Elnusa Earns IDR 503 Billion Profit In 2023

JAKARTA - PT Elnusa Tbk (ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE) who is a member of Pertamina's Upstream Subholding, achieved a net profit of IDR 503 billion during 2023 or grew 33 percent year on Year (YoY).

Elnusa's Finance Director, Stanley Iriawan, said that the net profit for the 2023 financial year was contributed through the energy distribution and logistics service segment by 64 percent, integrated upstream oil and gas services by 15 percent and oil and gas support services by 21 percent.

One of the drivers of Elnusa's increase in net profit was an increase in a number of work projects in the energy distribution and logistics service segment, namely from Rp305.6 billion in 2022 to Rp320.5 billion. This grew 4.9 percent for the fuel transportation service unit, fuel trading through B35 product blending innovation (B0 & FAME), depot management and KSO infrastructure.

Meanwhile, the upstream oil and gas service segment also contributed to an increase in net profit from IDR 20.2 billion in 2022 to IDR 74.8 billion in 2023 or grew 270 percent, namely seismic survey services and oil and gas production service activities.

"In addition, it is also sufficient to support the growth of operating income and net profit, including through business units in hydroulic workover services, Cementing services, fluid services drilling," said Stanley, quoted from Antara, Friday, March 1.

The net profit achievement is also inseparable from the contribution to the supporting service segment from Rp52.1 billion in 2022 to Rp107.6 billion in 2023 or 106 percent growth, including the use of ship assets reaching 80 percent, utilization of warehouses, development of IoT and Telco, and intensification of production capacity. This achievement reflects solid performance in terms of asset utilization in the Elnusa Group.

Meanwhile, the company posted operating revenues for the 2023 financial year of IDR 12.5 trillion, growing 2 percent (YoY) from 2022.

This consolidated business revenue is contributed through the energy distribution and logistics service segment by 53 percent, integrated upstream oil and gas services by 34 percent and oil and gas support services by 13 percent.

"For this achievement, the company managed to record EBITDA of IDR 1.28 trillion or grew 11.8 percent from the previous year's IDR 1.14 trillion, gross profit of IDR 1.16 trillion, operating profit of IDR 669 billion and cash equivalents of IDR 2.07 trillion," said Stanley.

Stanley added that the performance of the 2023 financial year is clear evidence of the company's commitment and consistency in carrying out sustainable business strategies to produce performance improvements from previous years.

In 2024 Elnusa is optimistic that he will continue his brilliant performance achievements by making various acceleration efforts and encouraging more aggressive growth and focusing on expanding the core business by exploring various opportunities and innovating to create superior technology.

"All of this is expected to be able to support the government in realizing the national oil production target of 1 million barrels per day (BOPD) and natural gas of 12 billion cubic feet per day (MMscfd) standards by 2030," said Stanley.