ESSA Achieves Record 1Q22 Profits
Four-fold Rise In YoY Profits Driven by Robust Operations and Favorable Market Conditions
Jakarta, May 30, 2022 – PT Surya Esa Perkasa Tbk (“ESSA”), a publicly listed company engaged in the Energy and Chemical sectors through its LPG (Liquefied Petroleum Gas) refinery and Ammonia plant, today released its consolidated financial statements for the three months period ended March 31, 2022.
Robust operations and favorable market conditions resulted in Revenue of USD 159 million in 1Q22, a significant increase of 132% YoY. The Ammonia business contributed 92% of total revenues, while the LPG business contributed 8%.
The global commodity markets saw a sharp rise in prices as expectations of a global recovery took hold, with prices remaining elevated due to curtailed supply caused by the Russia-Ukraine war. Ammonia Realized Price was at USD 815/MT in 1Q22, a significant increase of 173% compared to 1Q21. While LPG Realized Price was at USD 798/MT in 1Q22 or 37% higher compared to 1Q21.
On the operational side, Ammonia production was recorded at 186,474 MT with plant utilization rate of 115% in 1Q22. LPG production for 1Q22 was 15,578 MT with plant availability of 99.8%. ESSA achieved EBITDA of USD 69.1 million, up 126% YoY.
ESSA’s President Director, Vinod Laroya, stated, “The higher Ammonia & LPG prices in the quarter coupled with operational excellence enabled strong 1Q22 performance. Our focus on clean energy continues as we are currently in the process of conducting a feasibility study for Blue Ammonia with JOGMEC, Mitsubishi Corporation and ITB and hope to embark on this exciting journey soon.
Going forward, we remain cautious in our approach towards economic recovery and continue to focus on operational excellence as well as cost discipline to deliver sustained growth in the future.” concluded Vinod.
Overview of ESSA
PT Surya Esa Perkasa Tbk (“ESSA”) is a publicly listed company engaged in the Energy and Chemical sectors through its LPG (Liquefied Petroleum Gas) refinery and Ammonia plant. Established in 2006, ESSA has been listed in the Indonesia Stock Exchange (IDX) since 2012. Through its subsidiary, PT Panca Amara Utama (“PAU”), ESSA became one of the biggest Ammonia producers in Indonesia and the first company globally to utilize the latest technology of KBR Reforming Exchanger System and Purifier Technology.
In line with the increasing concerns for global sustainability, Blue Ammonia has emerged as an alternative to low-carbon fuel. In March 2021, ESSA (through PAU) signed a Memorandum of Understanding (MoU) on Carbon Capture, Utilization and Storage (CCUS) for Blue Ammonia production in Indonesia in collaboration with Japan Oil, Gas and Metals National Corporation (“JOGMEC”), Mitsubishi Corporation (“MC”), and Institut Teknologi Bandung (“ITB”). Through the Blue Ammonia commitment, ESSA paves the way for Indonesia to be at the forefront of providing the fuel of the future.
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