TEMPO.CO, jakarta – P.T Pertamina geothermal energy Energie Tbk. (PGEO) saw its stock price rise after reporting excellent performances in the first half of 2023. At the end of last week’s trading, PGEO hit a high of Rp 1,045 per share during the intraday session and closed up 3.85 percent at Rp 945 per share.
That was PGEO’s all-time high since the company’s initial public offering on the Indonesian Stock Exchange (IPO). Previously, PGEO’s highest-ever price was Rp925 per share, back in June.
Maybank Indonesia industry strategist Myrdal Gunarto said that the PGEO price hike reflects investors’ interest in the company as an energy utility with a focus on green and pioneering new renewable energies.
“PGEO’s price surge towards Rp 1,000 late last week reflects a rise in investor demand after seeing the attractive combination of solid fundamentals and the trend of rising global energy prices,” Myrdal said in a written statement cited on Tuesday, August 15.
The increase in the share price is consistent with the company’s financial performance. In the first half of the year, PGEO posted a 30.1 percent increase in profit to $92.7 million.
“PGEO’s attractive dividend policy is a consideration for investors looking to acquire PGEO stock,” added Myrdal.
Another positive sentiment for the company’s future performance is the recently issued Financial Services Authority (OJK) rule POJK 14/2023 on carbon trading and carbon exchange, which is expected to come into force next month.
The regulation also sends a positive signal to the EBT industry in the country, including PGEO, which started capturing carbon credits as a new revenue generator in late 2022.
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