Pertamina International Shipping Profit Bag 280.9 Million US Dollars, Up 103 Percent

PT Pertamina International Shipping (PIS) posted a profit of US$280.9 million, an increase of 103 percent compared to the same period last year which was at US$138.5 million.

PIS CEO Yoki Firnandi said the profit as of June also passed the 2024 RKAP, which is targeted to reach 267.1 million US dollars by the end of this year.

"With this achievement, PIS is optimistic that this year's performance can exceed 2023. Of course, not only in terms of profit, but also in terms of other business development starting from the expansion of the international market, the addition of a tanker fleet, and others," said Yoki, Friday, September 6.

Yoki explained that this increase in profit was driven by an increase in revenue, where during the first half of the year PIS posted USD 1.72 billion, an increase of 6 percent compared to the first half of 2023 of USD 1.62 billion.

Likewise with EBITDA, which also recorded an increase of 28 percent from USD 458.4 million in the first half of last year to USD 587.5 million.

Meanwhile, from a commercial perspective, PIS is increasingly aggressive in developing non-captive markets. Evidently, with a non-captive market portion of 19.2 percent.

Yoki said, PIS as the Sub Holding Integrated Marine Logistics (SH IML) from Pertamina Group, continues to increase investment and company performance.

This can be seen from the realization of the company's capital expenditure (capex) which until June 2024 has touched the figure of 312 million US dollars. This figure itself has reached 89 percent of the total investment realization throughout 2023.

The plan is for PIS to disburse up to USD 654.5 million for investment by the end of 2024 to significantly boost business growth.

One of the investments that are the mainstay of encouraging the growth of the PIS business in the first semester is to add new fleets to strengthen business at home and abroad.