Jakarta, July 27, 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 reported its highest ever Revenue of USD 351 million (up by 153% YoY) & EBITDA of USD 171 million (up by 183% YoY) for 1H22, backed by robust operations and favorable market conditions.
The global commodity markets saw a sharp rise in prices with expectations of global recovery taking hold, and prices remained elevated due to further supply constraints caused by the Russia–Ukraine crisis. Ammonia realized prices have soared by 145% YoY to US$ 908 per metric ton (MT) while LPG prices have risen 50% YoY to US$ 821/MT for 1H22.
Ammonia prices in the US & Europe started soaring with increased post-pandemic demand from Q4 2021. With further gas supply constraints in Europe, these prices have remained elevated with a knock-on effect on ammonia production cost. Ammonia prices in Asia have stabilized at a higher level of around US$1,000/MT in-line with global prices.
ESSA’s President Director, Vinod Laroya, stated, “We are pleased to announce stellar earnings building on the consistent operational excellence supported by the higher Ammonia & LPG Prices. ESSA has utilized the higher cash generated to deleverage, leading to a stronger balance sheet with the Debtto-Equity ratio at 1.1x.
Going forward, we remain optimistic about new growth opportunities in the gas-downstream industries. Blue Ammonia has emerged as an alternative to low-carbon fuel in line with the increasing concerns for global sustainability. Through the Blue Ammonia commitment, ESSA paves the way for Indonesia to be at the forefront of providing the fuel for future.”
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