After Russia-Ukaina War, ESSA Earns $159 Million In Revenue

JAKARTA - PT Surya Esa Perkasa Tbk, a public company engaged in the Energy and Chemical sector through its liquefied petroleum gas (LPG) refinery and ammonia plant, recorded revenues of US$159 million in the first quarter of 2022 with a significant increase of 132 percent yoy.

It was noted that the ammonia business contributed 92 percent to total revenue, while the LPG business contributed 8 percent.

The President Director of ESSA, Vinod Laroya said, the global commodity market experienced a sharp increase in prices due to expectations of continued global recovery.

"With ammonia prices remaining high due to limited supply caused by the Russo-Ukrainian war, we can print a good performance this quarter," he said.

He added, the realized price of ammonia was at 815 US dollars per MT in the first quarter of 2022 and a significant increase of 173 percent compared to the first quarter of 2021.

Meanwhile, the realized LPG price was at 798 US dollars per MT in the first quarter of 2022 or 37 percent higher than the first quarter of 2021.

On the operational side, continued Vinod, ammonia production was recorded at 186,474 MT with a factory utilization rate of 115 percent in the first quarter of 2022.

It is noted that LPG production for the first quarter of 2022 is 15,578 MT with a factory availability of 99.8 percent.

Not only that, ESSA also achieved EBITDA of 69.1 million US dollars, an increase of 126 percent over the same period in the previous year.

“Higher ammonia & LPG prices in the quarter coupled with operational excellence led to strong Q1-2022 performance. Our focus on clean energy continues as we are currently in the process of conducting a feasibility study for Blue Ammonia with JOGMEC, Mitsubishi Corporation and ITB and look forward to starting this highly anticipated journey soon," said Vinod.