PT Energi Mega Persada Tbk (ENRG) Q4 2024 earnings summary

Executive summary

• Net sales increased to USD467.4 million in 2024, up 11% year-over-year, with net profit rising to USD72.96 million from USD68.18 million in 2023.

• The Group completed major acquisitions, including 100% of EEH and ESG, and expanded oil and gas assets in Siak and Kampar blocks.

• The independent auditor issued an unqualified opinion but highlighted material uncertainty regarding going concern due to a deficit and current liabilities exceeding current assets.

Financial highlights

• Net sales: USD467.4 million in 2024, up from USD420.8 million in 2023.

• Net profit: USD72.96 million in 2024, up from USD68.18 million in 2023.

• Gross profit: USD148.1 million in 2024, nearly flat year-over-year.

• Total assets: USD1.58 billion as of December 31, 2024, up from USD1.37 billion in 2023.

• Total liabilities: USD926.1 million, equity attributable to owners: USD730.2 million.

• Basic/diluted EPS: USD0.00304 in 2024, up from USD0.00276 in 2023.

Outlook and guidance

• Management is implementing liability reduction, seeking new/refinancing, accelerating commercialization, and expanding into midstream, downstream, and renewables to address going concern.

• The Group is evaluating the impact of new accounting standards effective January 1, 2025.