Net Profit Rises by 45 Percent in 2022, Pertamina NRE Accelerates Decarbonization

Jakarta, June 9, 2023 - Subholding Pertamina New & Renewable Energy (Pertamina NRE) has recorded a 45 percent increase in net profit for 2022 compared to the previous year. Other financial performances have also shown improvement.

Pertamina NRE held its Annual General Meeting of Shareholders (AGMS) for the fiscal year 2022 on Tuesday, June 6. During the AGMS, Pertamina NRE's financial performance was reported commendable, with total revenue reaching 388,591,000 US dollars, representing a 105 percent increase compared to the previous year. Meanwhile, EBITDA and net profit for 2022 were recorded at 297,841,000 US dollars and 118,052,000 US dollars, representing a 113 percent and 145 percent increase compared to the previous year.

"I highly appreciate the hard work of the entire Pertamina NRE family, which has led to positive financial performance in 2022. As the youngest subholding of Pertamina, entrusted with building Pertamina's future business, we face formidable challenges. However, we believe that with Pertamina NRE's solid collaboration and the support of all stakeholders, we can successfully navigate the energy transition as expected," said Dannif Danusaputro, Chief Executive Officer of Pertamina NRE.

In terms of operational performance, Pertamina NRE recorded a total electricity production of 4,659 GWh in 2022, contributed by geothermal power plants managed by PT Pertamina Geothermal Energy Tbk (PGEO), solar power plants (PLTS), and biomass power plants (PLTBg). This operational performance was supported by excellent HSSE (Health, Safety, Security, and Environment), with 10,140,785 safe working hours and no fatalities. Furthermore, Pertamina NRE increased the installed capacity of solar power plants (PLTS) by 236 percent, reaching approximately 35 MW by the end of 2022. The capacity addition was majorly contributed by PLTS installed within the Pertamina group, demonstrating Pertamina's genuine commitment to decarbonization initiatives.

Throughout 2022, Pertamina NRE initiated various green business initiatives in collaboration with strategic partners, domestically and internationally. For clean hydrogen development, Pertamina NRE collaborated with six strategic partners, including SEMBCORP, IGNIS, TEPCO, Keppel, Chevron, and Krakatau Steel. For nature-based solutions (NBS) initiatives, Pertamina NRE collaborated with Perum Perhutani. Additionally, in carbon trading initiatives, Pertamina NRE signed a cooperation agreement with Pertamina Hulu Energi and Pertamina Internasional Refinery.

Pertamina NRE consistently supports efforts to develop the electric vehicle ecosystem, specially through its participation in the Indonesia Battery Corporation (IBC).

All the achievements made by Pertamina NRE in 2022 will serve as a foundation for even greater targets in 2023 and beyond. "We must remain optimistic that in 2023, our achievements will surpass what we have accomplished thus far, so that PNRE's vision as an energy transition locomotive in Pertamina can be successfully realized," added Dannif.

Fadjar Djoko Santoso, Vice President Corporate Communication of PT Pertamina (Persero), added that as a shareholder, they support the strategic role of PNRE in sustainable energy transition. Furthermore, the commitment to energy transition is crucial for Pertamina to contribute to climate change targets and achieve Net Zero Emission (NZE).

"PNRE subholding is one of the keys for Pertamina to achieve the NZE target. Additionally, it aims to provide alternative energy sources for the Indonesian society," stated Fadjar.

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social & Governance (ESG) implementation across all Pertamina's business lines and operations.**