Elnusa posts 21% net profit increase in H1

IDX-listed oil and gas  service provider PT Elnusa Tbk posted higher revenues and net profit in the first half of 2019, driven by higher revenues from services provided to the upstream oil and gas sector.
In the period, the company posted revenues of Rp3.8 trillion, surged 29 percent from the same period in 2018, while net profit surged 21 percent from Rp128 billion in the first half 2018 to Rp155 billion in first semester 2019.
“The volatility of oil price continues to undermine the company’s performance. However, given the company’s strategic decision on diversifying business portfolios, the company managed to post solid performance,” Elnusa’s Finance Director Hery Setiawan said.
He said the increase of revenues was supported by the improved of performance in all business segments.
Revenues from the upstream oil and gas services jumped 46 percent from the same period last year, revenues from oil and gas supporting services surged 36 percent, while revenues from energy distribution and logistic rose 21 percent.
In the upstream oil and gas services, the increase of revenues was supported by the rise of seismic survey activities. In the first half, Elnusa has undertaken six seismic surveys in onshore, transition areas and offshore.
One major survey undertaken during the period was the 2D seismic survey in Indochina peninsula, Vietnam.
In term of revenues contribution, the biggest source of revenues in the period was the energy distribution and logistic services, contributing 51 percent to the total revenues, followed by upstream business service, contributed 42 percent to the total revenues.
The logistic and distribution service contributed 77 percent to the net profit in the first semester, while the upstream services sector contributed 21 percent to the total revenues and the remaining net profit came form oil and gas supporting services.
As a move to maintain the sustainable growth, Elnusa is currently expanding refineries operation and maintenance services, infrastructure, revitalization of fuel terminals as well as providing chemical product services to support the enhanced oil recovery (EOR) activities.
Editing by Roffie Kurniawan