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ESSA Continues with Operational Excellence and Sees Improved
Product Prices
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.
Revenue (USD Million) EBITDA (USD Million) Net Profit* (USD Million)
557 269 ↓ 75%
↓ 58%
↓ 91%
105
233
66
10
9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023
* Attributable to Shareholders of the Company
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.
For further information, please visit our website www.essa.id, or contact:
Shinta D. U. Siringoringo M. Aditya
Corporate Secretary Media Relations Team
Phone: +62 21 2988 5600 Phone: +62 812 9548 6465
Email: corpsec.eii@essa.id Email: investor.relations@essa.id
***
PT ESSA Industries Indonesia Tbk. | PT Panca Amara Utama
DBS Bank Tower 18th Floor T +62 21 2988 5600 / 5700
Jl. Prof. Dr. Satrio Kav. 3-5 F +62 21 2988 5601 / 5701
Jakarta 12940, Indonesia www.essa.id Page 1 of 2
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