Jakarta, June 16, 2020 – PT Elnusa Tbk (Elnusa), a leading provider of energy services, successfully passed the challenges of the first quarter of 2020 with the performance that remained positive. The decline in crude oil prices that plunged in the range of US $ 20 per barrel, the Covid-19 pandemic that erupted in Indonesia, as well as the decline in the rupiah exchange rate were a serious challenge faced by Elnusa this quarter.
Although these tough challenges came together, Elnusa continued to record positive performance. Operating revenues grew 8.1% year on year (YoY), from Rp1.9 trillion in the first quarter of 2019 to Rp2.06 trillion in the first quarter of 2020.
Elnusa’s Finance Director, Hery Setiawan explained that, “The challenges in this quarter were very heavy. Because together there are three external factors that affect the Company’s performance. But with the right strategy and adaptation to these external macro factors, we continue to grow and carve a positive performance “.
Elnusa’s strategy in facing these challenges is to continue to optimize its portfolio diversification. As an energy service company, Elnusa has complete competence from upstream to downstream oil and gas. This diversity of service portfolios supports one another and supports the company’s consolidated achievements.
Hery added “Upstream oil and gas services, as well as energy distribution and logistics services, show their performance resilience. Although various external factors greatly affect, business revenue contributed from both segments still makes Elnusa grow”.
Composition of total revenue, upstream oil and gas services contributed 55%, energy distribution and logistics services 40% and the remaining 5% came from supporting services. In the upstream oil and gas services segment, revenue growth was generated through various asset-based and non-asset production, operation & maintenance services that were maximized. Also supported by the work of seismic survey services for the discovery of the giant oil and gas reserves of the Jambi Merang KKP. While in the energy distribution and logistics services segment, it is supported by various fuel transportation service lines and depo management.
For various efforts that have been made, Elnusa achieved a net profit of IDR51.8 billion in the first quarter. “This positive result is the best effort amid the challenges of external factors”, added Hery.
Meanwhile, Elnusa is currently studying various strategies in facing new normal challenges going forward. Invite partners to share the pain and supply chain financing, review investment plans, and be more selective in job selection. “These efforts are our commitment to continue to grow,” concluded Hery. *