For Example, 674 Percent, Elnusa's Net Profit Of IDR 291 Billion In Nine Months This Year

Elnusa Building. (Photo: Doc. Antara)

JAKARTA - PT Elnusa Tbk (ELSA) recorded a positive increase in financial performance in the third quarter of this year. The company recorded a net profit of IDR 291 billion or grew 675 percent compared to the same period in the previous year of IDR 37.5 billion.

This achievement cannot be separated from Elnusa's revenue which reached Rp8.57 trillion. This figure grew by 50 percent year on year (yoy) compared to the same period last year of Rp5.71 trillion.

Finance Director Elnusa Bachtiar Soeria Atmadja said this achievement was the result of the company's solid operational performance and remained focused on the portfolio's diversification strategy.

"Elnusa's performance on a consolidated basis in the third quarter of 2022 was supported by a number of work projects including the distribution and energy logistics service segment, there was an increase in performance in the fuel transportation service unit and depot management," he said in a statement to the media, Thursday, November 10.

Bachtiar further added, in the upstream oil and gas service segment, the increasing activity of oil and gas production services is quite supporting the company's operating income.

Currently Elnusa is also working on several business units upstream such as hydralic workover, drilling fluid, well testing, coiled tubing units, cementing and irreline logging.

Meanwhile, Elnusa's seismic services have just completed the KKP 2D seismic project using vibroseus technology and 3D long island badminton rivers last September.

Until the third quarter of 2022, Elnusa was able to maintain a positive performance, this of course was accompanied by the resurgence of Elnusa in almost all service segments. In addition, Elnusa was also able to maintain a strong balance sheet and better cash flow with a cash balance of IDR 1.4 trillion as of September 30, 2022," Bachtiar continued.

Bachtiar added that the current surge in operating income and net profit of Elnusa also coincided with the increase in ELSA's share price which had touched Rp394 at the close of November 4, 2022.

He continued, currently the company continues to strive to strengthen fundamentals and improve Elnusa's competence to strengthen competitiveness in the future as the Leading Energy Services Company that provides Total Solutions.

"We are very optimistic that we will be able to close 2022 with brilliant performance results and are ready to welcome 2023 with Elnusa which is increasingly stretched to support the Government in realizing the national oil production target of 1 million barrels per day (BOPD) and 12 billion natural gas standard cubic feet per day (MMscfd) in 2030," concluded Bachtiar.