ESSA - To improve performance in 2024

ESSA - To improve performance in 2024 ESSA Industries Indonesia (ESSA) anticipates this year' revenue to be lower yoy and expects a better performance in 2024 as ammonia prices started to improve in 3Q23. The company forecasts the ammonia prices to range between USD400 - USD430 per ton in 4Q23 due to geopolitical uncertainty and rising commodity prices. Thus, operations are set to continue in 2024, with higher production target as ammonia supply remains limited until late 2023. Additionally, in 9M23, ESSA experienced declining revenue and profits. Revenue was at USD232.63 mn (-58.23% yoy), while its net profit declined by 90.67% yoy to USD9.76 mn. This was in-line with lower Ammonia productions at 239,720 metric tons in 3Q23, which resulted in a 526,983 metric tons export sales with an average value of USD738 per metric ton. (Source: Kontan)