Soaring 60.94 Percent, PIS Earns Profit Of 330 Million US Dollars

Rupiah (photo: dock. Antara)

JAKARTA - PT Pertamina International Shipping (PIS) recorded a profit of 330 million US dollars in 2023. This achievement increased by 60.94 percent compared to the previous year. This achievement, one of which was driven by a third party revenue or third party income, which increased from 14 percent in 2022 to 19 percent in 2023.

This reflects PIS' success in international expansion. With the presence of branch offices in Singapore and Dubai, the company is now exploring 50 global routes and has explored 5 continents in the world," said PIS CEO Yoki Firnandi, Friday, June 21.

He continued that the performance of 2023 was also driven by the company's transformation program, which resulted in strategic initiatives that became the key to accelerating the PIS business.

"With a strong performance and ensuring consistent profitability each year, PIS continues to compete at the global level, offering competitive service solutions to customers outside the Pertamina Group, thus expanding its reach and impact on the market," he said.

The significant increase in profit was also driven by the company's revenue growth, where PIS posted US$3,330 billion, exceeding the target in the Company's Budget Work Plan (RKAP) for 2023 of 111.37 percent.

This growth was detailedly driven by an increase in Free-on-Board (FOB) imported cargo, ship rental, and port services. These various stream revenues pushed revenues before interest, taxes, depreciation, and amortization (EBITDA) also rose 16.88 percent to 990.37 million US dollars.

"PIS is also supported by experienced management, with a total combination of expertise for more than 100 years across maritime, energy and financial sectors, thus ensuring reliable benefits for shareholders and the government," Yoki continued.

This achievement, he said, is also in line with the company's strategy to become a global player in the shipping and energy logistics industry.

PIS is recorded to have transported 161 billion liters of oil, fuel products, and LPG which were distributed throughout the country and abroad.

Operatingly, PIS also focuses on rejuvenation, fleet expansion and compliance with regulations. Of the total 94 fleets managed by PIS, 58 ships got an average score of 3.15 out of 5 in the Ship Inspection Report (SIRE), eligible to operate in special regional waters. Various PIS fleets also passed inspections by leading global oil and gas companies.

"We are committed to leading the decarbonization effort in accordance with the goals of the International Maritime Organization (IMO) and Pertamina's commitment to achieving Net Zero by 2060. PIS has spearheaded the adoption of dual-fueled LNG ships and other emission reduction technologies amid efforts to rejuvenate the fleet, showing proactive steps towards sustainable shipping solutions," Yoki explained.