Pertamina Geothermal Energy AGMS Set 78.5 Percent Of Net Profit As Dividends

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) has held an Annual General Meeting of Shareholders (AGMS) for the 2023 Fiscal Year on Tuesday, May 28 in Jakarta.

At this AGMS, shareholders agreed to use a net profit, namely for dividends of 128.4 million US dollars or 78.5 percent of the 2023 financial year's net profit. Meanwhile, 35.1 million US dollars or 21.5 percent of the profit is allocated as Mandatory Reserves.

The AGMS for the 2023 Financial Year also highlighted the positive results of the Company's financial performance and production. This is evidenced by the achievement of a net profit of 163.57 million US dollars, an increase of 28.47 percent year on year (yoy), operating income of 406.28 million US dollars, an increase of 5.24 percent yoy, and production of operations alone or own operations production of 4,734.57 GWh, an increase of 2.26 percent yoy.

PGE President Director Julfi Hadi stated that in the midst of challenging global economic conditions, PGE was able to implement the right strategic strategies and policies so that it could boost excellent performance in 2023.

In general, the Company's overall operational and financial performance has increased and is above the target set in the 2023 Company's Work Plan and Budget (RKAP).

"Throughout 2023, the Company has taken various business development steps to maximize our assets, create (creating values) of the business that has been running, and realize the business potential of geothermal derivative products, such as green hydrogen," said Julfi Hadi, quoted Wednesday, May 29.

The company also submitted a Realization Report on the Use of IPO Funds, allocated for investment in additional capacity development from the Company's Operational Geothermal Working Area (WKP) through conventional development and utilization of co-generation technology, investment in the development of digital, analytic, and reservoir management, as well as payments as Facilities Agreement between the Company and Mandated Lead Arrangers, Initial Syndicated Creditors, and PT Bank Mandiri (Persero) Tbk as Facility Agent.