PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) recorded positive achievements throughout 2024, reflecting solid business resilience, healthy financial management, and commitment to supporting the national energy transition. Amidst industry challenges and global economic dynamics, PGE managed to record revenues of USD407.12 million, an increase from USD406.29 million in the previous year, in line with the increasing demand for clean energy in Indonesia.
Based on the audited consolidated financial statements submitted to the public on March 25, 2025, PGE recorded a net profit of USD160.30 million in 2024. Despite a slight decrease from USD163.57 million in the previous year, PGE maintained healthy profitability, strong operating cash, and efficiency in cost management.
PGE President Director Julfi Hadi, stated, "We continue to strengthen our position as the leader of the geothermal industry in Indonesia with a sustainable operational strategy. In 2024, PGE successfully recorded the highest electricity production and revenue in history, supported by increased operational performance in several geothermal working areas. This solid performance reflects our commitment to optimizing resources and increasing our contribution to the national energy transition," said Julfi.
Meanwhile, PGE Finance Director Yurizki Rio, added, "PGE remains focused on prudent and optimal financial management to ensure the sustainability of investment in the development of new geothermal projects and increasing production capacity. Indeed, operating expenses have increased, but this is part of a strategic investment to strengthen the foundation of long-term growth and support greater capacity expansion in the future."
Cost of revenue increased to USD164.89 million from USD158.35 million in the previous year, in line with capacity expansion. However, operating cash flow increased from USD255.19 million in 2023 to USD258.29 million in 2024, reflecting revenue stability and cost control effectiveness. Meanwhile, increased assets and better liability management 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% compared to the previous year, reflecting operational stability and efficiency.
PGE's total assets increased from USD2.96 billion in 2023 to USD2.99 billion in 2024, indicating sustainable business growth. On the other hand, liabilities were successfully reduced from USD992.89 million to USD988.65 million, demonstrating efficiency efforts 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 in supporting the national energy mix target of 23% new and renewable energy by 2025.
Looking ahead to 2025, PGE is optimistic about the growth prospects with the planned commissioning of Lumut Balai Unit 2 with a capacity of 55 MW this year. This additional capacity not only strengthens PGE's green energy portfolio, but also has the potential to increase revenue and competitiveness in facing the growing demand for clean energy.
Strengthening Commitment to Sustainability
The company has implemented various sustainability initiatives, including increasing energy efficiency, reducing carbon emissions, protecting the environment, and empowering communities around its operational areas. Environmentally friendly technologies adopted by PGE include a real-time emission monitoring system, optimizing water utilization, and increasing energy efficiency throughout the facility. The company is also active in reforestation and ecosystem conservation efforts around geothermal working areas, in collaboration with local communities and environmental institutions.
In terms of corporate governance, PGE continues to be committed to implementing the principles of Environment, Social, and Governance (ESG) as part of a sustainable business strategy. With this commitment, PGE is optimistic that it can continue to contribute to national energy security and accelerate the transition to clean energy in Indonesia.
