Heaptalk, Jakarta — PT Pertamina Geothermal Energy Tbk (PGE) closed the enhancement of its net profit up to 19.7% YoY, from US$114.4 million to US$133.4 million in the third quarter (Q3) 2023. This output also significantly exceeded the former result worth US$127.3 million last year.
In terms of operating revenue, this State-owned company recorded a growth worth US$308.9 million, compared to the previous result of US$287.4 million. In this quarter, 2023, PGE also bagged a carbon credit revenue worth US$732,000 as the first income from the Indonesian carbon exchange.
“This accomplishment demonstrated that PGE company has managed its finances well. On the other hand, the company was also able to improve operational performance and achieve sustainable growth.” The Director of Finance at Pertamina Geothermal Energy, Nelwin Aldriansyah, said.
He added that this achievement has put PGE in a solid financial position to grow sustainably. This can also be seen from the intense level of debt-to-equity ratio (DER), reaching 36.8%. He hopes this DER level will be a positive signal for companies to open up business expansion opportunities through third-party funding.
Regarding the company’s equity, Pertamina also continues generating positive enhancement worth US$1.93 million, compared to the former at US$1.25 million in December 2022. The company claimed its finances are stable and can pay debts and generate profits. Meanwhile, Pertamina Geothermal’s liability diminished to US$960,000, compared to the previous result of US$1.2 million.
Of the entire areas, PGE Kamojang Area contributed the most significant revenue for the company, worth US$109.6 million in Q3 this year, followed by PGE Area Ulubelu, worth US$86.1 million.
In amplifying its position as a world-class green energy company, the company is actively broadening strategic cooperation with multiple parties in Q3 this year, spanning PT Jaya Daya Chevron (Chevron) to develop Way Ratai region, Africa Geothermal International Limited (AGIL) to improve geothermal potential in the Kongonot concession in Kenya, and Geothermal Development Company (GDC).
“This achievement is outstanding and will be a trigger for us to grow and develop in providing green energy for the people of Indonesia,” Nelwin concluded.
