ESSA Breaks Revenue Record with Strong Operations and Favorable Market Conditions in 2022

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- PT Surya Esa Perkasa Tbk (ESSA), a company engaged in the energy and chemical sectors through its LPG refinery and ammonia plant, has broken its revenue record with excellent operations and favorable market conditions in 2022.

ESSA reported its highest-ever revenue of US$731 million (up 141% YoY) and EBITDA of US$354 million (up 161% YoY) in its consolidated financial statements for 2022. Meanwhile, the company's net profit reached US$139 million, a staggering increase of 894% from 2021's US$14 million.

"We are proud to announce our highest revenue record in 2022, building consistent operational excellence supported by higher ammonia and LPG prices. ESSA has utilized the higher cash generated for debt reduction, leading to a much stronger balance sheet. Furthermore, we have also distributed dividends in 2022 for the first time since our initial public offering in 2012," said ESSA President Director Chander Vinod Laroya in an official statement on Monday (20/2/2023).

According to Laroya, the company's focus on ESG remains strong, starting with the widely explored Blue Ammonia project to be used as a cleaner alternative fuel. "ESSA's ammonia plant has received the Green PROPER award from the Ministry of Environment and Forestry, an achievement accomplished by only a few companies, depicting how strong our commitment to the environment is," he added.

"Going forward, we remain optimistic about new growth opportunities in the downstream gas industry to provide greater value for shareholders by further developing our business," Laroya concluded.

PT Surya Esa Perkasa Tbk (ESSA) is an Indonesian company operating in the energy and chemical sector through its LPG refinery and ammonia plant. The company was founded in 2012 and is headquartered in Jakarta, Indonesia.

ESSA is focused on producing and marketing LPG and ammonia products to meet the needs of various industries, such as energy, chemicals, and fertilizers. The company operates a modern LPG refinery in Surabaya and an ammonia plant in Bontang, East Kalimantan.

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