PT Elnusa Tbk. (ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE), has reported a significant increase in net profit for the fiscal year 2023, marking a 33% year-on-year (YoY) growth to Rp 503 billion. This growth in net profit was driven by a 2% YoY increase in operating revenue for the fiscal year 2023, reaching Rp 12.5 trillion.
The consolidated operating revenue was contributed through various segments, with energy distribution and logistics services accounting for 53%, integrated upstream oil and gas services for 34%, and oil and gas support services for 13% of the total revenue.
The company achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rp 1.28 trillion, reflecting an 11.8% growth from the previous year's Rp 1.14 trillion. Additionally, gross profit reached Rp 1.16 trillion, operating profit stood at Rp 669 billion, and cash and cash equivalents amounted to Rp 2.07 trillion.
Stanley Iriawan, the Finance Director of Elnusa, attributed the net profit for the fiscal year 2023 to the energy distribution and logistics services segment, accounting for 64% of the total, followed by integrated upstream oil and gas services at 15%, and oil and gas support services at 21%.
"One of the drivers behind Elnusa's increased net profit is the growth in several project works within the energy distribution and logistics services segment, such as transportation services for fuel, trading of fuel through innovative blending products like B35 (B0 & FAME), depot management, and infrastructure KSO," stated Stanley in a press release on Friday (1/3).
Furthermore, the integrated upstream oil and gas services segment also contributed to the increase in net profit from Rp 20.2 billion in 2022 to Rp 74.8 billion in 2023, marking a growth of 270%. This growth was attributed to seismic survey services and oil and gas production activities, including hydraulic workover, cementing services, and drilling fluid services.
The oil and gas support services segment also played a significant role in the increased net profit, growing by 106% from Rp 52.1 billion in 2022 to Rp 107.6 billion in 2023. This growth was driven by the utilization of assets such as vessels reaching 80%, warehouse utilization, IoT and Telco development, and production capacity intensification with improved performance in the OCTG business.
Looking ahead to 2024, Elnusa remains optimistic about continuing its performance while pushing for more aggressive growth. The company will take on a role in building an energy transition ecosystem.
Elnusa's Subsidiary, PT Pertamina Hulu Energi (PHE), Reports Strong Growth in Net Profit for 2023
PT Elnusa Tbk. (ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE), has reported a significant increase in net profit for the fiscal year 2023, marking a 33% year-on-year (YoY) growth to Rp 503 billion. This growth in net profit was driven by a 2% YoY increase in operating revenue for the fiscal year 2023, reaching Rp 12.5 trillion.
The consolidated operating revenue was contributed through various segments, with energy distribution and logistics services accounting for 53%, integrated upstream oil and gas services for 34%, and oil and gas support services for 13% of the total revenue.
The company achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rp 1.28 trillion, reflecting an 11.8% growth from the previous year's Rp 1.14 trillion. Additionally, gross profit reached Rp 1.16 trillion, operating profit stood at Rp 669 billion, and cash and cash equivalents amounted to Rp 2.07 trillion.
Stanley Iriawan, the Finance Director of Elnusa, attributed the net profit for the fiscal year 2023 to the energy distribution and logistics services segment, accounting for 64% of the total, followed by integrated upstream oil and gas services at 15%, and oil and gas support services at 21%.
"One of the drivers behind Elnusa's increased net profit is the growth in several project works within the energy distribution and logistics services segment, such as transportation services for fuel, trading of fuel through innovative blending products like B35 (B0 & FAME), depot management, and infrastructure KSO," stated Stanley in a press release on Friday (1/3).
Furthermore, the integrated upstream oil and gas services segment also contributed to the increase in net profit from Rp 20.2 billion in 2022 to Rp 74.8 billion in 2023, marking a growth of 270%. This growth was attributed to seismic survey services and oil and gas production activities, including hydraulic workover, cementing services, and drilling fluid services.
The oil and gas support services segment also played a significant role in the increased net profit, growing by 106% from Rp 52.1 billion in 2022 to Rp 107.6 billion in 2023. This growth was driven by the utilization of assets such as vessels reaching 80%, warehouse utilization, IoT and Telco development, and production capacity intensification with improved performance in the OCTG business.
Looking ahead to 2024, Elnusa remains optimistic about continuing its performance while pushing for more aggressive growth. The company will take on a role in building an energy transition ecosystem.