business

Boosting Productivity And Cost Control Drive ESSA's Solid Performance In 1H24

PT ESSA Industries Indonesia Tbk. (formerly PT Surya Esa Perkasa Tbk.) ("ESSA"), a public company operating in the Energy and Chemical sector through an LPG (Liquefied Petroleum Gas) refinery and an Ammonia plant, reported 1H24 revenue of USD 151.6 million, down 10% YoY.

However, EBITDA increased by 48% YoY, reaching USD 61.6 million in the same period of the previous year, influenced by increased production volume and cost efficiency.

After successfully completing a planned temporary operational shutdown for facility maintenance that lasted for almost two weeks, the ammonia plant operated with higher productivity and efficiency levels. Ammonia production volume in 1H24 was higher than in 1H23.

Meanwhile, the LPG refinery achieved five years of operational performance without any trips in Q2 2024. Ammonia prices showed an upward trend throughout the second quarter of 2024, and ESSA expects ammonia prices in 2H24 to remain stable or higher than in 1H24. At the same time, LPG prices remained above seasonal lows due to voluntary oil production cuts by OPEC+.

ESSA is committed to achieving manufacturing excellence, supporting environmental sustainability, and always being at the forefront of industry development. ESSA continues to explore new opportunities that align with its core competencies to maximize value for shareholders.

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Tag: EBITDA LPG PT ESSA Industries Indonesia Tbk