Jakarta, 20 February 2018. PT Elnusa Tbk (Elnusa), a leading provider of energy services, closed the year of 2017 with an encouraging performance. Although, 2017 was still overshadowed by the decline of upstream oil and gas activities as the impact of unrecovered oil price and the transition process of several oil major blocks, but at the end of second semester 2017, Elnusa has been able to manage its performance by posting its 2017 revenue of Rp 4.9 trillion and net profit of Rp247 billion. This is considerably a significant jump where compared to the first half revenue position of Rp1,9 trillion and Rp14,4 billion net profit.
Finance Director of Elnusa, Budi Rahardjo, explained that, “Our strategic actions were finally yielded a positive result. The acceleration of operating performance and by diversifying our portfolio has resulted to significant growth in revenue by 37.5% y-o-y compared to 2016 and reaching 124% of the company’s initial target. This year’s revenue is also recorded as the all time high revenue ever.”
Improved performance in upstream oil and gas services is conducted through the acceleration of onshore seismic survey, marine seismic, oilfield services and development of non-service based Engineering, Procurement, Construction – Operation & Maintenance (EPC-OM) with long-term contracts. Furthermore, other business strategy is diversification by pushing our oil and gas downstream segment portfolio. This Downstream segment has produced a very satisfactory results with 50% contribution to the total consolidated revenue obtained by Elnusa in 2017.
“For downstream oil and gas services, the increase in performance is caused by the rise in volume throughput which occurs in almost all of its business units, like fuel transportation, depot management and marine industry fuel trade business. Oil price and Government’s one price policy program (BBM Satu Harga) has helped to boost market activity. This is the opportunity that we capture and expedite to significantly upholds the Company performance, “said Budi
Various strategies to improve the 2017 performance have driven Elnusa to generate a net profit of Rp247 billion, although lower by 20.5% compared to the previous year, but it consider good amid current industry dynamics.
Budi explained that, “Reflecting to the achievement of 2017, we are optimistic that next year Elnusa’s performance will be better. With the reasons of Long-term contracts that we have obtained in non-asset business, bigger opportunities in downstream oil and gas industry, and also the total solution formula which provide the better, faster and cheaper services to clients.”
Elnusa Total Solution Services is a series of services offered by Elnusa to solve client problems comprehensively. In contrast to the current services provided which commonly being done partially, thus requiring a longer time and higher pricing. Elnusa Total Solution Services is our answer to the dynamics of the oil and gas industry and the client’s challenge in delivering better, faster and more competitive services.
“Elnusa has integrated services from upstream to downstream oil and gas, and supported by various supporting services. With more than 45 years of competence and experience, we are confident to deliver total solutions for our clients. Our spirit is embodied in our new vision of Reputable Energy Services Company by Providing Total Solution. We believe if the client is successful, we will be successful, “close Budi. ***