Pertamina Geothermal Energy Goes Public: A Look at its Financial Performance

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Adi Ahdiat 24/02/2023 13:22 WIB

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According to its prospectus, PT Pertamina Geothermal Energy Tbk (PGEO)'s revenue and profit have increased over the past year.

PT Pertamina Geothermal Energy Tbk Revenue and Profit, January-September (2021-2022)

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PT Pertamina Geothermal Energy Tbk Revenue and Profit, January-September (2021-2022)

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PT Pertamina Geothermal Energy Tbk officially listed on the Indonesia Stock Exchange (BEI) with the stock code PGEO starting Friday, February 24, 2023.

PGEO conducted an initial public offering (IPO) of 10.35 billion shares at a price of Rp875 per share. This IPO is targeted to raise up to Rp9.05 trillion.

Approximately 85% of the IPO proceeds will be used for PGEO's business development, ranging from increasing the capacity of geothermal working areas (WKP), investing in the development of digital capabilities, and supporting other operational needs.

The remaining 15% of the IPO funds will be used to pay down some of the company's debt.

"Should the proceeds from the initial public offering be insufficient, the company still has various financing alternatives, including from the company's internal cash and/or conventional and capital market funding facilities, given that the company's financial ratios still allow for this," stated PGEO management in its prospectus (February 20, 2023).

Based on its prospectus, PGEO's financial performance has also increased over the past year.

During the January-September 2021 period, PGEO recorded US$276.6 million in revenue. Then, in January-September 2022, the figure increased by 3.9% to US$287.4 million.

"This increase is mainly due to the escalation of geothermal electricity selling prices, influenced by the increase in the United States Producer Price Index (US PPI) during the first nine months of 2022," said PGEO management.

The increase in revenue was also accompanied by an increase in profit. In January-September 2021, PGEO recorded a net profit of US$66.4 million. Then, in January-September 2022, the figure increased by 67.8% to US$111.4 million.

"The company receives a large amount of revenue from electricity sales, which is directly influenced by the total installed capacity and the amount of electricity that can be generated by the company's geothermal power plants (PLTP)," they said.

As of February 2023, PT Pertamina Geothermal Energy Tbk manages geothermal power plants (PLTP) in 10 locations, with a total installed capacity of 1,877 megawatts (MW).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Pertamina Geothermal Energy Goes Public: A Look at its Financial Performance

Pertamina Geothermal Energy Goes Public: A Look at its Financial Performance

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Pertamina Geothermal Energy Goes Public: A Look at its Financial Performance

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