Elnusa Starts the Year with 53% Net Profit Growth in Q1 20230, 4 May 2023
Elnusa Starts the Year with 53% Net Profit Growth in Q1 20230, 4 May 2023
To our esteemed investors and analysts,
As of 2nd May 2023, PT Elnusa Tbk (ELNUSA, IDX: ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE) under the Subholding Upstream Pertamina, reported a net profit of Rp115 billion in the first three months of 2023. It is a 53% year-on-year (YoY) increase from Rp75 billion in the same period in 2022. The company's consolidated revenue was Rp3.1 trillion, up 29% YoY from Rp2.4 trillion in the same period last year, with the energy distribution and logistics segment contributing 55%, upstream oil and gas services 32%, and support services 13%.
The company also demonstrated solid performance, recording an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) growth of Rp345 billion, a 39% YoY increase from Rp248 billion in the same period in 2022. As of March 31, 2023, the company's cash and cash equivalents amounted to Rp2.063 trillion, up 82% from the same period in 2022 of Rp1.133 trillion.
In terms of capital expenditure, Elnusa has absorbed 31% of the Rp500 billion budget in 2023. The majority, 63%, is allocated to business growth, 35% to maintaining capacity, and the rest is used for non-projects.
Elnusa's outstanding performance in 2023 is encouraging the company to continue its business growth towards the end of 2023. This optimism is accompanied by four strategic priorities which are:
1. To improve employee competence as a fundamental way of providing the best service to clients through a Learning & Growth Perspective
2. Strengthening internal processes to optimize asset productivity and marketing capabilities, Customer Perspective
3. Increasing service quality to enhance market share in the Pertamina Group and non-Pertamina Group
4. Financial Perspective in building cost awareness as a way of providing competitive prices and improving profitability margin.
About Elnusa
(IDX: ELSA) Elnusa is a subsidiary of PT Pertamina Hulu Energi (PHE) under the Subholding Upstream Pertamina. As a total energy service solutions company, Elnusa has core competencies in upstream oil and gas services, energy distribution and logistics services, and support services. Its upstream oil and gas services include Geoscience & Reservoir (land, transition zone & marine, and data processing), drilling and field maintenance services (drilling & workover), engineering, procurement, construction & operation maintenance (EPC-OM). Its energy distribution and logistics services include fuel transportation, depot management, and chemical sales. Its support services include marine support, fabrication
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Best regards,
Pertamina Investor Relations