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PT Pertamina Geothermal Energy Tbk Continues Impressive Performance in 2023

PT Pertamina Geothermal Energy Tbk (PGE), a subsidiary issuer of PT Pertamina (Persero), which focuses on the geothermal energy sector, consistently continues to show positive profit and revenue growth in 2023. This superior performance is obtained through efficiency strategies, steam sales and electricity, and other income, along with the company's expansion into exploring geothermal potential in Indonesia.

According to the audited consolidated financial report submitted to the public on March 1, 2024, PGE recorded a net profit of USD 163.57 million in 2023, a significant increase of 28.47% from USD 127.32 million in 2022. Meanwhile, revenue in 2023 will reach USD 406.29 million, up from USD 386.07 million in the previous year.

Sales increased, with the main contribution coming from the Kamojang area at USD 151.51 million, followed sequentially by the Ulubelu area at USD 120.18 million, the Lahendong area at USD 83.88 million, the Lumut Balai area at USD 41.32 million, and the Karaha area at USD 9.38 million.

In the midst of profit and revenue growth, the company's sales expenses only increased 3.33% to USD178.98 million from USD173.21 million in 2022. The fact that the fact that the net profit margin increased to 40% from 33% in 2022 shows PGE's ability to improve production performance and control sales expenses, which shows PGE's consistency in implementing Operational Excellence.

"The performance we achieved in 2023 is proof of PGE's commitment and consistency in increasing company value through various efficiency efforts and optimising production assets." This achievement also confirms the bright prospects for the geothermal industry," said President and Director of PT Pertamina Geothermal Energy, Julfi Hadi. "As a leader in global green energy, we are determined to continue to develop the potential of geothermal energy in Indonesia and other regions of the world," he added.

PGE continues to expand by exploring geothermal potential and optimising work areas to accelerate the increase in the installed capacity of the company's geothermal power plants (PLTP) to 1 GW in the next two  years. In 2023, the company will operate six of its own operational areas.

PGE has a track record of developing and managing effective geothermal projects in various regions of Indonesia, and PGE's geothermal assets have consistently achieved high operational reliability, exceeding 96% since 2019. Furthermore, production performance (own operations) in 2023 will reach 4,735 GWh, an increase from 4,620 GWh in 2022.

In terms of Environment, Social, and Governance (ESG) ratings, in 2023, PGE managed to maintain its top position in the ESG assessment in Indonesia and was ranked third globally as a company in the utilities sector. PGE also continues to support Indonesia's achievement of net zero emission targets by 2060 through a carbon trading scheme. In 2023, the company will contribute to the domestic carbon market with carbon credit sales of USD 0.76 million, or the equivalent of 864,209 tonnes of CO2eq, compared to USD 0.75 million in 2022.

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