Pertamina Geothermal posts $160.3m net profit in 2024

It will pay out $136.4m in dividends.

PT Pertamina Geothermal Energy Tbk reported a net profit of $160.3m for the 2024 fiscal year, down from $163.57m in 2023.

The group's revenue rose to $407.1m, up slightly from $406.3m the previous year.

Operationally, total electricity output rose 1.96% year-on-year to 4,827.22 GWh, driven by higher production at the Kamojang, Lahendong, and Lumut Balai geothermal areas.

Despite the decline, the company said it will distribute $136.4m in dividends, following shareholder approval at its annual general meeting on Tuesday.

The remaining $24m will be retained as earnings. The dividend payout comes as PGE maintained stable financial performance, supported by strong cash flow and continued cost efficiency.

“PGE remains in a healthy financial position. Our 2024 results show solid fundamentals and resilience in driving the national energy transition, even amidst global uncertainties,” said Yurizki Rio, director of finance at PGE.