ASIATODAY.ID, JAKARTA – PT Pertamina Geothermal Energy Tbk (PGE) posted a net profit of $163.57 million throughout 2023, or an increase of 28.47 percent year on year (yoy) compared to 2022 which reached $127.32 million.
PGE’s net profit was supported by revenue recorded at $406.29 million in 2023, or growing from the previous $386.07 million in 2022.
PGE President Director Julfi Hadi explained that the increase in company sales was contributed mainly from the Kamojang Area amounting to $151.51 million, followed by the Ulubelu Area amounting to $120.18 million.
Then, the Lahendong Area was $83.88 million, followed by the Lumut Balai Area at $41.32 million, and the Karaha Area at $9.38 million.
“This performance in 2023 is proof of PGE’s commitment and consistency in increasing company value through various efficiency efforts and optimizing production assets. “This achievement also confirms the bright prospects for the geothermal industry,” said Julfi in an official statement in Jakarta, Monday, March 4 2024.
In the midst of profit and revenue growth, the company’s selling expenses only increased 3.33 percent (yoy) to $178.98 million in 2023, from the previous $173.21 million in 2022.
Julfi explained that PGE continues to expand through exploring geothermal potential and optimizing work areas to accelerate the increase in installed capacity of Geothermal Power Plants to 1 Giga Watt (GW) in the next two years.
PGE also has a track record in developing and managing effective geothermal projects in various regions in Indonesia, and PGE’s geothermal assets have consistently achieved high operational reliability, exceeding 96 percent since 2019.
“Production performance (own operations) in 2023 will reach 4,735 GWh, an increase from 2022 which was 4,620 GWh,” said Julfi.
In terms of Environment, Social and Governance (ESG) ratings, in 2023 PGE will maintain its top position in the ESG assessment in Indonesia and rank third globally as a company in the utilities sector.
“PGE also continues to support Indonesia’s achievement of net zero emissions (NZE) targets by 2060 through a carbon trading scheme. “In 2023, the company will contribute to the domestic carbon market with carbon credit sales of $0.76 million or the equivalent of 864,209 tons of CO2eq compared to $0.75 million in 2022,” said Julfi. (AT Network)
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