30 April 2021

First Quarter of 2020, Elnusa Continues to Make Investments

Jakarta, 30 April 2020 - PT Elnusa Tbk (Elnusa), a leading company providing energy services, made it through the first quarter of 2021 while still posting profits amid the Covid-19 pandemic which is still a major challenge for all industries globally and nationally throughout 2020 to the first quarter of 2021. 

In the first quarter of 2021, Elnusa recorded an operating income of IDR 1.8 trillion, a gross profit of IDR 120 billion and a net profit of IDR 1.6 billion. In terms of the composition of total revenue, upstream oil and gas services contributed 39%, energy distribution and logistics services 50% and the remaining 11% contributed by supporting services.

Elnusa's Managing Director, Ali Mundakir said, "The first quarter of 2021 is still a requirement for operational challenges with all its dynamics. However, we continue to carry out the positive trend so we are optimistic that it will produce better results in the coming quarters. " 

The implementation of several projects has been on-stream this year from all existing business segments. In upstream oil and gas services, work on carry-over projects and new projects are already underway, including 2D Batu Utak seismic survey, increased productivity in drilling services, work over & well services including completion fluid, cementing services and other supporting work for oil and gas production in scattered oil and gas blocks. in Indonesia, especially in the Pertamina Group working area.

In energy distribution and logistics services, Inmar's BBM sales volume became the support this quarter due to the increasing number of Inmar's BBM customers. The Depo Management service business has also experienced an increase in volume of several Depo projects including Depo Amurang which has been transferred to management since 2019. Meanwhile, in support services, this segment continues to actively contribute and grow through the oil and gas equipment fabrication business and the warehousing business or document storage.

"In terms of investment spending, Elnusa has budgeted for an increase in investment of up to Rp600 billion this year. During the first quarter of 2021, upstream oil and gas services have realized spending on supporting equipment for oil and gas production such as slicklines and hydraulic workover units. Meanwhile, for energy distribution and logistics services, one of which is that we have just conducted TBBM Groundbreaking in Tembilahan - Riau, which will also be part of the budget allocation for this year ". Ali added.

Ali added "Seeing the business conditions and opportunities that exist in the future, all of these will be opportunities and business growth for Elnusa. Apart from relying on internal competence, we also continue to collaborate with various strategic alliances with several partners to support the government in achieving the 1 million oil production target. BOPD. In addition, we are committed to continuing to spur company performance through a portfolio diversification strategy, competencies, and the right investment to support growth. We believe Elnusa has an even better opportunity to seize these opportunities and opportunities ".

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