Pelita Samudera Shipping Distributes IDR 147 Billion Dividend, The Largest In The Company's History

JAKARTA - The Annual General Meeting of Shareholders (AGMS) of PT Pelita Samudera Shipping Tbk (PSSI) decided to distribute dividends of 10.2 million US dollars or approximately IDR 147 billion to its shareholders.

President Director of PT Pelita Samudera Shipping Tbk (PSSI), Iriawan Hutabarat said the dividend was equivalent to 41 percent of the company's net profit in 2021, which was valued at USD 25 million or equivalent to IDR 358.72 billion.

"The company will distribute a dividend of IDR 28 per share, the highest in the company's history," said Iriawan after the AGMS, Thursday, May 12.

Furthermore, said Iriawan, 5 percent of the net profit or USD 1.3 million (approximately IDR 17.9 billion) will be allocated as a reserve fund. Meanwhile, 54 percent of the profit or about 13.5 million US dollars (IDR 192.9 billion) was recorded as retained earnings.

Meanwhile, the PSSI started 2022 with revenues of 26.8 million, for the three-month period ending March 31, 2022 (based on the company's unaudited financial statements). This number increased by 31 percent (yoy), due to increased revenues from the Futures Rentals for the Tug and Barge and Bulk Vessel segments.

In the first quarter of 2022, the company received an additional USD 3.4 million in profit from the divestment of four assets, namely 1 large bulk carrier, 2 barges, and 1 tugboat. The company posted a gross profit of 9.6 million US dollars with a gross profit margin of 36 percent.

Meanwhile, the Company's EBITDA was recorded at 11.9 million US dollars in the first quarter of 2022, an increase of 78 percent (yoy). Iriawan said that despite the Indonesian government's regulation to prohibit coal exports in January 2022, which resulted in a drastic decrease in the volume of transportation, the company managed to generate operating and other income.

"Profit growth and gross profit margin increased largely due to good performance on all assets with manageable costs. A significant contribution also came from term rental income, around 64 percent of revenue," he said.

The company's net profit until the end of the first quarter of 2022 was recorded at 9.9 million US dollars, a significant increase of 289 percent compared to the same period last year. The increase in net income and at the same time increase earnings per share to IDR 28.

The company's financial ratios are so far at their best, with cash and cash equivalents of USD 29 million. The liability-to-equity ratio was 12 percent, lower than the previous year, which was 33 percent, thanks to the repayment of a USD 10 million bank loan in January 2022.

"PSSI is very healthy financially and can focus on sustainable business development," concluded Iriawan.