JAKARTA – The net profit of PT Elnusa Tbk (ELSA) was recorded at IDR 115 billion in the end of Q1 2023, increasing 53% from the same period last year, which was stuck at IDR 75 billion.

According to Asmal Salam, Corporate Secretary of ELSA, the profit surge in Q1 2023 is in line with a 53% year-on-year (yoy) revenue increase, from IDR 2.4 trillion to IDR 3.1 trillion. The contributors of ELSA’s operating revenue in said period are energy distribution and logistics service of 55%, oil and gas upstreaming service of 32%, and supporting service of 13%.

“This achievement was driven by increases in the energy distribution and logistics service, especially in the fuel oil transportation service unit, the sales volume of fuel oil for industry and marine sectors, as well as depot management. Meanwhile, the oil and gas upstreaming service indicated productivity growth in the drilling and well services,” Salam added.

According to Salam, this positive shift was made possible due to the fundamental consistency of ELSA in oil and gas upstreaming services, the energy distribution and logistics servces, as well as supporting services for oil and gas industry.

Until March 2023, ELSA had realised IDR 155 billion of its capital expenditure of IDR 500 billion set for this year, or equal to approximately IDR 31%. (LK/ZH)