Elnusa (ELSA) Absorbs IDR 188 Billion From IDR 188 Billion To Semester I-2024

Rupiah (Unsplash)

JAKARTA - Pertamina Group issuer, PT Elnusa Tbk (ELSA) spent IDR188 billion of capital expenditure or capex which was used for upstream businesses and several other needs until the first semester of 2024.

Director of Business Development Elnusa Arief Prasetyo Handoyo revealed, until the first semester of 2024, ELSA recorded capex absorption of Rp188 billion or 36 percent of the total capex throughout 2024, which was Rp526 billion.

"The absorption of capital expenditure (capex) until June 2024 reached Rp188 billion or about 36 percent of this year's capex target of Rp526 billion," he said in a Public Expose 2024, Tuesday, August 27.

He explained that the investment was allocated to support various strategic projects in the three main lines of business, including the procurement of important equipment in upstream services, energy distribution and logistics services.

In upstream services, capex is used to strengthen exploration and production capabilities by procuring equipment, such as HWU Drilling, Mobile Welltest and Wireline Cable.

In the energy distribution and logistics sector, capex is invested in the procurement of fuel tank vehicles and the development of fuel terminals in Labuan Bajo.

"Elnusa also allocates capex for various other important projects, such as the Dredging Barge ETSA, HW-PUDC

"SCUPND and Docking AWB ASLO, to ensure the company's operations remain optimal," he said.

Meanwhile, for the second semester of this year, Elnusa plans to continue capex absorption with a focus on strategic projects, including the procurement of Workover Rigs, Downhole Equipment and the Cementing Unit as well as the development of other supporting infrastructure.

"These steps will strengthen Elnusa's position in the energy industry that continues to grow and ensure the company's growth is sustainable," he added.

The company has posted a net profit of IDR 443 billion until the first semester of 2024. This figure increased by 77 percent (you) when compared to the same period the previous year, which was IDR 250 billion.

In addition, Elnusa also recorded operating revenues of IDR 6.3 trillion in the first semester of 2024, an increase of 8 percent (yoy) compared to IDR 5.86 trillion in the same period the previous year.