PT Pertamina Geothermal Energy Tbk. (PGE) (IDX: PGEO) consistently recorded profit and revenue growth in the first semester of 2023 in line with the expansion and decrease in the Company's debt burden. PGE's commitment to being a world-class green energy company is evidenced by PGE's increased performance in generating revenue from geothermal energy development.
In the first semester of 2023, the Company's net profit increased by 30.1% to USD 92.7 million compared to the same period last year, which was USD 71.3 million. The company also managed to record a revenue increase of 11.9% to USD 206.7 million from the previous year's USD 184.7 million. In addition, EBITDA also increased by 13.3% year-on-year to USD 175.5 million for the period ending June 2023.
Finance Director of PT Pertamina Geothermal Energy Tbk. Nelwin Aldriansyah said the company managed to maintain growth in financial performance in line with strengthening operations and running efficiency programs. "This solid financial position spurs us to continue to grow in a sustainable manner to provide reliable and affordable green energy for the people of Indonesia," said Nelwin.
From the production side, the Company also recorded positive figures, namely 2,397.2 GWh, up 7.7% year-on-year. Meanwhile, the Company's total debt decreased from USD 935 million to USD 731 million, with net debt dropping drastically to only USD 66.95 million. That way, the debt-to-equity ratio (DER) will also be reduced to 39% from 75% at the end of 2022.
This good achievement shows that the Company has succeeded in managing finances well. "As a world-class green energy company, PGE will continue to strengthen its position in the new and renewable energy (EBT) sector, especially geothermal, and make a significant contribution to the development of green energy and the people of Indonesia, closed Nelson.
About PT Pertamina Geothermal Energy Tbk
PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) is part of PT Pertamina (Persero) Subholding Power & New Renewable Energy (PNRE), which is engaged in geothermal exploration, exploitation, and production. Currently, PGE manages 13 Geothermal Working Areas (WKP) and 1 Assigned Working Area with an installed capacity of 1,877 MW. In detail, 672 MW are managed directly and 1,205 MW are managed under the Joint Operation Contract scheme. The installed geothermal capacity in the PGE working area contributes around 80% of the total installed geothermal capacity in Indonesia, with a potential reduction of CO2 emissions of around 9.7 million metric tons per year.
As a world-class green energy company, PGE wants to create value by maximizing end-to-end management of geothermal potential and its derivative products and participating in the national and global decarbonation agenda to support Indonesia's net zero emission goal by 2060. PGE has excellent ESG credentials, with 13 Gold PROPER awards from 2011 to 2022, the highest environmental compliance award from the Ministry of Environment and Forestry ESG Rating and Engagement.
