PGEO's Profit Drops 33.97 Percent To 31.37 Million US Dollars In The First Quarter Of 2025

Pertamina (intermediate)

PT Pertamina Geothermal Energy Tbk (PGEO) posted revenue of 101.51 million US dollars during the first quarter of 2025. However, the company's net profit decreased by 33.97 percent to 31.37 million US dollars.

Finance Director of PT Pertamina Geothermal Energy Tbk Yurizki Rio said that PGEO's total assets had increased by 0.93 percent from the previous period to 3.03 billion US dollars.

He added that the strong operating cash performance proves the effectiveness of the sustainable business strategy managed by management. The results achieved so far also show that the company's performance remains on a strong business path in supporting the realization of the national energy transition, as well as efforts to achieve the target installed capacity of 1 gigawatt (GW) which is managed independently in the next 2-3 years.

"We are committed to accelerating geothermal development by optimizing operational efficiency. Therefore, we are implementing a spending strategy that is directed to support long-term growth," he said, quoted on Tuesday, April 29.

Furthermore, several key PGE projects to achieve these targets include the development of Lumut Balai Unit 2 (55 MW), Hululais Unit 1 & 2 (110 MW), as well as a number of co-generation projects with a total capacity of 230 MW.

The Lumut Balai Unit 2 project is targeted to start operating in the middle of this year.

"This project will strengthen PGE's green energy portfolio and become our optimistic signal to encourage increased operations and financial performance throughout 2025," he added.

PGEO, is also committed to providing reliable geothermal-based clean energy, increasing its contribution to new and renewable energy in the national energy mix, and contributing to Indonesia's Net Zero Emission 2060 target.

President Director of PT Pertamina Geothermal Energy Tbk Julfi Hadi revealed, through this achievement, PGE emphasized its central role in accelerating the transition of green energy in the country and realizing the future of sovereign energy for the nation.

"We are focused on accelerating the development of geothermal energy," he said.

Currently, continued Julfi, PGEO prioritizes strategic investment to achieve this target. On the other hand, it also continues to maintain healthy profitability, strong operating cash, and efficiency in cost management.