JAKARTA - PT Elnusa Tbk (ELSA) scored net profit of IDR 407 billion in the third quarter of 2023, increasing 40% year-on-year (yoy) from IDR 291 billion. It is supported by revenue surge and efficiency in cost of revenue.

Bachtiar Soeria Atmadja, Director of Finance of ELSA, mentioned that the performance increase resulted from cost efficiency amidst the current situation. “Net profit rising 40% resulted in increase of net profit margin from 3.4% to 4.5%,” he mentioned in a release quoted Monday (30/10).

The revenue was recorded at IDR 8.93 trillion in Q3 2023, shifting 5% upwards from IDR 8.57 trillion seen in the same period in 2022. The contribution from related parties clocked up to IDR 6.82 trillion, growing from IDR 6.03 trillion, while third party generated sales of IDR 2.16 trillion, down from IDR 2.53 trillion.

The revenue from related parties could be broken down into energy distribution and logistics services of IDR 3.41 trillion that rose from IDR 3 trillion, followed by integrated oil and gas upstream of IDR 2.43 trillion that grew from IDR 2.38 trillion, and oil and gas supporting services that grew from IDR 647.61 billion to IDR 975.71 billion.

Related parties with over 10% contribution to total revenue were PT Pertamina Patra Niaga (PPN) of 36.6% and PT Pertamina Hulu Indonesia (PHI) of 12.8%. In the same period last year, PPN contributed 32.3%, while PHI covered 11.4% of the revenue.

The revenue from third-parties could be broken down into energy distribution and logistics services of IDR 1.46 trillion that decreased from IDR 2.08 trillion, followed by integrated oil and gas upstream of IDR 532.50 billion that grew from IDR 417.08 billion, and oil and gas supporting services that grew from IDR 29.87 billion to IDR 167.61 billion. (ZH)