ESSA – Net profit grew 228.29% yoy in 1Q24

ESSA – Net profit grew 228.29% yoy in 1Q24 Essa Industries Indonesia (ESSA) posted revenue of USD73.82 mn (-15.96% yoy), but achieved a net profit of USD10.21 mn (+228.29% yoy) in 1Q24. The revenue was dominated by ammonia sales to related parties at USD62.77 mn (-15.73% yoy) or around 85.03% of 1Q24' revenue. Although with lower revenue yoy, ESSA was still able to cut its COGS by 32.75% yoy to USD46.69 mn. (Source : Kontan)