Elnusa's Net Profit Increases 77 Percent To IDR 443 Billion In Semester I-2024

PT Elnusa Tbk (ELSA) posted a net profit of IDR 443 billion, an increase of 77 percent year on year (yoy) compared to IDR 250 billion in the same period the previous year.

This subsidiary of PT Pertamina Hulu Energi (PHE) recorded operating revenues of IDR 6.3 trillion in the first semester of 2024, or an increase of 8 percent (yoy) compared to IDR 5.86 trillion in the same period the previous year.

Elnusa recorded solid financial performance. In the Hulu Energi service segment, revenue growth is driven by the performance of Geoscience & Reservoir Services / Seismic, besides that it is also supported by growth in the management and maintenance of the Drilling Workover & Well Intervention oil and gas well," said President Director Elnusa Bachtiar Soeria Atmadja quoting Antara.

In the first semester of 2024, the company's operating income was contributed through the energy distribution and logistics service segment by 50 percent, upstream energy services by 41 percent and energy support services by 9 percent.

"The Hulu Energi service shows aggressive growth, which makes the composition of the upstream and downstream segments balanced. On the other hand, the distribution and energy logistics services contributed by business revenues come from the sub-segment of fuel transportation and Depo management," Bachtiar said.

As of June 2024, the company's total assets increased 13 percent (yoy) to IDR 10.5 trillion, compared to the previous IDR 9.2 trillion in June 2023.

The company's total liabilities increased 14 percent (yoy) to IDR 5.8 trillion as of June 2024, compared to the previous IDR 5.1 trillion as of June 30, 2023, the increase in the number of assets and liabilities was in line with the increase in operating activities.

Meanwhile, the company's equity increased to IDR 4.6 trillion in June 2024, compared to the previous IDR 4.1 trillion in the same period in 2023.

On July 26, 2024, ELSA's stock performance grew 34 percent year to date (ytd), with the market capitalization (market cap) reaching IDR 3.8 trillion.

"We understand very well that challenges, as well as obstacles in the current and future energy industry will be increasingly dynamic, however, we will always be optimistic to see this situation as an opportunity for Elnusa's business, we will learn to surf any wave, and continue to strive to provide the best for our shareholders and stakeholders," Bachtiar said.