PGEO’s net profit increased as revenue decreased

Jakarta – Renewable energy company PT Pertamina Geothermal Energy Tbk (PGEO) posted an increase in net profit until the end of the third quarter of 2024. However, this BUMN business group company recorded a correction in revenue as of the end of September 2024.

Based on the company’s financial statements for the third quarter of 2024 published on Monday, October 28, PGEO posted revenue of USD 306.02 million, equivalent to around IDR 4.63 trillion. This realization decreased slightly by 0.71% from the same period last year, USD 308.19 million,

The revenue realization was supported by sales of steam and electricity to related parties, namely PT Indonesia Power, which came from 3 wells, namely Kamojang, Ulubelu, and Lahendong, worth a total of USD112.15 million.

Revenue was also supported by sales to PT PLN (Persero), sourced from 5 wells, namely Kamojang, Ulubelu, Lahendong, Lumut Balai, and Karaha, totaling USD181.05 million. Furthermore, there were third-party production allowances amounting to USD12.81 million.

Along with the decline in revenue, PGEO’s cost of revenue and direct expenses recorded an increase of 4.74% to USD132.19 million compared to the same period the previous year, which was recorded at USD126.21 million.

After deducting various expenses that can be streamlined, Pertamina Geothermal Energy recorded a net profit of USD133.99 million for the period attributable to the parent entity, equivalent to Rp2.02 trillion. This realization increased slightly by 0.36% compared to the same period last year’s USD133.50 million.

Meanwhile, cash and cash equivalents at the end of the period were recorded at USD657.64 million, down 3.71% compared to the previous September period of USD682.99 million. Based on the balance sheet, PGEO’s total assets decreased to USD2.94 billion as of September 30, 2024, compared to USD2.96 billion at the end of December 2023.

PGEO shares closed lower at 1,100 or down 1.33% on Monday, October 28, continuing the downward trend of the past week. (hs)

Banner photo: Pertamina Lahendong Geothermal Power Plant/Hartatik

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