Jakarta — PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) reported a solid financial performance for the 2024 fiscal year, recording a net profit of USD 160.3 million. The results were announced during the company’s Annual General Meeting of Shareholders (RUPST) held in Jakarta on Tuesday, June 3.
Despite a slight dip from the USD 163.6 million profit recorded in 2023, PGE maintained strong profitability and operational efficiency, with revenue increasing slightly to USD 407.1 million from USD 406.3 million in the previous year, the company stated on Tuesday. The company will distribute USD 136.4 million in dividends, while allocating USD 24 million to retained earnings.
Chief Financial Officer Yurizki Rio said that PGE remains in a sound financial condition, underscoring the company’s business resilience amid global uncertainties and its commitment to supporting Indonesia’s energy transition.
“PGE’s consistent performance reflects the success of our sustainable business strategy to accelerate geothermal development for the wider public benefit,” Yurizki said.
PGE increased total electricity production to 4,827 GWh in 2024, a 1.9% year-over-year increase, with notable output growth from key areas, including Kamojang (+5.36%), Lahendong (+0.40%), and Lumut Balai (+2.72%).
Looking ahead, PGE aims to increase its self-operated installed capacity to 1 GW within the next 2–3 years, as part of Indonesia’s broader renewable energy agenda. It currently manages 1,887 MW of installed capacity, including 672 MW under direct operation and 1,205 MW with partners.
President Director Julfi Hadi expressed gratitude for shareholder support and reaffirmed the company’s commitment to delivering performance that supports Indonesia’s net-zero ambitions. (nsh)
Banner photo: PGEO commissioners and directors pose for a group photo at the Annual General Meeting of Shareholders (AGMS) of PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) for the fiscal year 2024 on Tuesday, 3 June, in Jakarta. (Photo source: PGEO)
