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ESSA’s 1Q23 Results Lower due to Scheduled Maintenance Activity

Jakarta, 28 April 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  reported  revenue  of  USD  87.8  million,  a  decrease  of  45%  YoY,  and  EBITDA  of  USD  22.5  million,  a  decrease  of  67%  YoY  in  the  first-quarter  results  for  2023  released  today.  The  lower  earnings  were  primarily driven by lower commodity prices and a scheduled ammonia plant maintenance shutdown for  3 weeks. Ammonia plant is operating at optimal productivity and efficiency post successful completion  of the maintenance activity

Global Ammonia prices softened in 1Q23, particularly in March as global energy prices normalized while  demand  recovery  remains  gradual.  Going  forward,  with  China  re-opening  after  Covid-19,  demand  improving in the fertilizer sector, and Europe continuing to remain under the strain of high gas prices,  ESSA expects ammonia prices to normalize to healthier levels in the second half of the year.

Progressing on the Blue Ammonia Project, ESSA with support from JOGMEC (Japan Oil, Gas, and Metals  National Corporation), Mitsubishi Corporation, Pertamina, and LAPI ITB has completed Phase 1 of the  carbon capture and sequestration study. Phase 2 of the feasibility study is in progress. This project will  be a significant milestone for ESSA, as it aims to become the first company in Southeast Asia to produce  Blue Ammonia in the coming years.

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