Elnusa records 8.1% growth in first quarter revenue
JAKARTA - Revenue of PT Elnusa Tbk (ELSA) grew 8.1% on an annual basis from Rp 1.9 trillion in the first quarter of 2019 to Rp 2.06 trillion in the first quarter of 2020.
Elnusa's Finance Director, Hery Setiawan explained that, "The challenges in this quarter were very heavy. Because there are three external factors that affect the company's performance. But with the right strategy and adaptation to these external macro factors, we continue to grow and carve a positive performance.”
For the composition of total revenue, upstream oil and gas services contributed 55%, energy distribution and logistics services 40% and the remaining 5% came from supporting services. In the upstream oil and gas service segment, revenue growth was generated through a variety of asset-based and non-asset production, operation & maintenance services with maximum utilization. Also supported by seismic survey work for the discovery of the giant oil and gas reserves of the Jambi Merang MPA. While in the energy distribution and logistics services segment, it is supported by various fuel transportation service lines and depo management.
For various efforts that have been made, Elnusa managed to score a net profit of Rp 51.8 billion in the first quarter. (LM)