Supported By Revenue Growth, PIS Earns US$330 Million Net Profit In 2023

Pertamina International Shipping (Photo: Antara)

JAKARTA - PT Pertamina International Shipping (PIS) has successfully scored a significant increase in profit for financial performance in 2023. PIS recorded a net profit of 330 million US dollars in 2023, an increase of 60.9 percent compared to profit in 2022 which amounted to 205 million US dollars.

PIS CEO Yoki Firnandi explained that the increase in company profit was driven by revenue growth in 2023, where PIS recorded USD 3.3 billion. This figure is up 17.6 percent compared to 2022's revenue of USD 2.83 billion.

Then in terms of EBITDA, the company also recorded a growth of 16.9 percent from USD 847 million in 2022 to USD 990 million in 2023 with a fairly stable percentage of 29.7 percent.

"Income growth rose to 440 million US dollars, this is very extraordinary and an appreciation for the performance in 2023," said Yoki, Thursday, March 7.

Yoki said that the increase in profit and income in 2023 was the result of the company's performance and transformation program which was echoed through the 'Vesselleration' program. This program formulates several fundamental things to then accelerate the business of the company and its subsidiaries.

"We are transforming, digitizing, reorganizing so that businesses can be accelerated. As a result, PIS can add fleets, make business breakthroughs, expand globally and increase revenue from the growing third party," continued Yoki.

Yoki also explained that PIS's positive performance could not be separated from the synergy and collaboration from Pertamina Group, namely; PT Pertamina Patra Niaga, PT Kilang Pertamina Internasional, PT Pertamina Hulu Energi, and PT PGN Tbk, which always provides full support and entrusts their business to PIS.

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

Based on financial reports, revenue growth from the third party in 2023 also grew very significantly, to 648 million US dollars. Thus, the portion grew from 14 percent in 2022 to 19 percent in 2023 from the company's total revenue.

Yoki further explained, throughout 2023 PIS succeeded in adding the Pertamina Gas Amaryllis Very Large Gas Carrier (VLGC) fleet, which is the first giant fuel dual tanker in Indonesia that is environmentally friendly. Including the use of biodiesel as fuel from 146 ships operated by the company, as a form of commitment to support the Indonesian government's Net Zero Emission 2060.