Jakarta, 11 December 2018.
On December 11th, 2018, PT Surya Esa Perkasa Tbk (“the Company”) held Annual Public Expose 2018 at JW Marriott Hotel Mega Kuningan Jakarta. This Public Expose was attended by the Company’s Board of Commissioners and Board of Directors, Bapak Rahul Puri – Commissioner, Bapak Chander Vinod Laroya – Vice President Director & CEO, Bapak Ida Bagus Made Putra Jandhana – Business Development Director, Bapak Mukesh Agrawal – Technical Director, Bapak Isenta – Director Finance, Bapak Prakash Bumb – Vice President Finance, the shareholders, investors and media.
In the Annual Public Expose, Bapak Chander Vinod Laroya informed that the improvement in the international market price of LPG and ammonia coupled with optimal operational efficiencies resulted in significant increase in revenue and profits of the Company in 2018.
In July 2018, The Company’s subsidiary PT. Panca Amara Utama (PAU) has successfully commissioned its 700,000 tons per annum ammonia plant in Luwuk, Central Sulawesi. To date, it has exported 250,000 MT of ammonia since its first export in July 2018. The ammonia plant is currently operating at 16% above its name plate capacity and have met all Performance Test on 18 August 2018. The Company’s own LPG Plant at South Sumatra is consistently operating at 14% above its design capacity of 190 TPD coupled with higher LPG prices at US$ 535/MT (14% over 2017 prices).
On the financial performance, The Company’s revenue jumped to US$ 74.5 million compared to US$ 22.7 million for the corresponding period of 2017. This major impact was due to commencement of ammonia sales in Q3 2018. Correspondingly, COGS increased due to increased LPG production and higher gas consumption during initial ammonia plant test. The Company’s profitability increased significantly as the Consolidated PAT stood at US$ 15.4 million for the first 3 quarters of 2018 compared to US$ 0.9 million for the corresponding period last year.
In recognition of the outstanding safety track record, The Company has been awarded “Zero Accident Award” for the 7th consecutive year by the Ministry of Manpower Republic of Indonesia, reaffirming the Company’s motto “Safety First – No Compromise”. Furthermore, as part of the Company commitment in providing support to local community, PAU has provided an extensive support to Palu and Donggala earthquake and tsunami victims.