The Company Owned By Erick Thohir's Older Brother Recorded A Loss Of IDR 275 Billion In 2020

Boy Thohir (center) with the ranks of PT Surya Esa Perkasa Tbk. some time ago (Photo: Special)

JAKARTA - A corporation engaged in the chemical and energy industry sector is PT Surya Esa Perkasa Tbk. posted a net loss of USD 19.12 million or approximately IDR 275.67 billion (exchange rate of IDR14.417) throughout 2020.

Cited from the financial report submitted by the company to the Indonesia Stock Exchange (IDX) today, Monday, March 22, it was stated that the achievement had fallen when compared to the 2019 performance with a net profit attributable to the owner of the main entity of USD 2.63 million or IDR 37.9 billion.

The issuer with the share code ESSA itself is listed as one of the companies owned by the brother of State-Owned Enterprises (BUMN) Minister, Erick Thohir, Garibaldi Thohir or Boy Thohir.

Furthermore, the contraction in ESSA's performance was mainly due to revenues which fell 21 percent on an annual basis to USD 175.5 million from USD 221.9 million in 2019.

Then, the cost of revenue decreased by 9.12 percent from USD 182.8 million in the 2019 period to USD 166.1 million in 2020.

This resulted in a 76 percent decrease in gross profit to USD 9.37 million from the previous USD 39.08 million.

As a result, selling expenses increased significantly from USD 257,152 to USD 2.2 million. Meanwhile, general expenses and sales decreased by 9.57 percent from USD 15.82 million to USD 14.3 million.

Then, the company's financial burden fell from USD 38.95 million to USD 35.47 million.

In terms of liabilities, it was recorded that it decreased by 18.16 percent to USD 480.27 million at the end of the 2020 period. This figure is lower than 2019 which amounted to USD 586.87 million.

Furthermore, the company's assets were said to have fallen by 11.53 percent from the previous USD 895.31 million in 2019 to USD 792.05 million at the end of last year.

ESSA President Director and Chief Executive Officer Vinod Laroya revealed that although ammonia prices have decreased significantly due to the impact of COVID-19, the market segmentation that the company is working on is relatively able to survive the difficult situation of the pandemic.

"This is shown by the sharp increase in the price of ammonia since January 2021 which was driven by problems with supply constraints and due to entering the initial period of recovery in demand", he said in a press statement.

Based on information on company profiles listed on the IDX, ESSA is known to be controlled by PT Trinugraha Akraya Sejahtera with a percentage of 23.1 percent. Followed by PT Ramaduta Teltaka with 14.7 percent, and Chander Vinod Laroya with 13 percent.

Boy Thohir himself controls 3.6 percent of ESSA shares. However, Boy is listed as one of the founders and owners of PT Trinugraha Akraya Sejahtera which is the controlling entity of ESSA.

For information, PT Surya Esa Perkasa Tbk. is a company engaged in the energy and chemical sector with a business portfolio in the field of LPG (Liquefied Petroleum Gas) refineries and ammonia production.

Established in 2006, ESSA has been listed on the Indonesia Stock Exchange since 2012. Through its subsidiary PT Panca Amara Utama, ESSA has become one of the largest ammonia producers in Indonesia.