Pertamina International Shipping Profit Increases 93 Percent In Semester I-2023

Pertamina International Shipping illustration (photo: dock. Antara)

JAKARTA - PT Pertamina International Shipping (PIS) earned a profit of 138.5 million US dollars, an increase of 93 percent compared to the same period last year which amounted to 71.7 million US dollars.

Thus, the profit in the first semester reached 63.7 percent of the 2023 RKAP target.

"This success continues in 2023 with transformation and digitization programs being carried out. Appreciation for all officers who have supported the transformation program and provided their best performance for SH IML," said PIS CEO Yoki Firnandi, Wednesday, August 9.

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 1.61 billion, an increase of 30 percent compared to the first half of 2022 of USD 1.24 billion.

This positive increase also occurred in the company's EBITDA, which rose 26 percent from 364.4 million US dollars in the first half of last year to 458.4 million US dollars.

"The transformation initiative carried out by the function of the SH IML team has proven to contribute additional income that has an impact on EBITDA," explained Yoki.

He explained that the transformation carried out in operations, for example, in terms of optimizing the commodity supply chain, succeeded in optimizing tonnage and reducing bunker consumption, which resulted in efficiency.

Meanwhile, in terms of fleets, ships belonging to PIS collaborate with world-class ship management to encourage the capability of ship crews in accordance with international standards.

"This is evident in the number of ships that passed certification such as the Paris MOU and those that passed the Ship Inspection Report Program (SIRE) increased. This means that our ships are increasingly being accepted in the international market," added Yoki.

Meanwhile, from a commercial perspective, PIS is increasingly aggressive in developing non-captive markets. Evidently, revenue from non-captive markets in the first semester has reached 369.9 million US dollars or 22.8 percent of total revenue, growing significantly from a proportion of 15.7 percent throughout 2022.

This transformation has made extraordinary achievements, but this transformation has not been completed. We still have to continue to be enthusiastic about achieving our dreams as Asian Leaded Integrated Marine Logistics," concluded Yoki.