Jakarta. Pertamina International Shipping (PIS) has recorded $330 million in net profit in 2023, up by 60.9 percent versus $205 million posted the previous year.

The company attributed the skyrocketing net profit to the revenue growth. PIS’s revenue reached $3.3 billion last year, marking a 17.6 percent increase from $2.83 billion in 2022. PIS also announced that its earnings before interests, taxes, depreciation, and amortization (EBITDA) grew 16.9 percent from $847 million in 2022 to $990 million the following year with a fairly stable percentage of 29.7 percent.

“Revenue grew by $470 million, this is extraordinary,” PIS chief executive officer Yoki Firnandi was quoted as saying in a recent press statement. 

Yoki also attributed the robust financial performance to the so-called “Vesseleration” program, which seeks to spur business growth. 

"We carry out transformation, digitalization, and reorganization to boost business. As a result, PIS can increase its fleet, make business breakthroughs, expand globally, and increase revenue from third parties which continues to grow,” Yoki said. 

The robust positive performance cannot be separated from the synergy within Pertamina Group, namely; Pertamina Patra Niaga,  Kilang Pertamina Internasional,  Pertamina Hulu Energi, and  PGN, according to Yoki. 

"PIS always provides the best quality service which not only prioritizes punctual delivery but also safety and security while still adopting cost optimization and efficiency," He said. 

In 2023, revenue from third parties also rose to $648 million. Its portion grew from 14 percent in 2022 to 19 percent in 2023 of the company's total revenue.

In 2023, PIS succeeded in adding Pertamina Gas Amaryllis' Very Large Gas Carrier (VLGC) fleet, which is the first giant dual-fuel tanker in Indonesia that is environmentally friendly. PIS uses biodiesel for its 146 ships in a move to support the government's goal of reaching net zero emissions by 2060.

In terms of social and environmental responsibility, PIS last year launched the BerSEAnergi for the Sea program which includes LiteraSea activities, empowerment and improving the health of coastal communities, coastal clean-up, and conservation of marine biota and ecosystems such as mangroves, coral reefs, and whale sharks.

PIS has launched LiteraSea activities, which seek to foster marine awareness, in 22 schools throughout 2023. PIS has also partnered with doctorSHARE in the operations of the Nusa Waluya II Floating Hospital in Sorong, West Papua, for 45 days. This initiative has helped 3,370 people, according to the press release.