Pertamina Geothermal Energy Nets US$47.49mn Profits in Q1

TEMPO.CO, Jakarta - PT Pertamina Geothermal Energy Tbk (IDX: PGEO), a subsidiary of PT Pertamina Power Indonesia — one of the entities operating under the state-owned PT Pertamina — posted a net profit of US$47.49 million in Q1/2024. This is a year-on-year increase from US$46,938 million in Q1/2023.

For the quarter, PGEO generated revenues of US$103.32 million, an increase from US$102.615 million in the same period last year.

PGEO President Director Julfi Hadi said the company was able to maintain its net profit margin at 46 percent. In addition, he said the company's performance in the first quarter exceeded its corporate work and budget plan (RKAP).

Julfi said that the increase in revenues was due to several aspects, such as increasing total revenues, reducing operating expenses, interest income, and gains from changes in foreign exchange rates.

Meanwhile, he said that revenue growth was supported by higher operating income as a result of an escalation in steam and electricity prices. Other factors included load factor optimization and geothermal power plants.

"We continue to strive to optimize the resources in our operating area while playing an active role in the development of geothermal potential," he said in a written statement on Tuesday, April 30.

According to him, the development of geothermal potential plays an important role in the national energy transition to clean energy.

PGEO President Director Yusrizki Rio said the company is not only trying to maintain its financial performance but also to maximize capital expenditures to accelerate business expansion.

"PGEO's capital expenditure expectations in the first quarter of 2024 reached US$18.08 million or 136 percent higher than the same period in 2023 of US$7.66 million," he said.

Yusrizki said PGE is committed to further developing the potential of geothermal energy by accelerating various development projects, both in Indonesia and looking for development potential abroad.

PGE also aims to accelerate the addition of generation capacity to reach 1 gigawatt in 2026. Yusrizki said PGE is also supporting the achievement of Indonesia's net-zero emissions target by 2060, including through the carbon trading scheme.

Novali Panji Nugroho

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