PT Energi Mega Persada Tbk (ENRG) Q3 2024 earnings summary

Executive summary

• Net sales increased 8% to $319.7M for the nine months ended September 30, 2024, driven by higher oil production and improved realized prices year-over-year.

• EBITDA rose 3% to $180.5M and net profit grew 12% to $51.3M compared to the same period last year.

• Oil production increased 22% year-over-year, supported by the acquisition of Siak and Kampar PSCs, while gas production remained stable.

• Recent acquisition of Sengkang PSC is expected to boost gas output in Q4 2024.

• Management is focused on optimizing liabilities, accelerating commercialization, and expanding into midstream, downstream, and renewables.

Financial highlights

• Net sales: $319.7M (up 8% year-over-year); EBITDA: $180.5M (up 3%); net profit: $51.3M (up 12%).

• Gross profit: $89.9M; operating income: $70.5M; basic/diluted EPS: $0.0021 (up from $0.0018).

• Cash and cash equivalents: $82.5M as of September 30, 2024.

• Total assets: $1.48B; total liabilities: $845M; net equity: $635.9M.

• Net cash from operations: $79M; net cash used in investing: $117.2M; net cash from financing: $38.3M.

Outlook and guidance

• Sengkang PSC acquisition (100% ownership) finalized in Q4 2024, expected to increase gas output.

• Management plans to expand into midstream, downstream, and renewable energy sectors.

• Ongoing efforts to optimize liabilities and seek refinancing to support business continuity.