Elnusa Exceeds Target, Pockets IDR 226 Billion Net Profit in Semester I 2022
Jakarta, September 20, 2022 - PT Elnusa Tbk (ELNUSA, IDX: ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE) which is part of the Pertamina Upstream Subholding, pocketed an IDR 226 billion net profit in the first semester of 2022 or grew 976% from the same period last 2021. This net profit realization has exceeded the set target and represents a turnaround from the challenges encountered at the start of the COVID-19 pandemic in 2020.
The net profit attributable to the parent entity owner reflects a 976 percent jump from the IDR 21 billion achievements in the first semester of 2021. The company’s net profit brilliant achievement follows operating revenues which increased 46% year on year (YoY) from IDR 3.71 trillion to IDR 5.42 trillion in the semester I/2022. On a consolidated basis, the contribution composition to energy distribution & logistics services is 58%, the upstream oil and gas service is 33%, and supporting services is 9%.
In the energy distribution & logistics service segment, the increase in performance was due to output volume increase. The increase occurred in the fuel transportation service unit, depot management, and the marine industry fuel trading business. Meanwhile, in the upstream oil and gas service segment, the increase in seismic activity was enough to boost the company's operating income. Elnusa is working on a 1,000 km long 2D Java Vibroseis Seismic Survey. In addition, Elnusa is still in the same segment doing workover, namely HWU at Pertamina Group and supporting drilling work on exploration wells in the Sangasanga area using RIG-EMR01 with a good record. The project is proceeding according to plan.
Director of Finance of Elnusa, Bachtiar Soeria Atmadja, said "Six months running in 2022, Elnusa has consolidated financial performance that is quite brilliant in all business segments. It is supported by the improving economic conditions in Indonesia and activities that have started to run normally, significantly.”
"We projected that in the remaining six months until the end of 2022, Elnusa's performance will be even stronger. It is supported by an increase in upstream oil and gas service activities, especially in seismic and well services activities, as well as an increase in fuel demand which has returned to normal. It gives a quite positive impact on the energy distribution & logistics services segment,” said Bachtiar.
Bachtiar added, “Elnusa’s performance positive signal is also welcomed by the increased performance of Elnusa’s shares on June 30, 2022, by IDR 304, increasing 9 percent compared to December 31, 2021."
Capital Expenditure
The company's capital expenditure realization as of June 2022, which has been used is 34% of the IDR 242 billion allocations, and most is used for equipment capacity maintenance. As for the allocation plan, it is used based on market certainty in the future, and Elnusa remains committed to being ready to invest in supporting the Upstream Oil and Gas Services and Energy Distribution and Logistics Services activities for business sustainability in the future.
2022 strategy
Elnusa continues to carry out its work by implementing operation excellence to fulfill customer satisfaction, as well as optimizing HSSE performance which is a competitive advantage for Elnusa. Elnusa also made savings efforts by implementing cost leadership and collaboration programs to increase capacity and capability through credible strategic partners.
With a persistent attitude that is consistent and sustainable, Elnusa continues to support energy security in Indonesia through brilliant achievements. This moment also gives color and motivation to Elnusa at the age of 53 to relentlessly strive in generating the best performance records for the company's achievements.
“The company is also always committed to accelerating consistent, competitive, profitable, and environmentally responsible business growth, especially to support the government in realizing clean energy for a better future. Through this commitment, we believe we can play an active role in supporting the mandate and noble task of the Upstream Subholding, Pertamina Group, and other KKKS in realizing the target of increasing national oil production by 1 million barrels per day (BOPD) and natural gas of 12 billion standard cubic feet per day (MMscfd) in 2030," said Bachtiar.**