Elnusa Records A 42 Percent Capai Net Profit Increase In 2024

Illustration (Photo: Doc. ANTARA)

JAKARTA PT Elnusa Tbk (ELSA) posted a positive performance throughout 2024 with a significant increase in net profit.

The company recorded a net profit of IDR 713.67 billion, or an increase of 42 percent year on year (yoy) when compared to the previous year's acquisition of IDR 503.13 billion.

This growth is in line with the increase in operating income which will reach IDR 13.39 trillion in 2024, or grow 7 percent compared to 2023 worth IDR 12.56 trillion.

This achievement was driven by a strong contribution from three main business lines, namely sales of goods and energy distribution & logistics services which contributed the largest amount of 51 percent, followed by integrated upstream oil and gas services of 38 percent, and oil and gas support services of 11 percent.

In line with the positive performance recorded throughout 2024, Elnusa managed to significantly increase its current cash position (ending cash) by Rp2.95 trillion, an increase of 42 percent compared to the previous year which amounted to Rp2.08 trillion.

Furthermore, EBITDA Elnusa grew 13 percent to Rp1.45 trillion compared to the same period in 2023, with EBITDA margins increasing from 10 percent to 11 percent.

Elnusa Finance Director Stanley Iriawan said this performance improvement reflects that the operational optimization and efficiency strategy has been consistently implemented by the company, thus contributing to strengthening business fundamentals.

Stanley said the increase in ending cash reflects financial resilience and more optimal cash flow management, allowing Elnusa to remain flexible in supporting business expansion and facing the dynamics of the energy industry in the future.

"The cash flow from the operation also increased to IDR 1.75 trillion, an increase compared to the previous year of IDR 1.39 trillion, indicating better operational efficiency and working capital management strategies," Stanley said in his statement, Friday, March 21.

In particular, in the integrated upstream oil and gas service business line, significant growth was recorded by the Geoscience & Reservoir Services (GRS) and Engineering, Procurement, Construction, Operation & Maintenance (EPCOM) business lines.

It was noted that GRS's business line contributed to operating income which soared by 85 percent from the previous period followed by gross profit growth of 138 percent (yoy).

Meanwhile, EPCOM also experienced operating revenue growth of 33 percent followed by gross profit growth of 7 percent (yoy).

Stanley said this increase reflects the success of the company's strategy in managing energy projects with a focus on cost efficiency and operational quality.

From the other hand, the sales segment of goods and distribution services & energy logistics also shows solid performance.

Almost all business units recorded positive contributions, especially from Transportation, Fuel Petrochemical Services, Joint Operation & Infrastructure, as well as Retail Fuel and Lubricant.

Stanley said that the net profit from the sales segment of goods and distribution services & energy logistics grew 21 percent compared to the previous year.

"This growth is driven by efficiency in terms of operations and increasing project volume and increasing community activities which have an impact on increasing fuel and Avtur consumption," he said.

Stanley added that this achievement reflects Elnusa's business resilience as an energy service company that is able to overcome the challenges of the dynamics of the energy industry.

"At the same time affirming the company's commitment to continue to innovate, optimize assets, and expand services to strengthen competitiveness for sustainable growth," said Stanley.