industry," said Julfi, quoted by Antara.

In the midst of profit and revenue growth, the company's selling expenses only rose 3.33 percent (yoy) to 178.98 million US dollars in 2023, from the previous 173.21 million US dollars in 2022.

Julfi explained, PGE continues to expand through exploration of geothermal potential and optimizing work areas to accelerate the increase in the installed capacity of Geothermal Power Plants (PLTP) to 1 Giga Watt (GW) in the next two years.

He continued, PGE has a track record in the development and management of effective geothermal projects in various regions in Indonesia, and PGE's geothermal assets consistently achieve high operational reliability, exceeding 96 percent since 2019.

"The production performance (self-operation) in 2023 will reach 4,735 GWh, an increase from 2022 which is 4,620 GWh," said Julfi.

In terms of Environment rating, Social and Governance (ESG), PGE in 2023 maintains the top position in the ESG assessment in Indonesia and ranks third globally as a company in the utility sector.

PGE also continues to support the achievement of Indonesia's net zero emission (NZE) target in 2060 through a carbon trading scheme. In 2023, the company will contribute to the domestic carbon market with sales of carbon credit of US$0.76 million or the equivalent of 864,209 tons of CO2eq compared to US$0.75 million in 2022," said Julfi.