On Monday, June 5, 2023, in Jakarta, PT Pertamina Geothermal Energy Tbk. (PGE) (IDX: PGEO) held an Annual General Meeting of Shareholders (AGMS) for the 2022 Fiscal Year, which was attended by the Directors, Board of Commissioners, and shareholders. PGEO shareholders resolved at this AGMS to use the net profit for dividend of USD 100 million and retained earnings of USD 27.32 million. The total dividend includes an interim dividend of USD 70 million paid on January 27, 2023, and an additional dividend of USD 30 million given to shareholders in proportion to their percentage of ownership on the date of record.
The AGMS also announced that in 2022, the company managed to record positive performance, as evidenced by a an increase in net profit of 49.68% YoY (year on year) to USD 127.32 million. Operating revenues in 2022 also increased by 4.68%, or USD 386.07 million, while steam and geothermal electricity production was recorded at 4,629.6 GWh. From the sustainability aspect, the company succeeded in avoiding emissions of 3.87 million tons of CO2.
PT Pertamina Geothermal Energy Tbk Finance Director, Nelwin Aldriansyah, stated during the AGMS that the company is in very good financial situation. "The AGMS results increase our confidence in the company's positive and consistent growth. Going forward, the company will remain committed to improving and maintaining business growth as well as developing green energy potential in Indonesia.
Furthermore, the company submitted a Realization Report on the Use of IPO Funds, specifically for investment in additional capacity development of the company's current operational geothermal working area (WKP), which is carried out through conventional development and utilization of co-generation technology, followed by investment in developing digital capabilities, analytics, and management reservoirs to support the company's operations, as well as payment of some of the company's facility agreements.
The AGMS also granted the Board of Commissioners authority and power by obtaining prior approval from the company's controlling shareholder, PT Pertamina Power Indonesia, to determine the honorarium, allowances, bonuses, and other benefits for members of the Board of Commissioners and Directors for the fiscal year 2023.
Furthermore, the AGMS granted the Board of Commissioners the authority and power of attorney to appoint a Public Accounting Firm to conduct an audit of the Company's Consolidated Financial Statements for the 2023 and 2024 Fiscal Years, including the amount paid for its services, to re-stipulate the appointed Public Accounting Firm in the 2022 Fiscal Year to conduct an audit of The Company's Financial Statements for the 2023 Fiscal Year based on the results of the Board's evaluation, or to appoint a replacement Public Accounting Firm in the event the said Public Accounting Firm cannot complete the audit of the Company's Financial Statements for the 2023 Fiscal Year for any reason, including determining fees for audit services and other requirements in accordance with applicable regulations.
PGE's AGMS also approved changes to the company's Articles of Association, some of which concern investment policies, work plan submission procedures, use of profits and distribution of dividends, and so on.
Another decision based on this AGMS was for the company to submit and approve the replacement of its management, including Independent Commissioner from Samsul Hidayat to Sujit S. Parhar, President Director from Ahmad Yuniarto to Julfi Hadi, and Director of Operations from Eko Agung Bramantyo to Ahmad Yani. Furthermore, the AGMS appointed Dannif Danusaputro as Commissioner.
The composition of the membership of the Board of Directors and Board of Commissioners of PT Pertamina Geothermal Energy Tbk. therefore becomes as follows:
Composition of Board of Commissioners:
President/Independent Commissioner : Sarman Simanjorang
Independent Commissioner : Sujit S. Parhar
Commissioner : Dannif Danusaputro
Commissioner : Harris
Composition of Board of Directors:
President Director : Julfi Hadi
Director of Exploration and Development : Rachmat Hidajat
Director of Operations : Ahmad Yani
Finance Director : Nelwin Aldriansyah
Responding to all of these positive achievements, Ahmad Yuniarto, former President Director of PT Pertamina Geothermal Energy Tbk., expressed his gratitude for the trust of the company's shareholders thus far, saying, "This positive achievement has become a reference for us to continue to grow and develop, especially in maintaining the trust given by all PGE stakeholders. As the largest geothermal company in Indonesia, we will remain committed to providing access to clean and environmentally friendly energy that is reliable and affordable."
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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 12 Geothermal Working Areas (WKP), 1 Geothermal Permit (IPB) for PGE Subsidiary PT Geothermal Energy Seulawah (GES), 1 Geothermal Permit (IPB) Assignment to PGE Subsidiary Kotamobagu (PGEK) with installed capacity of +1.9GW, of which 672 MW is operated and managed directly by PGE and 1,205 MW is 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 tonnes of CO2 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 2060. PGE has excellent ESG credentials with 13 Gold PROPER award from 2011 to 2022 in the highest environmental compliance award from the Ministry of Environment and Forestry ESG Rating & Engagement.
