PT Energi Mega Persada Tbk (ENRG) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 reached USD117.0 million, up 20% year-over-year, with net profit at USD18.0 million, a slight increase from USD17.7 million in Q1 2024.

• Gross profit improved to USD37.9 million from USD33.2 million year-over-year, with operating income rising to USD32.9 million from USD27.6 million.

• The Group continues to focus on oil and gas exploration, production, and related services, with significant contracts and asset acquisitions completed in the period.

Financial highlights

• Total assets as of March 31, 2025, stood at USD1.58 billion, with equity attributable to owners at USD747.9 million.

• Current liabilities totaled USD434.5 million, while non-current liabilities were USD474.5 million.

• Cash and cash equivalents at quarter-end were USD53.2 million, nearly unchanged from year-end 2024.

• Net cash from operating activities was USD65.0 million, with net cash used in investing activities at USD36.7 million and net cash used in financing at USD28.4 million.

• Basic/diluted EPS for Q1 2025 was USD0.00072, up from USD0.00071 in Q1 2024.

Outlook and guidance

• Management is addressing a going concern issue as current liabilities exceed current assets, with plans for liability reduction, refinancing, business expansion, and asset acquisition.

• The Group is exploring midstream, downstream, and renewable energy opportunities, and partnership strategies to enhance value.