PT Elnusa Tbk (ELSA), an Indonesian oil and gas services company, reported a net profit of IDR 718.41 billion for 2025, a slight increase from the IDR 713.67 billion recorded in the previous year, according to recent financial disclosures.
Revenue for the year grew by 8.25% to IDR 13.39 trillion, driven primarily by a 28% year-over-year increase in revenue from the downstream segment – energy distribution and logistics – which contributed 60% of total revenue. This growth was fueled by a 29% increase in fuel distribution volume. However, the gross profit margin for the downstream segment decreased to 7.7% compared to 9% in 2024.
The upstream segment, encompassing geophysical and seismic data, drilling, and oilfield services, experienced a decline in revenue, falling 18% year-over-year to IDR 4.1 trillion in 2025. Despite this decrease, the gross profit margin for the upstream segment improved to 11.8% from 8.9% in the previous year. The company secured new contracts worth IDR 2.9 trillion in the first nine months of 2025, resulting in a significant increase in the backlog to IDR 9.9 trillion, up from IDR 4.4 trillion in 2024.
Elnusa’s operational expenses increased by 14% year-over-year, largely due to a 13% rise in salary expenses. The company’s net profit growth was also impacted by a one-off transaction in 2024 – a gain of IDR 69 billion from the resolution of a dispute with Bank Mega. Excluding this one-off gain, Elnusa’s core profit for 2025 grew by 11.5% year-over-year to IDR 719 billion.
Looking ahead, Elnusa is shifting its capital expenditure (capex) allocation towards the upstream segment, with approximately 45% of the 2025F capex budget earmarked for this area, a significant increase from 37% in 2024 and 27% in 2023. This shift reflects the company’s focus on expanding capacity in its upstream businesses, where asset utilization rates approached 100% in 2024. Elnusa has issued a guidance for 2026, targeting a 10% year-over-year revenue growth and an 8-10% year-over-year increase in net profit.
The company’s stock is currently trading at IDR 860 as of March 5, 2026, having increased by 1.14% in the past 24 hours. The stock price has fluctuated between IDR 360.00 and IDR 1050.00 over the past 52 weeks. Elnusa’s market capitalization stands at IDR 6.39 trillion, with a dividend yield of 4.47%.
Elnusa is scheduled to hold an earnings call on Friday, March 6, at 10:00 WIB to discuss the 2025 results in further detail.
