Kamis, 20 Juni 2024|Jakarta, Indonesia

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

Nata Kesuma

Senin, 01 Mei 2023 - 23:00 WIB

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

Thepresidentpost.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.


Berita Lainnya

Economy 23/04/2024 10:27 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 400,000-450,000…

National 21/02/2024 08:42 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 over rice…

Economy 21/02/2024 08:38 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.

Sport 21/02/2024 08:20 WIB

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Chairman of PT Jababeka Tbk (KIJA), Setyono Djuandi Darmono met the Minister of Youth and Sports of the Republic of Indonesia (Menpora RI) Dito Ariotedjo at the Kemenpora RI Office, Senayan, Jakarta,…

World 19/02/2024 17:38 WIB

The Indonesian Embassy in Cairo Receives Aid for Palestine

Cairo, Egypt - The Indonesian Embassy in Cairo welcomes the Radjiman Wedyodiningrat Warship (RJW-992) which arrived at the Al Arish Port, North Sinai Province of Egypt at 8.00 A.M. Cairo local time (13/02).…