Pertamina International Shipping’s 2023 Profit Soars to USD 330 Million

Jakarta, March 7, 2024 - One of Pertamina's subsidiaries has achieved impressive financial performance. PT Pertamina International Shipping (PIS), Pertamina's Integrated Marine Logistics Sub-holding, has successfully recorded a significant increase in profits for the 2023 financial year. PIS reported a net profit of USD 330 million in 2023, up 60.9% from the USD 205 million profit in 2022.

The company's profit increase was driven by revenue growth in 2023, with PIS recording USD 3.3 billion in revenue. This figure represents a 17.6% increase compared to the USD 2.83 billion revenue in 2022.

From an EBITDA perspective, the company also recorded a 16.9% growth from USD 847 million in 2022 to USD 990 million in 2023, with a relatively stable percentage at 29.7%.

"The revenue growth is up to USD 470 million, an incredibly remarkable and appreciative 2023 performance," said CEO of PIS, Yoki Firnandi (5/3).

Yoki explained that the profit and revenue increase in 2023 is the result of the company's performance and transformation program called "Vesselleration". This program formulates several fundamental aspects for accelerating the company's business and its subsidiaries.

"We undergo a transformation, digitization, and reorganization to accelerate business. As a result, PIS can expand its fleet, make business breakthroughs, global expansion, and increase revenue from third parties that continue to grow."

Yoki also emphasized that PIS' positive performance in 2023 is inseparable from the synergy and collaboration within the Pertamina Group, including PT Pertamina Patra Niaga, PT Kilang Pertamina Internasional, PT Pertamina Hulu Energi, and PT PGN Tbk, which always provide full support and entrust their business to PIS.

"PIS always provides the best quality of service, not only focusing on timely delivery but also safety and security while adhering to cost optimization and efficiency principles," he added.

Based on financial reports, revenue growth from third parties in 2023 also grew significantly, reaching USD 648 million. Thus, its portion grew from 14% in 2022 to 19% in 2023 of the total company revenue.

Not only achievements from financial performance and figures, PIS's agile business movements also prioritize safety, environmental, and social aspects and fully support PT Pertamina (Persero) energy transition commitment.

In 2023, PIS successfully added the Very Large Gas Carrier (VLGC) fleet, Pertamina Gas Amaryllis, which is the first giant dual-fuel tanker in Indonesia that is environmentally friendly. It includes biodiesel utilization as fuel for 146 vessels operated by the company, as a commitment to support the Indonesian government's Net Zero Emission 2060.

In terms of social and environmental responsibility, in 2023, PIS launched the BerSEAnergi program for the sea, which includes LiteraSea activities, empowerment, and improvement of coastal community health, coastal clean-up, and conservation of marine biota and ecosystems such as mangroves, coral reefs, and whale sharks.

LiteraSea activities to foster insights and love for the sea have been conducted in 22 schools throughout 2023. PIS also collaborated with doctorSHARE in operating the Nusa Waluya II Floating Hospital in Sorong, West Papua, for 45 days, reaching 3,370 beneficiaries.

"Success is not only measured by numbers but also by our positive impact on the world. At PIS, we are proud to achieve performance milestones while always considering environmental, social, and sustainable corporate governance. Because our obligation is not only to generate numbers but to pass on a legacy of goodness," Yoki concluded.

In line with this sentiment, the VP of Corporate Communication of Pertamina, Fadjar Djoko Santoso, stated that PIS' positive performance is tangible evidence of Pertamina's Subholding's success in focusing on developing its business according to its respective roles.

"PIS' aggressiveness in developing its business both domestically and internationally, evidenced by its good financial performance in 2023, indicates that Pertamina's Subholding has focused on running its business in each line and role," said Fadjar.

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social, and Governance (ESG) implementation across all Pertamina's business lines and operations.**