JAKARTA – Although the revenue of PT Elnusa Tbk (ELSA) was seen declining in Q1 2024 compared to the same period in 2023, its profit skyrocketed 59.41% year-on-year (yoy).

Based on Financial Report of Q1 2024 quoted Tuesday (30/4), the revenue slipped 1.14% yoy to IDR 3.10 trillion from IDR 3.14 trillion seen in the same period in 2023.

The highest revenue contribution came from related parties, generating sales of IDR 2.46 trillion or increasing from IDR 2.33 trillion last year. The revenue from third parties, however, dropped to IDR 645.81 billion from IDR 810.11 billion.

In terms of operational activity, service, distribution, and logistics segment made up 52% of total sales, followed by upstream energy service of 38% and energy supporting service of 10%.

Gross profit also shot up by 14.87% yoy to IDR 324.27 billion from IDR 282.28 billion in Q1 2023. Profit before final and income taxes increased 61.38% yoy to IDR 235.92 billion from IDR 146.18 billion, thanks to increased revenue.

Lastly, the current year’s net profit managed to rise to IDR 183.19 billion from IDR 114.91 billion. (LK/ZH)