17 January 2015

ELNUSA Achieved 73% Net Income Growth

PT Elnusa Tbk (Elnusa), one of the leading national provider of energy services, announces audited financial statements fiscal year 2014. As of 31st December 2014, the company is still maintaining revenue growth amounted to 2.7% or to 4.2 trillion and net profit of Rp412,4 billion or grew significantly by 73.2% compared to last year’s performance recorded Rp238,1 billion. Earnings per share also increased automatically from the previous Rp32.8 become Rp56.5.

The revenues was mainly supported by 58% contribution of upstream oil and gas segment (with the growth in business performance of Oilfield Services and Land Seismic Services) and 37% contribution from subsidiaries in Downstream Oil & Gas Services.

Besides efforts to increase revenues, management also made efforts at the level of cost efficiency and optimization of existing cash position (reflected in decreasing of interest expense and increasing of interest income). Other factors that contribute to the achievement of the profits were the sale of land assets of Elnusa and the difference in currency exchange rates.

Position of Cash and Cash Equivalents at the end of this year is declining, but it is mainly driven by the repayment of bank loans and also expenditure on fixed assets respectively reached Rp438 billion and Rp366 billion. The fixed asset expenditures were intended to finance investment in order to increase the capacity of operating equipment in the oilfield services such as accommodation work barge, electric wireline units, coiled tubing units as well as in seismic services such as geophones and ancillary equipment other operations.

Those things mentioned above indicate that Elnusa Management continues to make efficiency in its operations and focus on core business development with better profit margins.

“This performance improvement is a result of hard work and commitment of all elements of Elnusa Group includes subsidiaries in the success of the program Year Of Development Elnusa 2014. Furthermore, we remain optimistic for the completion of the work in the 2015′s. Number of projects continues to be our primary focus, especially in Land Seismic Services, Hydraulic Workover, Coiled Tubing and Electric Wireline Logging”.

ELSA stock prices in the Indonesian Stock Exchange moved positively since the beginning of 2014, opened at the beginning of the year in the position of Rp335 and per 16th February 2015, ELSA successfully closed at Rp555.

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