Pertamina Geothermal Energy Books Profit Of 92.7 Million US Dollars In Semester I-2023

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) recorded an increase in net profit of 30.1 percent to 92.7 million US dollars compared to the same period last year of 71.3 million US dollars.

It is known that the company also managed to record an increase in revenue of 11.9 percent to 206.7 million US dollars from the previous year amounting to 184.7 million US dollars.

PGEO also recorded an increase in EBITDA by 13.3 percent yoy to 175.5 million US dollars until the period ended in June 2023.

Finance Director of PT Pertamina Geothermal Energy Tbk. Nelwin Aldriansyah said the Company managed to maintain financial performance growth in line with the strengthening of operations and efficiency programs implemented.

"This solid financial position spurs us to continue to grow sustainably in order to provide reliable and affordable green energy for the people of Indonesia," Nelwin told the media, Tuesday, July 25.

Nelwin continued, in terms of production, the Company also recorded positive figures, namely 2,397.2 GWh, up 7.7 percent yoy.

Meanwhile, the Company's total debt was reduced from 935 million to 731 million US dollars with net debt dropping drastically to only 66.95 million US dollars.

"That way, the debt to equity ratio (DER) will also decrease to 39 percent from the end of 2022 of 75 percent," added Nelwin.

He continued, this good achievement shows that the Company has managed to manage finances well.

"PGE will continue to strengthen its position in the new and renewable energy sector (EBT), especially geothermal and make a significant contribution to the development of green energy and the people of Indonesia," concluded Nelwin.