Profit Increases 248 Percent, Elnusa Earns IDR 378 Billion In 2022

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - A subsidiary of PT Pertamina Hulu Energi (PHE) who is a member of Pertamina's Upstream Subholding, PT Elnusa Tbk (ELSA) posted a net profit of IDR 378 billion throughout 2022.

This achievement rose 248 percent from 2021 (year on year/yoy) which was driven by increased upstream oil and gas activity.

"The increase in the company's net profit is also inseparable from the brilliant achievement of operating income which reached Rp12.3 trillion in 2022, up 51 percent from 2021 which amounted to Rp8.1 trillion," said Elnusa Bachtiar Finance Director Soeria Atmadja in Jakarta, Thursday.

This consolidated business revenue was contributed through the energy distribution and logistics service segment by 59 percent, integrated upstream oil and gas services by 32 percent and oil and gas support services by 9 percent. This acquisition was driven by an increase in all business segments of the Company in line with the increase in upstream oil and gas activity and the need for industrial fuel and the community.

Bachtiar Soeria Atmadja said that the company has prepared a stronger basis for making 2022 an early improvement from previous achievements. For this effort, the company also managed to record EBITDA (pre-interest income, taxes, depreciation, and amortization) of Rp1.15 trillion or grew 16 percent from the previous year of Rp985 billion, gross profit of Rp912 billion, operating profit of Rp498 billion and cash equivalents of Rp1.65 trillion.

In 2022, Elnusa will be more selective in realizing capital expenditures. The absorbed company's capital expenditure in 2022 is IDR 409 billion and is used for various investments that support growth and business continuity. Some of them are for the development of upstream services, energy distribution and logistics services and oil and gas support services.

"The company has succeeded in conquering various challenges amid conditions of uncertainty due to global turmoil throughout 2022 which is still continuing from the previous year also after the impact of the pandemic since 2020," Bachtiar quoted Antara as saying.

"To strengthen financial resilience and maintain a sustainable business in the future, Elnusa seeks to strengthen its core business by implementing the company's strategic policies in managing appropriate, optimal costs and taking opportunities in business development that not only focus on the oil and gas industry but also non-oil and gas," he added.

In line with this achievement, the company is also committed to continuing to improve the implementation of good corporate governance practices to a higher level by implementing ASEAN CG Scorecard (ACGS).

As in the previous year, the assessment of the implementation of ACGS was carried out by an independent party, the Indonesian Institute for Corporate Directorship (IICD), with a score of 97.21 points with a predicate for the category Very Good or Level 4 (90-99.99). This means that the implementation of corporate governance of the company has fully complied with international standards which are a requirement by ACGS. The achievement of the score increased when compared to the previous year, which was 93.45 points.