JAKARTA – The performance of PT ESSA Industries Indonesia Tbk (ESSA) tumbled down throughout 2023, compared to impressive record it set in 2022. The revenue and net profit of this company were both corrected 5.85% and 75.06% from 2022.

Based on the Financial Report of 2023 quoted today (28/2), the company scored revenue of USD 344.96 million, slipping from USD 731.49 million in 2022. The gross profit was recorded at USD 103.17 million, dropping as far as 69.75% year-on-year (yoy) from USD 341.16 million, while the net profit attributable to the parent entity shrank from USD 138.84 million to USD 34.61 million.

In 2021, ESSA’s revenue was USD 303.43 million, gross profit reached USD 110.28 million, and net profit attributable to the parent entity clocked up to USD 13.96 million.

The primary component of total revenue was still ammonia sales to related parties of USD 299.68 million, followed by LPG sales to third parties of USD 41.48 million, and processing services of USD 3.79 million.

ESSA’s performance decline is presumably related to investors’ respond in the capital market. Yesterday (27/2), the highest price was recorded at IDR 520, while the lowest hit IDR 505 per share. It was then closed at IDR 510, stable compared to the transaction closing price last Monday (26/2). (LK/ZH)