Jakarta (ANTARA) - PT Pertamina Geothermal Energy Tbk (PGE) booked a net profit of US$92.7 million in the first half (H1) of 2023, marking a significant increase of 30.1 percent compared to US$71.3 million in the year-earlier period.

The robust growth in net profit was bolstered by an 11.9 percent year-on-year (yoy) rise in revenue, reaching US$206.7 million in H1, up from US$184.7 million in the corresponding period last year, according to a statement received on Tuesday.

Furthermore, the company's EBITDA (earnings before interest, taxes, depreciation, and amortization) also saw a 13.3 percent increase (yoy), reaching US$175.5 million during the period.

PGE Finance Director, Nelwin Aldriansyah, stated in the press release that the company has sustained its financial growth, aligning with the enhancement of its operations and efficiency.

"Our solid financial position motivates us to pursue sustainable growth, enabling us to deliver reliable and affordable green energy to the people of Indonesia," he added.

The company reported a 7.7 percent rise (yoy) in energy production, reaching 2,397.2 Gigawatt hours (GWh).

Meanwhile, the firm's debt decreased from US$935 million to US$731 million in the first half of 2023, with net debt dropping to US$66.95 million.

Consequently, the debt-to-equity ratio (DER) declined to 39 percent from 75 percent by the end of 2022.

"As a world-class green energy company, PGE will continue to strengthen its position in the sector of new and renewable energy, especially geothermal, and make a significant contribution to the development of green energy and the people of Indonesia," Aldriansyah stated.

In February-end, PGE conducted its initial public offering on the Indonesia Stock Exchange (IDX) and successfully raised Rp9.05 trillion (approximately US$602.3 million) in funds.

PGE aims to increase its self-operated installed capacity from 672 MW to 1,272 MW by 2027 and develop all value chains of Indonesia's geothermal resources.

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Translator: Sri Haryati, M Heriyanto
Editor: Anton Santoso
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