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Surya Esa's net profit increases by 48.58%, supported by ammonia sales

04 September 2019 09:07

JAKARTA. PT Surya Esa Perkasa Tbk (ESSA) managed to generate US$ 116.88 million in revenue in the first half (1H) of 2019,  four times the record in the same period the previous year of US$ 23.25 million.

Revenues were obtained from ammonia sales (US$ 96.98 million), LPG sales (US$ 17.78 million) and processing services (US$ 2.12 million).

Along with the increase in revenue, the company's cost of revenue also increased to US$ 91.93 million, much better than the record in the first half of 2018 of only US$ 10.77 million. The company's gross profit also doubled from US$ 12.47 million in 1H 2018 to US$ 24.95 million.  Finally, the company recorded a net profit of US$ 5.26 million, 48.58% more than the record from 1H 2018 of US$ 3.54 million.

ESSA's ammonia production capacity reaches 700,000 metric tons, with factory utilization reaching 116%. As a result, ESSA sets a production target of more than 700,000 metric tons of ammonia. ESSA sells its ammonia to Japan and Korea, and according to the plan, ESSA will penetrate new markets (Taiwan and China). In the sale of ammonia, ESSA has signed an off-take ammonia agreement until 2027. (AM/AR)

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