• Net profit per share (EPS) reach about IDR 34
  • Seeking new business opportunities, PSS committed in continuing its fleet expansion


PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) announced its 9-months (9M) 2018 result. The Company reported Net Revenue of about US$46.8 million, reflecting an increase of 47.0% Year-on-Year (YoY), owing to solid performance generated by all of its business lines.

Tugs and Barges (T&B) contributed about 54.0% of PSS 9M 2018 Net Revenue, followed by Floading Loading Facility (FLF) and Mother Vessel (MV) of about 42.1% and 3.9%, respectively.

T&B reported a significant increase of coal transport activities, jumped by about 93% YoY, reaching about 9.5 million metric tons as of 9M 2018 compared to about 4.9 million metric tons achieved in the last year’s same corresponding period.

Increase in coal transfer volume also allowed FLF business line to report total volume of about 15.7 million metric tons in 9M 2018, or increased by about 19% YoY from 13.2 million metric tons achieved in the last year’s same corresponding period.

New business line, MV reported total volume of about 110.4k metric tons in 9M 2018. Note that the MV “Dewi Saraswati” was delivered to PSS in February 2018. Accordingly, MV “Dewi Saraswati” commenced its operation in March 2018.

PSS booked 9M 2018 Gross Profit of about US$12.6 million, more than 2-fold increase from US$5.6 million in 9M 2017.

The Company’s Gross Profit Margin, as a result, expanded from about 17.6% in 9M 2017 to about 26.9% in 9M 2018 in the mid of increase in fuel and diesel oil, fleet repair and maintenance, as well as charter hire expenses to accommodate high demand on coal transportation.

With stronger operational performance coupled with divestment of 1 unit FLF, PSS managed to report 9M 2018 Net Profit of about US$12.1 million compared to 9M 2017 Net Profit of about US$1.4 million. Excluding the One-Off Income and Expenses, PSS achieved 9M 2018 Net Profit of about US$5.4 million.

Committed for Fleet Expansion

The Company’s consistent effort to expand fleet combined with recovery of Thermal Coal Price allowed PSS to enjoy increases in T&B and FLF volume. During the last 2 years, PSS has successfully added 12 units of tugboats and 10 units of barges into its operational fleet.

In addition, the Company entered dry-bulk cargo business segment by acquiring 1 unit of Handymax Class MV named “Dewi Saraswati” in line with its effort to seek new market opportunity and expand its customer base.

A combination of 1 unit FLF divestment completed in October 2018 and healthy financial position will bring PSS better financial flexibility to support its fleet expansion commitment.

As of September 30 2018, PSS reported Cash and Cash Equivalents of about US$10.5 million (excluding proceeds from FLF divestment of about US$12 million) with Total Interest-bearing Debt of about US$27.1 million and Equity of about US$71.3 million.

Such solid financial positions displayed PSS well-managed capital structure with Gearing and Net Gearing Ratios of 0.38x and 0.23x as of September 30, 2018, better than 0.52x and 0.29x achieved as of September 30, 2017, respectively.