JAKARTA - PT Surya Esa Perkasa Tbk (ESSA) booked a significantly increased financial performance for Q1 2021. Based on the unaudited Consolidated Interim Financial Statements per 31 March 2021, ESSA succeeded in recording earnings of USD 68.5 million in Quarter I-2021, an increase of 8.86% compared to Quarter I-2020 with USD 62.9 million.
Earnings from Ammonia increased by 11.8% in Quarter I-2021 compared to the same period in the previous year. ESSA’s earning increase is mainly contributed by the Ammonia segment with sales of 86% followed by the LPG segment of 14%. Meanwhile, from the operations side ESSA managed to decrease its Selling expenses by 18% and General and Administrative expenses by 17% compared to the same period in the previous year.
This enabled the Company to have better operational margin which led to an increase in the company’s net profit to USD 9.5 million in Quarter I-2021, compared to USD 0.3 million during Quarter I-2020.
ESSA’s President Director, Vinod Laroya, stated, “ESSA’s earnings and net profit increased along with the sharp recovery of Ammonia prices since January 2021. The price rise was triggered by supply challenges and because the sector is entering a demand recovery phase. Moving forward, ESSA will continue to increase its performance along with the recovery of global market price and demand.”
Along with ammonia’s global demand ascent, ESSA has identified additional sources for the development of ammonia demand through Blue Ammonia which is currently showing significant prospects. For this reason, in March 2021 the Company partnered with Japan Oil, Gas and Metals
National Corporation (JOGMEC), Mitsubishi Corporation (MC) and Institut Teknologi Bandung (ITB) to sign a Memorandum of Understanding (MoU) on Carbon Capture, Utilization & Storage (CCUS) to produce Blue Ammonia in Indonesia at the Ammonia Factory in Banggai, Central Sulawesi. (LM)