The increase in the company's profit was driven by revenue growth in 2023, which PIS recorded at US$ 3.3 billion. This figure is a 17.6 percent increase compared to 2022 revenue of US$ 2.83 billion.

In terms of Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA), the company also recorded a growth of 16.9 percent from US$ 847 million in 2022 to US$ 990 in 2023 with a fairly stable percentage at 29.7 percent.

"Revenue growth rose to US$ 470 million, this is very extraordinary and an appreciation for the performance in 2023," Pertamina International Shipping CEO Yoki Firnandi said in a statement on Thursday, March 7,2024.

The increase in profit and revenue in 2023, Yoki said, was the result of the company's performance and transformation programme echoed through the "Vesselleration" program. This program formulates several fundamental things to accelerate the business of the company and its subsidiaries.

"We do transformation, digitization, reorganization so that the business can be accelerated. As a result, Pertamina International Shipping can add fleets, make business breakthroughs, expand globally and increase revenue from third parties that continue to grow," Yoki said.

He explained that PIS's positive performance cannot be separated from the synergy and collaboration of the Pertamina Group, namely PT Pertamina Patra Niaga, PT Pertamina International Refinery, PT Pertamina Hulu Energi, and PT PGN, which always provide full support and entrusts its business to PIS.

"PIS certainly always provides the best quality of service that not only prioritizes timeliness in delivery, but also security and safety while still applying the principles of cost optimisation and efficiency," Yoki said.

Based on the financial report, revenue growth from third parties in 2023 also grew very significantly, to US$ 648 million. As such, its portion grew from 14 percent in 2022 to 19 percent in 2023 of the company's total revenue.

Not only achievements from financial performance and numbers, PIS's agile business movements also continue to prioritize safety, environmental, social aspects of society, and of course always fully support PT Pertamina's energy transition commitment.

In 2023, PIS successfully added the Very Large Gas Carrier (VLGC) Pertamina Gas Amaryllis, which is the first giant dual fuel tanker in Indonesia that is environmentally friendly. This includes the utilization of biodiesel as fuel for 146 vessels operated by the company, as a form of commitment to support the Indonesian government's Net Zero Emission 2060.

In terms of social and environmental responsibility, in 2023 PIS launched the BerSEAnergi untuk Laut program which includes LiteraSea activities, empowerment and improvement of coastal community health, coastal clean-up, and conservation of marine biota and ecosystems such as mangroves, coral reefs and whale sharks.

LiteraSea activities, aimed to foster insight and love for the sea, have taken place in 22 schools during 2023. PIS also collaborated with doctorSHARE to operate the Nusa Waluya II Floating Hospital in Sorong, West Papua, for 45 days and reached 3,370 beneficiaries.

"Success is not only measured by numbers, but also by our positive footprint in the world. At PIS, we are proud to achieve performance achievements by always paying attention to environmental, social and sustainable corporate governance aspects. Because our obligation is not only to score numbers, but to leave a legacy of goodness," Yoki concluded.

Pertamina VP Corporate Communication Fadjar Djoko Santoso said that the positive performance of PIS is clear evidence of the success of Pertamina Subholding to focus on developing its business in accordance with each of its roles.

"PIS's aggressiveness in developing its business both in the domestic and international markets is evidenced by the achievement of a good 2023 financial performance. This means that Pertamina Subholding has focused on running the business in each line and role," said Fadjar.

Pertamina, as a leading company in the field of energy transition, is committed to supporting the Net Zero Emission 2060 target by continuing to encourage programs that have a direct impact on the achievement of Sustainable Development Goals (SDGs). All of these efforts are in line with the implementation of Environmental, Social & Governance (ESG) in all Pertamina's business lines and operations.