business

PIS Achieves Successful Business Transformation, Shining Performance In 2023

PT Pertamina International Shipping (PIS), a subsidiary of PT Pertamina (Persero) Integrated Marine Logistics Sub Holding, has achieved positive performance with a series of impressive accomplishments for the year 2023.

This achievement was announced at the Annual General Meeting of Shareholders (AGM) of PIS in Jakarta (20/6), attended by the President Director of PT Pertamina (Persero), Nicke Widyawati, and other shareholders who approved the annual director's report for the 2023 fiscal year, which has been audited.

PIS has successfully achieved several milestones in 2023 in terms of financial performance, operations, fleet, business expansion, and commitment to sustainable business practices.

"Congratulations to all the teams for their excellent achievements throughout 2023 in all aspects. And this is certainly the result of the business transformation carried out in the Integrated Marine Logistics Sub Holding and the good collaboration of all teams," said Nicke Widyawati, President Director of PT Pertamina (Persero), on Thursday (19/6).

In terms of financial performance, PIS has successfully recorded a profit of US$ 330 million, an increase of 60.94% compared to the previous year. This achievement was partly driven by third-party revenue, which increased from 14% in 2022 to 19% in 2023.

"This reflects PIS's success in international expansion. With branch offices in Singapore and Dubai, the company now operates on 50 global routes and has explored 5 continents around the world," said PIS CEO Yoki Firnandi.

He further emphasized that the performance in 2023 was also driven by the company's transformation program, which yielded strategic initiatives that became the key to accelerating PIS's business. "With strong performance and ensuring consistent profitability every year, PIS continues to compete globally, offering competitive service solutions to customers outside the Pertamina Group, thus expanding its reach and impact in the market."

The significant increase in profit was also driven by the company's revenue growth, with PIS recording a total of US$3.33 billion, exceeding the target in the Company's Budget Work Plan (RKAP) for 2023 by 111.37%. This growth was mainly fueled by the increase in Free-on-Board (FOB) import cargo, ship leasing, and port services. These various revenue streams also contributed to a 16.88% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching US$990.37 million.

"PIS is also supported by experienced management, with a combined expertise of over 100 years in the maritime, energy, and finance sectors, ensuring reliable profits for shareholders and the government," added Yoki.

He further stated that this achievement is in line with the company's strategy to become a global player in the shipping and energy logistics industry. As a virtual energy lifeline, PIS has transported a total of 161 billion liters of oil, petroleum products, and LPG distributed both domestically and internationally. Operationally, PIS also focuses on fleet rejuvenation, expansion, and compliance with regulations. Out of the total 94 fleets managed by PIS, 58 vessels have obtained an average score of 3.15 out of 5 in the Ship Inspection Report (SIRE), qualifying them to operate in specific regional waters. Various PIS fleets have also passed inspections by leading global oil and gas companies. "We are committed to leading decarbonization efforts in line with the International Maritime Organization's (IMO) goals and Pertamina's commitment to achieve Net Zero by 2060. PIS has been at the forefront of adopting dual-fuel LNG ships and other emission reduction technologies amidst fleet rejuvenation efforts, demonstrating proactive steps towards sustainable shipping solutions," explained Yoki.