ELNUSA (ELSA) Records Brilliant Performance Throughout 2023, Net Profit Grows 33% YoY

Jakarta, March 1, 2024 – PT Elnusa Tbk (ELNUSA, IDX: ELSA), a subsidiary of PT Pertamina Hulu Energi (PHE) part of the Pertamina Upstream Subholding, today reports its audited consolidated financial performance for 2023. The Company successfully closed 2023 with better performance compared to previous years. It is reflected in the net profit recorded at IDR 503 billion, growing 33% Year on Year (YoY).

Meanwhile, the Company posted business revenues for the 2023 financial year of IDR 12.5 trillion, growing 2% Year on Year (YoY) from 2022. The energy distribution and logistics services segment contributed to the consolidated business income by 53%, integrated upstream oil and gas services by 34%, and oil and gas supporting services by 13%. Through these achievements, the Company managed to record EBITDA of IDR 1.28 trillion, or growing 11.8% from IDR 1.14 trillion in the previous year, gross profit of IDR 1.16 trillion, operating profit of IDR 669 billion and cash equivalents reaching IDR 2.07 trillion.

Finance Director of Elnusa, Stanley Iriawan, said, "The energy distribution and logistics services segment contributed the net profit for the 2023 financial year by 64%, integrated upstream oil and gas services by 15%, and oil and gas support services by 21%. One reason for the increase in Elnusa's net profit is an increase in the number of work projects in the energy distribution and logistics services segment, namely in 2022, IDR 305.6 billion to IDR 320.5 billion or a growth of 4.9% for the fuel transportation services unit, fuel trading through blending innovation B35 products (B0 & FAME), depot management and KSO infrastructure. Meanwhile, the upstream oil and gas services segment also contributed to an increase in net profit from IDR 20.2 billion in 2022 to IDR 74.8 billion in 2023, or a growth of 270%, namely seismic survey services and oil and gas production service activities, which were also sufficient to support the growth of business income and "net profits include business units in hydraulic workover services, cementing services, drilling fluid services," Stanley said.

This net profit achievement is also inseparable from the contribution in the supporting services segment in 2022 of IDR 52.1 billion to IDR 107.6 billion in 2023 or growth of IDR 106%, including vessel asset utilization reaching 80%, warehouse utilization, IoT and Telco development, as well as production capacity intensification with increased performance in the OCTG business, this achievement reflects solid performance in terms of asset utilization at Elnusa Group.

Stanley added, "The performance for the 2023 financial year is clear evidence of the Company's commitment and consistency in implementing a sustainable business strategy to produce performance improvements from previous years. In line with its achievements and through the various superior services, throughout 2023, Elnusa received several appreciations and awards from several parties from within and outside the country.

"For this reason, in 2024, we are optimistic about continuing our brilliant performance achievements by carrying out various acceleration efforts and encouraging more aggressive growth as well as focusing on expanding our core business by exploring various opportunities towards excellence, taking a role in contributing to building an energy transition ecosystem and never-ending "to continue to innovate to create superior technology that can support the Government in realizing the target of increasing national oil production to 1 million barrels per day (BOPD) and natural gas to 12 billion standard cubic feet per day (MMscfd) by 2030," Stanley said.

On another occasion, the Vice President of Corporate Communication of PT Pertamina (Persero), Fadjar Djoko Santoso, stated that the performance of subsidiaries improves Pertamina's performance.

"Elnusa's positive performance as a subsidiary of Pertamina's Upstream Subholding has supported the Company's efforts in realizing national energy security," Fadjar said.

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social & Governance (ESG) implementation across all Pertamina's business lines and operations.**