PT Surya Esa Perkasa Tbk (ESSA) recorded a net loss for the year attributable to owners of the parent company of US$19.126 million in 2020, reversing from a profit in the previous year. In 2019, Surya Esa managed to pocket a profit of around US$2.637 million.

The net loss suffered by the company was due to the decline in net income throughout 2020 by around 21% to US$175.5 million from the previous year's US$221.9 million.

In 2020, the company posted a decline in its operational performance compared to the previous year. The LPG production of 61,448 MT or 17.9% lower from 74,871 MT, condensate production fell 15.1% to as much as 139,961 barrels from 164,948 barrels ammonia production shrank by around 13.9% to 659,734 MT from 766,988 MT.

"Although the price of ammonia has decreased significantly due to the impact of Covid-19 which has resulted in a slowdown in 2020, we think that the ammonia market is relatively able to withstand the pandemic," said ESSA President Director Vinod Laroya in a press release, on Monday (22/3).

Surya Esa Perkasa estimates that ammonia prices will continue to rise sharply since January 2021, driven by supply constraints as well as entering the initial period of recovery in demand.

"Going forward, ESSA will continue to improve its performance in line with the recovery of prices and demand in the global market. With a strong track record of production, a culture of employees, and a management team that has been able to get through the tough 2020, we are ready to continue creating growth in the future, "he concluded.

The company's total assets were at US$792,053 million, consisting of US$480,273 million in liabilities and US$311,780 million in equity throughout 2020.