Drop 88 Percent, Surya Esa Perkasa Books Profit Of IDR 44.2 Billion

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Surya Esa Perkasa Tbk (ESSA), an issuer engaged in the Energy and Chemical sector through the LPG (Liquefied Petroleum Gas) refinery and the Amoniak factory recorded a decrease in net profit of 88 percent in the first quarter of 2023.

In the first quarter of this year, ESSA posted a net profit of US$3 million or Rp44.2 billion from the previous period of US$26 million.

ESSA also recorded revenue of 87.8 million US dollars, down 45 percent from 159 million US dollars in the previous period.

ESSA also posted EBITDA of US$22.5 million, a decrease of 67 percent from the same period in 2022.

ESSA Corporate Secretary, Shinta DU Siringoringo explained, lower income was mainly due to commodity price declines as well as scheduled closures and maintenance of ammonia factories for 3 weeks.

"The Amoniak factory has been operating with optimal and efficient productivity after successfully completing its maintenance activities," Shinta said in a written statement to the media quoted on Tuesday, May 2.

Shinta added that global ammonia prices weakened in the first quarter of 2023, especially in March as global energy prices returned to normal, while the number of demand is still recovering gradually.

With the reopening of the Chinese market after COVID-19, demand in the fertilizer sector improved. However, Europe remains under high gas pressure. So ESSA estimates ammonia prices will return to normal to a healthier level in the second half of this year.

Shinta further added, in connection with the Blue busyia Project with the support of JOGMEC (Japan Oil, Gas, and Metals National Corporation), Mitsubishi Corporation, Pertamina, and LAPI ITB, ESSA has completed stage 1 of the carbon capture and sequestration study.

"Currently, stage 2 of the feasibility study is underway. This project will be an important milestone for ESSA because it aims to become the first company in Southeast Asia to produce Blue busyia in the years to come," concluded Shinta.