State electricity company PT PLN has booked a net profit of Rp22.07 trillion or US$1.4 billion in 2023, the largest in the company’s history. The amount was one and a half times of its net profit in 2022.
“This achievement was a result of joint efforts of all PLN employees who have put through end-to-end digital-based transformation. Starting from the generation system, transmission, distribution, procurement, financial system, planning system to organizational restructuring and customer service, so that PLN is now more unified, more agile and stronger,” PLN President Director Darmawan Prasodjo said in a statement on Wednesday, May 29, 2024.
PLN’s net profit in 2023 was generated from the company’s total operating revenue which reached Rp487.38 trillion, an increase of Rp46.25 trillion from 2022. PLN also managed to reduce its long-term and short-term debt by Rp12.77 trillion.
“This positive result is evidence that PLN is not only able to plan transformation at the strategic level, but also able to execute it to the operational level,” Darmawan added.
PLN managed to record electricity sales of 288.44 terrawatt hours (TWh) in 2023 or grew 5.36 percent from 2022. This was a result of marketing innovations through intensification programs that include power addition promos, captive power acquisition and electrifying lifestyle campaigns as well as extensification programs that include electrifying agriculture & marine, dedieselization and electric vehicle infrastructure. Through these various innovations, PLN booked electricity sales revenue of Rp333.19 trillion in 2023, an increase of Rp22.13 trillion from 2022.
Darmawan said further that the increase in revenue was achieved not only from electricity sales, but also from business development outside the electricity sector or beyond kWh.
He expressed his appreciation and gratitude to the Government, especially the Ministry of State-Owned Enterprises (SOEs), the Ministry of Energy and Mineral Resources, the Ministry of Finance, and other stakeholders for supporting the company’s transformation efforts.
“PLN will continuously strive to provide electricity that is not only reliable, but also sustainable,” Darmawan concluded.
