Friday, April 19, 2024

Pertamina International Shipping books revenue of Rp51.56 trillion in 2023

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Audina Nur

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PT Pertamina International Shipping (PIS), a subholding of Pertamina engaged in integrated logistics and shipping, reported a revenue of US$3.3 billion, equivalent to Rp51.56 trillion in its unaudited financial performance for 2023. This represents an 18 percent increase compared to the 2022 realization of US$2.8 billion or Rp43.75 trillion. The net profit after tax for 2023 reached US$304 million, marking a 48 percent increase from the previous year’s figure of US$205 million.

Yoki Firnandi, CEO of PT Pertamina International Shipping, highlighted the company’s remarkable financial performance, attributing it to aggressive expansion both domestically and internationally over the past three years. The EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) position at the close of the 2023 financial year stood at US$979.1 million, reflecting a 16 percent increase from the previous year’s position of US$847 million. Additionally, the company’s capital reached US$2.1 billion by the end of December 2023, marking a 14 percent increase from the previous year’s figure of US$1.8 billion.

Firnandi emphasized the positive impact of a 205 percent increase in third-party revenue, reaching US$648 million in 2023 compared to US$212 million in 2022. This surge was primarily driven by PIS’s international market expansion. Looking ahead, with an aggressive acquisition of 15 medium-sized ships from Hyundai Mipo Dockyard in South Korea, valued at US$717.5 million, PIS aims to strengthen its global presence and enhance its valuation in preparation for an initial public offering (IPO) in 2025.

By 2027, the newly acquired tanker ships are expected to contribute to the company’s vision, targeting revenues of US$6 billion and US$8.9 billion in 2030 and 2034, respectively. As of December 2023, PIS boasts ownership of 95 vessels and operates a fleet of 315 tanker ships, solidifying its position as the largest ship operator in Southeast Asia. The company has also significantly expanded its international routes, growing from 26 to 50 routes between the beginning of 2023 and November 2023.

Audina Nur

Journalist

 

Editor

 

Interview

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