Elnusa Pockets IDR 183 Billion Profit Throughout The First Quarter Of 2024

PT Elnusa Tbk (ELSA) posted a stable operating income in the first quarter of 2024 compared to last year's IDR 3.1 trillion. The company generated a gross profit of IDR 324 billion and pocketed a net profit of IDR 183 billion, growing 59 percent YoY with a net profit margin increasing 61 percent from the same period compared to the previous year.

This consolidated business revenue is contributed through the energy distribution and logistics service segment by 52 percent, the upstream energy service segment by 38 percent and energy support services by 10 percent.

This shows an increase in operating income, especially in upstream energy services compared to the same period, which increased by 22 percent.

In addition to increasing operating income, upstream energy services also recorded a significant increase in net profit of 202 percent from the previous year in the same period. Meanwhile, energy distribution and logistics services recorded an increase in net profit of 32 percent.

Elnusa's Corporate Secretary, Frida Lidwina, explained that Elnusa's performance in the first quarter of 2024 was the result of management efforts in maintaining the sustainability and consistent business growth of the company.

"The growth recorded by Elnusa in the first 3 months of 2024 was driven by an increase in performance in the upstream energy service segment," said Frida, Tuesday, April 30.

The company also showed solid performance by recording Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) growth of IDR 372 billion, an increase compared to the same period in 2023, which was IDR 345 billion or grew by 8 percent.

The Company's cash and cash equivalents as of March 31, 2024, reached IDR 2.476 trillion, growing 20 percent from the same period in 2023 of IDR 2.063 trillion.

Frida also emphasized that his party is committed to continuing to improve performance and provide added value for our stakeholders.

"We will continue to focus on innovation, operational efficiency and sustainable business development. Through this strategy, we are optimistic that we can maintain stable business growth and make a real contribution to the national energy industry," Frida concluded.