This Pertamina Subsidiary Receives IDR7.7 Trillion In 2020 Revenue Even Though Hit By The COVID-19 Pandemic

JAKARTA - Energy services sector company, PT Elnusa Tbk. publish consolidated operating revenues of IDR 7.7 trillion for the 2020 period.

Elnusa Finance Director Hery Setiawan said the achievement was the maximum effort of this Pertamina subsidiary in running its business in the midst of a pandemic situation that loomed throughout the year.

"Even though the impact of the triple shocks is the COVID-19 pandemic, the fluctuations in world oil prices and the weakening of the rupiah exchange rate are quite strong for Elnusa. However, we are still able to record our 2020 financial performance well, ”he said in a press statement as quoted on Wednesday, March 3.

In his elaboration, Hery explained that the consolidated business revenue was contributed by the upstream oil and gas service segment by 53 percent, energy distribution and logistics services for 43 percent, and supporting services for 4 percent.

"The diversity of our service portfolios is able to support one another in supporting this consolidation achievement," he said.

Furthermore, in terms of consolidated gross profit, Elnusa recorded IDR736 billion, IDR431 billion operating profit and IDR249 billion net profit, with the contribution of net profit being dominated by the energy distribution and logistics services segment.

"Success through the 2020 period is not an easy thing and should be grateful," he said.

Broadly speaking, the upstream oil and gas services undertaken by the company recorded the completion of several projects and some will continue in 2021, namely the Jambi Merang 3D seismic survey, the Tuban 3D Seismic Survey and the Batuk Utak 3D Seismic Survey.

In the energy distribution and logistics segment, BBM transportation and trading services for inmar fuels are experiencing a little pressure. But on the other hand, the depot management and chemical trading business units are claimed to be able to grow well due to the addition of new depot management and an increase in chemical sales in order to meet the needs of oil drilling activities.

"Elnusa will continue to strive to boost its best performance through a portfolio diversification strategy that remains a mainstay," concluded Hery.