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Jakarta, 28 July 2023 – PT Surya Esa Perkasa Tbk. (ESSA: IJ), a publicly listed company engaged in the Energy and Chemical sectors through its LPG (Liquefied Petroleum Gas) refinery and Ammonia plant today released its financial performance for first half of 2023. ESSA reported revenue of USD 168.2 million, a decrease of 52% YoY and EBITDA of USD 41.7 million, a decrease of 76% YoY in 1H23. The lower earnings were primarily driven by lower commodity prices and a scheduled ammonia plant maintenance shutdown for 3 weeks that was undertaken in 1Q23. ESSA continues to achieve operational excellence and cost discipline.

ESSA’s realized price for Ammonia has decreased by 53% to USD 425/MT YoY in 1H23 as global commodity prices plummet from the beginning of 2023 following sluggish demand. Global Ammonia price seems to have bottomed in May and is showing a gradual up-trend since June 2023. With the resurgence in commodities demand in China, improvement in the global fertilizer prices, and Europe continuing to remain under the strain of volatile and elevated gas prices, ESSA expects ammonia prices to return to healthier levels in H2 2023.

ESSA continues to remain focused on its ESG practices, resulting in both LPG & Ammonia plants receiving Zero Accident Award from Ministry of Manpower in 1H23. The Ammonia plant has further received Green PROPER award from Ministry of Environment and Forestry and an appreciation certificate for contribution to protecting and preserving the Maleo Bird from Provincial Government of Central Sulawesi. ESSA is on track to becoming the first company in Southeast Asia to produce Blue Ammonia in the coming years with Phase 2 of the feasibility study currently in progress.

ESSA distributed its highest ever dividend of IDR 45/share in April 2023 on the back of record earnings in 2022.

For further information, please visit our website or contact:

Shinta D. U. Siringoringo
Corporate Secretary
Phone: +62 21 2988 5600

Media Relations Team
Phone: +62 812 9548 6465