30 November 2023

ELNUSA Presents Positive Performance at Public Expose Live 2023

Jakarta – 30 November 2023, PT Elnusa Tbk (ELNUSA, IDX: ELSA), a subsidiary of PT Pertamina Hulu Energi under the Upstream Pertamina Subholding, presented an Online Public Expose as part of the Public Expose Live 2023 series organized by the Indonesia Stock Exchange (BEI) today. The event was attended by Elnusa's President Director, John Hisar Simamora, as well as participants from securities institutions, analysts, investors, media, and the general public. Elnusa presented the business outlook for 2023, highlights of financial performance as of September 2023, business development initiatives, and the Strategic Direction for 2024.

Amidst global geopolitical conditions and the dynamics of world oil price volatility and inflation levels in 2023, Elnusa continues to consistently pursue its four strategic business priorities, resulting in solid financial growth reflected in a 5% year-on-year growth in consolidated revenue for the first nine months of 2023. This notable success establishes a historic milestone as the company achieves its highest-ever quarterly revenue. Simultaneously, the consolidated net profit for the same quarter experienced a remarkable 40% year-on-year surge, reaching an unprecedented peak in Elnusa's performance.

Elnusa's President Director, John Hisar Simamora, stated in his presentation, "During the first nine months of 2023, Elnusa recorded consolidated operating revenue of Rp8.983 billion, a 5% growth compared to the same period last year, Rp8.572 billion. Along with the increase in consolidated revenue, Elnusa's net profit experienced a 40% growth from the previous year's Rp291 billion to Rp407 billion."

The composition of the consolidated revenue is contributed by Energy Distribution & Logistics Services at 55%, Upstream Services at 32%, and Support Services at 13%. Elnusa also generated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) during the first nine months of 2023, growing by 14% from the same period in 2022 of Rp878 billion to Rp1.004 billion. Meanwhile, Elnusa's financial balance sheet position is strong with total assets of Rp9.350 billion and cash equivalents amounting to Rp1.870 billion, representing 20% of total assets as of September 30, 2023.

In the first nine months of 2023, Elnusa recorded continuous performance from the operational side. In Oil and Gas Upstream Services, Elnusa completed projects such as the 3D Seismic Hitam project covering an area of ± 101 km², the 3D Seismic South Petapahan project covering ± 127 km², and the 3D seismic South Walio project covering ± 84 km² in the transition zone. Ongoing projects in the Oilfield sector involve the use of 13 Hydraulic Workover Units, optimization of 18 Electric Line units, 9 Slickline units, and 2 Combo Units, and currently preparing for work in the Mahakam Block using the Hydraulic Drilling Unit (HDU).

Furthermore, Elnusa continues to support the government in increasing oil and gas production through the implementation of Vibro services in various regions, including the use of Vibro Stimulation Reservoir Technology in the Rokan Working Area in collaboration with Upstream Research & Technology Innovation (URTI) PT Pertamina (Persero). In the Engineering, Procurement, Construction & Operation Maintenance (EPC-OM) business line, Elnusa is engaged in activities ranging from front-end engineering, detailed design, procurement, and construction to project management. The performance and business capacity of Elnusa's subsidiaries also played a crucial role in achieving these milestones. In the Energy Distribution & Logistics Services segment, Elnusa successfully recorded the highest volume throughput during the first nine months of 2023 in transportation services, depot operations, and fuel distribution through inmar at PT Elnusa Petrofin (EPN), with a growth of 3% year-on-year.

Meanwhile, in Support Services, the asset utilization rate of PT Elnusa Trans Samudera (ETSA) exceeded 70%, supported by the acquisition of 20 non-asset project contracts that reinforce Elnusa's commitment to diversification and growth. Additionally, the asset utilization rate of PT Sigma Cipta Utama (SCU) reached 95%, with warehouse utilization at 94%, IoT at 80%, and Telco at 100%. These achievements reflect Elnusa Group's efficient and comprehensive asset management.

This success is further strengthened by obtaining an idAA rating from Pefindo, indicating Elnusa's increasingly stable outlook and strengthening the trust of investors and stakeholders. Elnusa is also a constituent of the Pefindo i-Grade on the Indonesia Stock Exchange and Pefindo for the period of July-December 2023. This i-Grade index acknowledges Elnusa as being listed with a rating of idAAA to idBBB-. ELSA shares once again reached a price above Rp400 per share in the third quarter of 2023, surpassing the IPO price in 2008, a significant achievement last recorded in the first quarter of 2021.

2024 Achievement Strategy

Observing the excellent performance through the first nine months of 2023, Elnusa aims to continue its achievements by reinforcing the business fundamentals toward more competitive and sustainable growth through the Strategic Direction.

The key focus areas of this Strategic Direction include prioritizing Health, Safety, Security, and Environment (HSSE) as a working culture to be implemented in every job, enhancing equipment capacity through capital expenditure with judicious investments, optimizing and ensuring cost accountability, pursuing business development for sustainable growth, and supporting the implementation of Environmental, Social, and Governance (ESG) principles in business practices.

The outstanding performance of Elnusa in the third quarter of 2023 serves as tangible evidence of its commitment to the applied business strategy. Elnusa remains focused to adapt and innovate while enhancing competencies in every aspect of its business. Facing 2024 onwards, Elnusa is confident in strengthening its position as an Energy Services Company that provides Total Solutions, capable of improving operational efficiency, business growth, and long-term financial sustainability.

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