Rabu, 09 Oktober 2024|Jakarta, Indonesia

ESSA Continues with Operational Excellence and Sees Improved Product Prices

M.shaqeel

Kamis, 19 Oktober 2023 - 07:15 WIB

PT. ESSA Industries Indonesia Tbk. (d.h PT Surya Esa Perkasa Tbk.) ("ESSA")
PT. ESSA Industries Indonesia Tbk. (d.h PT Surya Esa Perkasa Tbk.) ("ESSA")
A A A

Thepresidentpost.id - Jakarta, 18 October 2023 – PT. ESSA Industries Indonesia Tbk. (formerly known as PT Surya Esa Perkasa Tbk.) (“ESSA”), 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 the first 9M of 2023.

ESSA reported revenue of USD 233 million, a decrease of 58% YoY, and EBITDA of USD 66.1 million, a decrease of 75% YoY in 9M23. The lower earnings were primarily driven by lower commodity prices and a scheduled ammonia plant maintenance shutdown that was undertaken in 1Q23. ESSA has been continuously focusing on reducing controllable costs and enhancing operational excellence.

ESSA’s Ammonia realized price has decreased by 58% to an average of USD 378/MT YoY in 9M23 over 9M22. This drop was precipitated by a fall in global commodity prices that began in early 2023, driven by subdued demand resulting from elevated price levels in 2022.

The global Ammonia prices appeared to reach their lowest point in May 2023, subsequently exhibiting a resilient upward trend. The prices have significantly improved and have been trading at above normalized levels since end-September 2023.

Global supply remains tight amid a resurgence of commodities demand in East Asia & China while Europe continues to grapple with the persistent challenges of fluctuating and elevated gas prices.

ESSA expects ammonia prices to remain at elevated levels relative to 9M23, as commodity prices have risen with increased geopolitical uncertainty.

ESSA remains steadfast in its dedication to the pursuit of manufacturing excellence, environmental sustainability, and adaptation to industries’ evolving needs. Its relentless commitment to innovation is evident through the ongoing Phase 2 feasibility study for blue ammonia, which can play a significant role in shaping the future of decarbonization projects.

Komentar

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).…