Up 3.80 Percent, PGEO Earns 92.74 Million Dollars Profit In Semester I 2024

Illustration (Photo: Doc Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) recorded that profit in the first half of 2024 skyrocketed 3.78 percent to 96.26 million US dollars, compared to the same period in 2023 of 92.74 million US dollars.

Throughout the first six months of 2024, PGE recorded revenues of 203.77 million, a decrease of 1.43 percent compared to the same period last year from 206.73 million US dollars.

"This is due to production that has weakened due to the increase in scheduled maintenance days throughout the first semester of 2024," said PGE President Director Julfi Hadi, Tuesday, July 30.

In addition, EBITDA fell 5.67 percent compared to the same period in 2023 in line with the increase in cost of goods sold (COGS) due to increased drilling activities and the implementation of the Management and Employe Stock Option Program (MESOP) program.

This year's company has allocated around $247 million for organic development capital expenditure (capex).

As of June 30, 2024, the realization of capital expenditures reached 51.96 million US dollars with details of business development of 28.87 million US dollars for the Lumut Balai unit 1 & 2 project, Hululais project, Kotamabagu exploration, Lahendong exploration units 7 & 8, as well as new and existing WK exploration projects, as well as non-business development of 23.09 million US dollars for maintenance capital expenditures at Kamojang, Lahendong, Ulubelu, Karaha, Sibaayak, and Lumut Balai locations.

Julfi said PGE is committed to maintaining financial performance, expanding its business by developing potential geothermal resources, and optimizing working areas to achieve the 1 GW generation capacity in two years.

"PGE also supports Indonesia's net zero emissions 2060 target through active participation in various initiatives, including carbon trading," he concluded.