Pertamina Geothermal Stock Price at Record-high Since IPO

TEMPO.CO, Jakarta - PT Pertamina Geothermal Energy Tbk. (PGEO) posted a share price hike after reporting excellent performances in the first half of 2023. At the end of last week's trade, PGEO reached a high of Rp1,045 per share during the intraday session, and closed up by 3.85 percent to Rp945 per share.

That was PGEO's all-time high since the company's IPO at the Indonesia Stock Exchange or IPO. Previously, PGEO's highest price ever recorded was Rp925 per share, which was in June.

Maybank Indonesia's industry strategist Myrdal Gunarto said that the PGEO price hike reflected investor interest in the company as an energy provider with a focus on environmentally friendly and futuristic new renewable energy.

"PGEO's price gain towards Rp1,000 at the end of last week reflects an increase in investors' demand after seeing the attractive combination of solid fundamentals and the trend of rising global energy prices," Myrdal said in a written statement quoted on Tuesday, August 15.

The stock price climb is in line with the company's financial performance. In the first semester, PGEO posted a 30.1 percent profit increase to US$ 92.7 million.

"PGEO's attractive dividend policy is a consideration for investors who want to collect PGEO shares," Myrdal added.

Another positive sentiment for the company's future performances is the recently issued Financial Services Authority (OJK) rule, the POJK 14/2023 on Carbon Trading and Carbon Exchange, which is expected to be in effect next month.

The regulation is also a positive signal for the EBT industry in the country, including PGEO, which began to record carbon credits as a new revenue generator at the end of 2022.

ANTARA

Editor's Choice: Workers Union Reject Pertamina Geothermal's IPO Plan

Click here to get the latest news updates from Tempo on Google News