JAKARTA. PT Surya Esa Perkasa Tbk (ESSA), the Liquified Petroleum Gas (LPG) and ammonia manufacturer, recorded an 8.86% increase year-on-year (yoy) in its Q1 2021 revenue to USD 68.5 million.
Vinod Laroya, the President Director of ESSA, claimed that the revenue growth was due to ammonia prices recovering since January 2021. “The increasing price of ammonia resulted from the supply chain blockage and entering the early phase of demand recovery,” Laroya explained through the official statements received by idnfinancials.com
The revenue from the ammonia segment saw an 11.8% growth in Q1 2021. The said segment contributed 86% to its total sales, while LPG products sales made up the remaining portion.
The management of ESSA also cut down its selling expenses by 18% yoy in Q1 2021. Then, it also reduced general and administrative expenses by 17%. These savings on expenses allowed the company to score a net profit of USD 9.5 million.
According to idnfinancials.com, ESSA recently announced its intention to introduce blue ammonia in Indonesia. In order to support this commitment, the company partnered up with the Japanese oil and gas company, Mitsubishi Corporation, and Bandung Institute of Technology (ITB). (KR/ZH)