Carbon exchange contributes positively, PGE records significant profit increase

Jakarta – PT Pertamina Geothermal Energy Tbk (PGE) posted an impressive profit from its carbon exchange contribution. Nelwin Aldriansyah, PGE’s Finance Director, revealed that PGE managed to generate revenue from the Indonesia Carbon Exchange of USD 732 thousand, marking the first step in realising the potential of the carbon market.

In its third quarter 2023 report, PGE’s net profit increased by 19.7 per cent compared to the previous year, exceeding the total profit for 2022, reaching USD 133.4 million. An increase in operating income was also recorded, from USD 287.4 million to USD 308.9 million.

“This achievement shows that PGE has managed its finances well. In addition, PGE has also been able to improve operational performance and achieve sustainable growth,” Aldriansyah said in an official statement.

This success confirmed PGE’s solid financial position, reflected in its strong debt-to-equity ratio (DER) of around 36.8 per cent. This provides an opportunity for PGE to consider business expansion through third-party funding.

Meanwhile, PGE’s equity also increased significantly, demonstrating its sound financial condition and ability to manage debt and generate profits. Meanwhile, the Company’s liabilities decreased from USD 1.22 million to USD 960 thousand or around Rp 14.8 billion.

“PGE’s revenue in various areas is also noteworthy, with Kamojang Area contributing the largest revenue of USD 109.6 million, followed by Ulubelu Area, which contributed USD 86.1 million. PGE continues to demonstrate its commitment to delivering sustainable energy and contributing positively to the Indonesian economy,” he said. (Hartatik)

Banner photo: Lahendong geothermal power plant in North Sulawesi is managed by PT Pertamina Geothermal Energy (PGE). (Source: Hartatik)

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