PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) has held an Annual General Meeting of Shareholders (AGMS) for the 2024 Financial Year on Tuesday (3/6) in Jakarta which was attended by the Board of Directors, Board of Commissioners, and shareholders. In this AGMS, PGEO shareholders approved the allocation of the company's net profit, consisting of dividend distribution of USD 136.4 million and retained earnings allocation of USD 24 million.
Throughout 2024, PGE posted revenue of USD 407.12 million, up from the previous year of USD 406.29 million. Net profit was recorded at USD 160.30 million, slightly down from USD 163.57 million in 2023. However, the Company maintained solid profitability, strong operational cash flow and consistent cost efficiency.
Finance Director of PT Pertamina Geothermal Energy Tbk Yurizki Rio said that the Company is currently in a healthy financial condition. He emphasized that the 2024 performance results showed the Company's solid fundamentals and business resilience in supporting the national energy transition, especially amidst global uncertainty.
"The positive financial and operational performance confirms the successful implementation of a sustainable business strategy in encouraging geothermal development in Indonesia that benefits the wider community," said Yurizki in Jakarta.
Meanwhile, PGE recorded an increase in production in various regions throughout 2024, including Kamojang (+5.36% Year on Year/YoY), Lahendong (+0.40%), and Lumut Balai (+2.72% YoY). Overall, electricity production reached 4,827.22 GWh or an increase of 1.96% compared to the previous year. This achievement reflects the Company's stable and efficient operational performance.
President Director of PT Pertamina Geothermal Energy Tbk Julfi Hadi expressed his gratitude for the trust of PGEO shareholders so far. He said that PGE is currently in the stage of realizing the installed capacity target of 1 GW (gigawatt) in the next 2-3 years.
"We are making this effort to support the national energy mix transformation agenda by increasing the capacity of New Renewable Energy (EBT) generators to 76% in the 2025-2034 period," he said.
The AGMS also approved the Amendment to the Company's Articles of Association, where the Company will carry out Business Activities in the Flow2Max Test Equipment Industry, Laboratory Testing Services, and land asset rental/optimization schemes.
The following is the membership composition of the Board of Directors and Board of Commissioners of PT Pertamina Geothermal Energy Tbk:
Composition of Commissioners
Independent Commissioner: Abdulla Zayed
Independent Commissioner: Abdul Musawir Yahya
Commissioner: John Eusebius Iwan Anis
Commissioner: Gigih Udi Atmo
Composition of the Board of Directors
President Director: Julfi Hadi
Director of Exploration and Development: Edwil Suzandi
Director of Operations: Ahmad Yani
Director of Finance: Yurizki Rio
PGE's Optimism in Pursuing 1 GW
As a world class green energy company with more than 40 years of experience, PGE currently manages an installed capacity of 1,887 MW (megawatts), consisting of 672 MW managed independently and 1,205 MW with partners. PGE is optimistic that it can increase its independent installed capacity to 1 GW in the next two years, and 1.7 GW in 2033.
In addition, PGE is targeting the Lumut Balai Unit 2 project to start operating in the middle of this year. This project will strengthen the green energy portfolio and be an optimistic signal for PGE to drive operational and financial performance improvements throughout 2025.
Furthermore, in terms of Environmental, Social, and Governance (ESG), PGE has demonstrated its compliance by winning 18 Gold PROPER awards from the Ministry of Environment/Environmental Control Agency. This appreciation is the highest form of recognition for compliance with environmental regulations. In fact, PGE Area Kamojang has won GOLD PROPER for 14 consecutive years, making PGE the only company to achieve this achievement.
Moreover, PGE also won first place in the Global ESG Risk Rating by Sustainalytics with a score of 7.1, indicating that the Company is in the "Negligible Risk" category.
Responding to all of PGE's positive achievements, Julfi emphasized his optimistic attitude in optimizing geothermal management. "The decision to maintain the board of directors is a form of trust from shareholders for our contribution in maintaining the company's performance amidst industry challenges. Therefore, we express our gratitude for the support given, and in the future, we will continue to be committed to providing the best performance to support the national energy transition," he concluded.
