JAKARTA – The revenue of PT ESSA Industries Indonesia Tbk (ESSA) slipped 15.96% year-on-year (yoy) in Q1 2024. However, the net profit attributable to the parent company shifter 227.96% yoy.

The Financial Report of Q1 2024 quoted today (23/4) showed that ESSA reported revenue of USD 73.2 million, declining from USD 87.84 million in 2023. The highest contribution of sales was made from ammonia sales to related parties, generating USD 67.76 million, down from USD 74.49 million. Then, LPG sales and processing services to third parties brought in USD 11.03 million, also down from USD 13.34 million.

The gross profit, however, shifted 47.35% yoy upward to USD 27.12 million from USD 18.41 million, thanks to decreased cost of revenue. The gross profit margin was recorded at 36.75% yoy, growing from the previous margin of 20.95%.

The company then booked current year’s net profit of USD 13.67 million, skyrocketing 327.65% yoy from USD 3.19 million, resulting in net profit attributed to the parent entity of USD 10.21 million, soaring from USD 3.11 milion, and net profit attributed to non-controllers skyrocketing 4,069% yoy, from USD 83,875 to USD 3.46 million. (LK/ZH)