STRONG GROWTH, PELITA SAMUDERA SHIPPING’S Q1/2021 NET PROFIT ROSE MORE THAN 50% YOY

JAKARTA, 24 May 2021

PT Pelita Samudera Shipping Tbk (IDX “PSSI”), an integrated logistics services provider and sea transportation solutions for coal and mineral transport announced its first-quarter results ended March 31, 2021. Revenue increased by 6% (YoY) to US$20.5 million from US$19.3 million.

Despite the economy not being recovered due to pandemic challenges, the high and stable price of coal since the end of 2020, contributing positively to the increase in the company’s asset utilization in all business segments.

  • Tugboats & Barges (T&B) segment reached 92.8% utilization by contributing the highest revenue of US$8.7 million, followed by Bulk Carrier Motor Vessel (MV) which reached 100% utilization and Floating Loading Facilities (FLF) at 64.7%, each contributing Revenue at US$5.9 million.
  • Cost of Revenue only increased by 4% (YoY) to US$15.5 million from US$14.9 million, contributed by the increase in vessels repair and maintenance costs and time charter costs, but offset by a decrease in fuel costs, resulting in the Company posting a higher gross profit margin of 24.5% compared to Q1/2020 of 22.7%.

The T&B segment expanded its business diversification to transport nickel commodities in addition to coal, contributing the most to Time Charter Revenue which increased significantly by 98% (YoY) to US$5.7 million from US$2.9 million. Followed by the MV segment that has penetrated the wider market reach in the international market with higher average freight rates from the domestic market and increased multi-cargo transportation such as cement, steel billet, iron products, sugar in addition to coal. The Company posted a Net Profit for the year of US$2.5 million in Q1/2021, a significant increase of 54% (YoY) from US$1.6 million.

President Director, Iriawan “Alex” Ibarat said, ”The Company continues to take strategic steps to take advantage of global market conditions that are slowly starting to recover. In addition to focusing on diversification of multi-cargo transport commodities, the Company also maximized capital expenditure for fleet expansion with the purchase of 2-unit Tugboat in the first quarter and maximized the utilization of the asset.”

  • Total Assets of US$148.8 million, slightly higher than US$146.8 million as of December 31, 2020.
  • Total Equity of US$97.2 million, an increase of 3% from US$94.5 million as of December 31, 2020, contributed by a 7% increase in Retained Earnings to US$42.1 million from US$39.4 million.
  • Healthy capital and liquidity structure, the Company posted Cash and Cash Equivalents at the end of Q1/2021 of US$11.7 million, up 131% from Q1/2020 of US$5.1 million.
  • EBITDA of US$6.7 million with EBITDA margin at 33%.
  • The increase in Net Profit lifted Return on Invested Capital (ROIC) to 1.97%, Return on Asset (ROA) to 1.71%, and Return on Equity (ROE) to 2.62%.

Alex continued, “Nickel production volume in the first quarter year-over-year showed a positive trend with an average growth of 19%, predicted to grow significantly by 29% in 2021. This growth will contribute positively to the demand for transport of Tug and Barges and MV. We are optimistic that the good momentum in Q1 will continue in the second quarter and throughout 2021. With business diversification, asset optimization, and fleet expansion as part of our sustainable strategy, our targets to Increase Revenues by 15 to 20 percent in 2021,” concluded Alex.

Information regarding PSSI financial position as of March 31, 2021, based on Unaudited Financial Statements.

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