JAKARTA – PT ESSA Industries Indonesia Tbk (ESSA), a producer of LPG and ammonia, recorded a net profit attributable to shareholders of USD 45.18 million throughout 2024.

This figure represents a 30.54% year-on-year (yoy) increase from the USD 34.61 million achieved in 2023.

The rise in profit was driven by efficiency in expenses and costs, despite a decline in the company’s revenue. ESSA posted revenue of USD 301.4 million, down 12.62% yoy from USD 344.96 million in 2023.

The efficiency in cost of revenue, which decreased by 20% yoy, lowered this expense to USD 193.36 million from USD 241.78 million.

As a result, gross profit increased by 4.72% yoy, reaching USD 108.04 million from USD 103.17 million.

Additionally, selling expenses dropped from USD 536.9 thousand to USD 426.29 thousand. Meanwhile, general and administrative expenses slightly rose to USD 25.6 million from USD 25.59 million.

On the financial side, income jumped sharply to USD 4.69 million from USD 2.52 million, while finance costs were reduced to USD 10.08 million from USD 17.62 million.

This efficiency led to a 24% yoy rise in profit before income tax to USD 76.69 million from USD 61.78 million in 2023.

Despite a slight increase in tax expenses, ESSA still managed to achieve a 29.45% yoy rise in net profit for the year, from USD 46.72 million to USD 60.48 million.

In terms of equity, ESSA saw a significant 11% yoy increase in 2024, rising from USD 497.74 million to USD 553.87 million.

On the other hand, total liabilities dropped 29% yoy to USD 139.79 million from USD 197.69 million in the previous year, slightly reducing total assets to USD 693.67 million from USD 695.67 million. (EF/ZH)