JAKARTA. PT Elnusa Tbk (ELSA) generated Rp 356 billion in net profit in 2019. Energy distribution and logistics services contributed most of the company's net profit in 2019.
The company managed to record more net profit than in 2018 (Rp 276 billion).
Finance Director of Elnusa, Hery Setiawan explained that the company's financial performance was influenced by many factors, including declining oil prices and the transfer of terminating blocks to Pertamina.
The decline in oil prices has led to a demand for large discounts on Elnusa's oil and gas services. Conversely, the increase in oil prices does not directly increase the price of Elnusa's oil and gas services, but it encourages more oil and gas exploration activities. Meanwhile, the transition of the terminating blocks to Pertamina and the enthusiasm of oil and gas exploration activities provide a positive opportunity for Elnusa.
"Through a strategy of portfolio diversification and complete competency in oil and gas services, upstream to downstream, we ensure to continue to grow. As a result, we have succeeded in improving financial performance with significant growth," said Hery in an official statement on Tuesday (18/2).
In 2019, Elnusa generated Rp 8.4 trillion in revenue, 27% higher than its revenue in 2018 of Rp 6.6 trillion. 49% of the company's revenue came from energy distribution and logistics services, 46% from upstream oil and gas services, and 5% from supporting services. (AM/AR)