JAKARTA – Although its revenue declined 10% year-on-year (yoy) in the first half of 2024, the net profit of PT Essa Industries Indonesia Tbk (ESSA) reportedly rode a 418% yoy surge to USD 20.6 million from USD 4 million seen in H1 2023.

Shinta D.U. Siringoringo, Corporate Secretary of ESSA, mentioned that the company recorded revenue of USD 151.6 million in H1 2024, declining from USD 168.2 million in H1 2023.

“EBITDA increased 48% yoy to USD 61.6 million from USD 41.7 million, driven by production volume increase and cost efficiency,” Siringoringo said in Jakarta (12/7).

ESSA’s revenue was accumulated from ammonia sales to related parties of USD 128.96 million, LPG sales and processing services to third parties of USD 20.88 million and USD 1.77 million, respectively.

In H1 2023, ammonia sales to related parties hit USD 144.10 million, followed by LPG sales to third parties of USD 22.11 million and processing services to third parties of USD 1.96 million.

According to Siringoringo, ammonia sales were seen increasing throughout H1 2024, and are projected to reach even higher level in H2 2024. Meanwhile, LPG’s price was at its lowest level due to voluntary oil production cut-off by OPEC+. (LK/ZH)