Jakarta, August 28, 2019 – PT Elnusa Tbk (Elnusa), a national energy service provider company, recorded the brilliant results in the first half of 2019. Consolidated income was recorded at Rp3.7 trillion or grew 29% compared to the same period the previous year which amounted to Rp2.9 trillion. Net profit also increased by 21% from Rp128 billion to Rp155 billion.
Elizar Parlindungan Hasibuan, Managing Director of Elnusa explained, “Elnusa’s performance in Semester I 2019 was the best work of consolidation of all segments both upstream, energy distribution & logistics as well as support. Diversification of business portfolios and the balance of performance between segments are key to achieving this year’s midterm performance. “
The upstream segment which contributed 43% at the end of June 2019 grew significantly supported by Production, Operation & Maintenance services both from the asset-based business and its non-asset business. The blocks that switch to Pertamina such as the Mahakam Block, the Sanga-Sanga Block and East Kalimantan also contribute significantly to the growth of the upstream segment. Geoscience & Reservoir Services recorded a much improved compared to the previous year through seismic activities carried out by Elnusa both on land seismic activities in Central Sulawesi and sea seismic which had just completed work on the waters of North Sumatra and Indochina waters in Vietnam.
The energy distribution & logistics segment as a 53% contributor to the Company’s revenue also grew convincingly. Business development in this segment has been expanded to include the acquisition of LPG depot assets in Central Sulawesi, revitalization of Pertamina’s fuel terminal assets in Belitung, business development through the Build Operate Transfer scheme of depot assets with Antam in East Halmahera and the development of a chemical business that is increasingly intensified with Pertamina as part from increasing national oil and gas resilience.
Elnusa’s improved performance is also evidenced by the improved corporate rating by Pefindo, from idA + to idAA- in the current period of 2019. This rating increase reflects the existence of Elnusa as part of Pertamina’s group in the national oil and gas service industry with diversification of services owned and supported by strong fundamentals and cash flow. Despite the volatility of oil prices and the oil and gas sector which is a capital intensive industry it still cannot be released as a risk factor for Elnusa as a whole.
These various performance improvements prove that Elnusa is more mature in wading through the industry. Elnusa, who was born on September 9, 1969, has now entered a golden age.
“With the maturity of this golden age, Elnusa is able to welcome the coming years with more confidence in realizing the dream of becoming an energy service company capable of building national capacities with various achievements and innovations and being respected internationally.” Concluded Elizar. ***