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ESSA Maintains Operational Excellence as Lower Price Impact
Earnings
Jakarta, 28 July 2023 – 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
today released its financial performance for first half of 2023. ESSA reported revenue of USD 168.2
million, a decrease of 52% YoY and EBITDA of USD 41.7 million, a decrease of 76% YoY in 1H23. The
lower earnings were primarily driven by lower commodity prices and a scheduled ammonia plant
maintenance shutdown for 3 weeks that was undertaken in 1Q23. ESSA continues to achieve operational
excellence and cost discipline.
ESSA’s realized price for Ammonia has decreased by 53% to USD 425/MT YoY in 1H23 as global
commodity prices plummet from the beginning of 2023 following sluggish demand. Global Ammonia
price seems to have bottomed in May and is showing a gradual up-trend since June 2023. With the
resurgence in commodities demand in China, improvement in the global fertilizer prices, and Europe
continuing to remain under the strain of volatile and elevated gas prices, ESSA expects ammonia prices
to return to healthier levels in H2 2023.
ESSA continues to remain focused on its ESG practices, resulting in both LPG & Ammonia plants
receiving Zero Accident Award from Ministry of Manpower in 1H23. The Ammonia plant has further
received Green PROPER award from Ministry of Environment and Forestry and an appreciation
certificate for contribution to protecting and preserving the Maleo Bird from Provincial Government of
Central Sulawesi. ESSA is on track to becoming the first company in Southeast Asia to produce Blue
Ammonia in the coming years with Phase 2 of the feasibility study currently in progress.
ESSA distributed its highest ever dividend of IDR 45/share in April 2023 on the back of record earnings
in 2022.
PT Surya Esa Perkasa 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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For further information, please visit our website www.essa.id or contact:
Shinta D. U. Siringoringo
Corporate Secretary
Phone: +62 21 2988 5600
Email: corpsec.sep@essa.id
M. Aditya
Media Relations Team
Phone: +62 812 9548 6465
Email: investor.relations@essa.id
***
PT Surya Esa Perkasa 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 2 of 2
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