Tuesday, April 16, 2024

Pertamina International Shipping plans IPO, set to release minimum 10% of shares

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Audina Nur

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PT Pertamina International Shipping (PIS) is gearing up for an initial public offering (IPO) on the Indonesia Stock Exchange (BEI) in the coming year, with plans to release a minimum of 10 percent of its shares to the public.

Yoki Firnandi, CEO of PIS, said the company is in the final stages of preparing for the IPO, aiming for at least a 10 percent share release, but potentially more, depending on the future business development plan.

Firnandi highlighted the company’s strong financial performance in 2023, recording a revenue of US$3.3 billion, equivalent to Rp51.56 trillion, with a net profit after tax of US$304 million. The positive financial outlook, including an EBITDA ((Earnings before Interest, Taxes, Depreciation, and Amortization) of US$979.1 million and a capital increase to US$2.1 billion by December 2023, is supported by a 205 percent surge in third-party revenue.

With a strategic focus on strengthening its business, PIS has recently ordered 15 medium-sized ships from Hyundai Mipo Dockyard in South Korea, valued at US$717.5 million, as part of its global expansion plan. These acquisitions aim to boost the company’s valuation in anticipation of the planned IPO in 2025. The tanker ships are scheduled for delivery between 2026 and 2027.

Firnandi’s ambitious targets include achieving revenues of US$6 billion and US$8.9 billion in 2030 and 2034, respectively, driven by the aggressive expansion of the company’s fleet. As of December 2023, PIS operates 315 tanker ships, making it the largest ship operator in Southeast Asia. The company has also significantly increased its international routes, growing from 26 to 50 routes within a few months in 2023.

Audina Nur

Journalist

 

Editor

 

Interview

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