JAKARTA. PT Pertamina Geothermal Energy Tbk (PGEO), a renewable energy company under PT Pertamina (Persero), scored net profit of USD 47.49 million in the first quarter of 2024, up 1.17% year-on-year (yoy) or from the same quarter last year.

This growth is supported by PGEO’s revenue that reached USD 103.32 million, or up by 0.7% yoy. Despite its shy climb in revenue, the company managed to deliver satisfactory profitability with net profit margin at 46%.

Julfi Hadi, President Director of PGEO, claimed that this impressive profitability is in line with the company’s strategy regarding operational efficiency, which is set to match global green energy companies. “We continue to try to optimise resources in our work areas, whilst consistently and actively participating in the development of geothermal potential, which contributes significantly in the national energy transition to clean energy,” he explained in the information disclosure in Indonesia Stock Exchange (IDX).

Hadi mentioned that PGEO’s performance, in general, has surpassed its Budget and Work Plan, as indicated through the contribution of power production to total net profit, which reached USD 28.34 million or 67.6% higher than the initial plan. The performance of PGEO in Q1 2024 is also said to arrive 3.64% higher than the Budget and Work Plan.

The realisation of revenue and net profit of PGEO that surpasses the plan entails an increase in its capital expenditure. It could be seen in PGEO’s capex realisation that had reached USD 18.08 million in Q1 2024, 136% higher thant the same quarter last year.

“With solid financial resources, PGEO is committed to continue to develop the potential of geothermal energy by accelerating several development projects in Indonesia, as well as seeking other potential development in other countries,” added Yurizki Rio, Director of Finance of PGEO. (KR/ZH)