JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO), an entity under Pertamina Group engaged in the geothermal energy industry, reported 28% year-on-year (yoy) profit surge at the end of 2023 to USD 163.57 million.

According to Financial Report 2023 of PGEO, this issuer managed to score USD 406.29 million of revenue at the end of December 2023, only crawling 5% yoy higher from USD 386.07 million in 2022.

Sales were dominated by steam and electricity sales to PT PLN (Persero) by 71% or equal to USD 313.23 million. The remaining portion was covered by sales to PT Indonesia Power, a subsidiary of PLN, which generated sales number of up to USD 73.27 million.

Shrinking general and administrative expenses, as well as increased finance income and other revenue helped to push forward operating profit of 2023 to USD 265.18 million, or a 26%-yoy jump to USD 163.57 million.

Until the end of 2023, the installed capacity of the working areas of PGEO that are self-operated reached 672.5 megawatt (MW). Meanwhile, the working areas operated under Joint Operating Contract (JOC) scheme reported installed capacity of 1,205 MW.

Meanwhile, according to Julfi Hadi, President Director of PGEO, in the Extraordinary General Meeting of Shareholders of PGEO last February, the company’s production had reached 2,586 GWh as of last September, increasing 4,3% yoy.

“This increase was supported by the completion of piping project (debottlenecking) in Ulubelu area, as well as the acceleration of completion of planned maintenance activities in several power plans in the working areas of the company,” Hadi added further on the same occasion. (ZH)