Jakarta. State-owned electricity company PLN has agreed to pay the state Rp 2.19 trillion in dividends and Rp 35.33 trillion ($2.4 billion) in taxes after recording a mighty surge of 124 percent in net profit.

The company has reported a net profit of Rp 14.4 trillion for the 2022 fiscal year, the highest in the PLN’s history.

"Behind the financial achievement we just reported, there was a corporate transformation that became the key in getting through the hard times,” PLN Chief Executive Officer Darmawan Prasodjo said during the shareholders’ meeting on Wednesday.

“As a result, despite the currency exchange loss of nearly Rp 20 trillion, we managed to achieve a 124 percent rise in net profit in 2022," Darmawan added.

The dividend payment represented a surge of 191.7 percent from the previous year's Rp750 billion. Additionally, PLN's tax payment showcased a commendable 13.1 percent increase from the previous year.

Darmawan attributed the surge in net profit to the substantial growth in electricity sales, which reached 273.8 Terawatt hours (TWh), marking a 6.3 percent increase from the previous year. This boost had a profound impact on the company's revenue from electricity sales, reaching Rp 311.1 trillion in 2022, a notable 7.7 percent increase from Rp 288.8 trillion in 2021.

The robust increase in electricity sales was primarily driven by a significant surge in consumption from the industrial sector, which witnessed a remarkable 24.54 percent rise. The business sector also demonstrated substantial growth, with a 22.47 percent increase in electricity consumption.

Darmawan expressed his pride in PLN's role as the backbone of Indonesia's economy, providing reliable and consistent electricity to support the productivity and growth of its customers. 

PLN's impressive financial performance carries significant implications beyond the company itself. The positive effects are expected to trigger a multiplier effect, stimulating economic growth and contributing to the welfare of the Indonesian people, he said.

The increased revenue generated by PLN's successful performance will support the government in its efforts to invest in key sectors such as education, healthcare, and infrastructure development. This infusion of funds will enhance public services and propel the nation toward further progress.

"We are confident about our performance in the rest of the year and years to come. PLN will do its utmost in managing operations and financial performance to contribute even more to the nation," Darmawan said.