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Pertamina’s geothermal subsidiary reports Rp 2.06t net profit
PGE enjoyed a net profit of Rp 2.06 trillion (US$ 133.4 million) in the third quarter, marking a 19.7 percent year-on-year increase.
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An official from the Kamojang geothermal power plant checks a production drilling well in Kamojang, Garut, West Java. The Kamojang geothermal power plant is operated by PT Pertamina Geothermal Energy, a subsidiary of state-owned oil and gas firm PT Pertamina. (Antara/Wahyu Putro A) (Antara/Wahyu Putro A)
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T Pertamina Geothermal Energy (PGE), the subsidiary of state oil and gas firm Pertamina that focuses on harnessing geothermal energy, has reported a net profit of Rp 2.06 trillion (US$133.4 million) for the third quarter, an annual increase of 19.7 percent.
The profit growth resulted from an expansion of operating revenue, which grew to Rp 4.7 trillion from July to September. The highest operating revenue came from Kamojang in Garut regency, West Java, and Ulubelu in Tanggamus regency, Lampung, which recorded Rp 1.6 trillion and Rp 1.3 trillion, respectively.
In the third quarter, the company also partnered with other industry players, such as PT Jasa Daya Chevron (Chevron) in the development of Way Ratai in Pesawaran regency, Lampung; Africa Geothermal International Limited (AGIL) to develop geothermal energy in Longonot, Kenya; and the Geothermal Development Company (GDC).
PGE finance director Nelwin Aldriansyah said the achievement showed the company was capable of increasing its operating performance and maintaining continuous growth. PGE recorded an improved debt-to-equity ratio (DER) for the quarter of 36.8 percent.
“This DER is a positive signal for us to embrace the chance of company expansion through third parties,” said Nelwin.
In terms of equity, PGE grew from Rp 19.8 billion to Rp 29.8 billion year on year (yoy). Meanwhile, its liabilities decreased from Rp 19.4 billion to Rp 14.8 billion.
PGE was floated on the Indonesian Stock Exchange (IDX) on Feb. 24 for Rp 875 a share. Its current all-time stock price high is Rp 1,605, achieved on Sept. 25. Trading under the ticker PGEO, the company closed at Rp 1,405 per share on Monday, up 3.69 percent.
