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

By : Nata Kesuma | Monday, May 01 2023 - 23:05 IWST

PT Surya Esa Perkasa Tbk. (ESSA: IJ)
PT Surya Esa Perkasa Tbk. (ESSA: IJ)

INDUSTRY.co.id - Jakarta,  – 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.

News Comment

Today's Industry

Wellington College Independent School Jakarta (WCIJ)

Senin, 29 April 2024 - 05:02 WIB

One of the UK’s Most Established Schools Chooses Jakarta for Their Latest Opening

Wellington College Independent School Jakarta (WCIJ) is thrilled to announce its grand opening in September 2024! As the first private UK school to open in Indonesia, WCIJ, a pioneering co-educational…

Presiden Jokowi

Selasa, 23 April 2024 - 10:29 WIB

President Jokowi Reaffirms Commitment to Farmers’ Welfare

President Joko “Jokowi” Widodo on Monday (04/22) inspected corn harvest in Boalemo regency, Gorontalo province. “Our corn import has decreased significantly from 3.5 million tonnes to…

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…

Ilustrasi pabrik beras. (Foto: DetikFood)

Rabu, 21 Februari 2024 - 08:40 WIB

Bapanas Head Ensures Availability of Rice Stock Ahead of Ramadan

The National Food Agency (Bapanas) has ensured the availability of rice for the fasting month of Ramadan and Eid al-Fitr 1445 Hijri/2024 CE. “We believe that there is enough rice for the fasting…