Jakarta – PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) recorded positive achievements throughout 2024, reflecting solid business resilience, sound financial management, and commitment to supporting the national energy transition. Amidst industry challenges and global economic dynamics, PGE managed to book revenue of USD 407.12 million, up from USD 406.29 million in the previous year, in line with Indonesia’s increasing demand for clean energy.
Based on its audited consolidated financial statements, which were made public on 25 March 2025, PGE recorded a net profit of USD160.30 million in 2024. Despite a slight decline from USD163.57 million in the previous year, PGE maintained healthy profitability, substantial operating cash, and efficiency in cost management.
PGE President Director Julfi Hadi stated that PGE continues to strengthen its position as the leader of the geothermal industry in Indonesia with a sustainable operational strategy.
“In 2024, PGE managed to record the highest electricity production and revenue in history, supported by improved operational performance in several geothermal working areas. This solid performance reflects our commitment to optimising resources and increasing our contribution to the national energy transition,” Julfi said in a written statement.
Meanwhile, PGE Finance Director Yurizki Rio added that PGE remains focused on prudent and optimal financial management to ensure the sustainability of investment in developing new geothermal projects and increased production capacity.
“Indeed, operating expenses increased, but this is part of strategic investment to strengthen the foundation for long-term growth and support greater capacity expansion going forward.”
Cost of revenue increased to USD 164.89 million from USD 158.35 million in the previous year, in line with capacity expansion. However, operating cash flow increased from USD 255.19 million in 2023 to USD 258.29 million in 2024, reflecting revenue stability and cost control effectiveness. Meanwhile, increased assets and better management of liabilities are also positive indicators of the company’s performance.
Furthermore, in 2024, PGE recorded increased production in various regions, including Kamojang (+5.36% YoY), Lahendong (+0.40%), and Lumut Balai (+2.72% YoY). Overall, electricity production reached 4,827.22 GWh, an increase of 1.96% over the previous year, reflecting operational stability and efficiency.
PGE’s total assets increased from USD 2.96 billion in 2023 to USD 2.99 billion in 2024, signalling continued business growth. On the other hand, liabilities were successfully reduced from USD 992.89 million to USD 988.65 million, demonstrating efficiency in debt management.
As part of its sustainable growth strategy, PGE continues to expand its geothermal project portfolio by developing various new geothermal working areas (WKP) to continue to increase its contribution to supporting the national energy mix target of 23% new and renewable energy by 2025.
Looking ahead to 2025, PGE is optimistic about its growth prospects with the planned commissioning of the 55 MW Lumut Balai Unit 2 this year. This additional capacity not only strengthens PGE’s green energy portfolio but also has the potential to increase revenue and competitiveness in the face of growing demand for clean energy. (Hartatik)
Banner photo: Illustration of PT Pertamina Geothermal Energy Tbk (PGE) Kemojang Area. (Source: PGE)
