JAKARTA. PT Pertamina Geothermal Energy Tbk (PGEO) posted a net profit of US$46.97 million in the first quarter (Q1) of 2023, growing 49.3% year-on-year (yoy) or from the same quarter the previous year.

According to the recently released financial report, PGEO's net profit in Q1 2023 was supported by revenue performance which reached US$102.62 million. Revenue in this period grew 18.97% yoy.

Most of PGEO's revenue in Q1 2023 came from the Kamojang geothermal area, which contributed US$40.06 million to the company's revenue. Then the Ulubelu geothermal area contributed US$27.91 million, Lahendong US$21.42 million, Lumut Balai US$10.79 million, and Karaha US$2.42 million.

For the record, PGEO has just listed its shares on the Indonesia Stock Exchange (IDX) on February 24, 2023. In the Initial Public Offering (IPO), the company raised IDR 9.06 trillion in fresh funds.

The company's IPO share price was offered at IDR 875 per share. At the close of trading yesterday, the company's share price was at the level of IDR 885 per share. (KR/LM)