Jakarta. Pertamina International Shipping (PIS), the Integrated Maritime Logistics Subholding (SH IML) of Pertamina Group, has reaffirmed its position as a world-class company managed with professionalism and transparency. This is reflected in its strong performance across governance, efficiency, and productivity indicators, as presented in the 2024 annual report during last week’s General Meeting of Shareholders (GMS).

 “This positive performance indicates that the operational and business transformations we have implemented are on the right track. It also affirms PIS's position as a maritime logistics company that is not only operationally competent but also built on strong governance and financial foundations, with a clear focus on sustainability,” PIS Corporate Secretary Muhammad Baron said in a statement.

In terms of corporate governance, PIS recorded a Good Corporate Governance (GCG) score of 92.509, categorized as “Excellent,” based on an assessment conducted by an independent third party in accordance with guidelines from the State-Owned Enterprises (SOEs) Ministry. The assessment evaluated various parameters, including commitment to good governance practices, information disclosure, and internal transparency.

PIS has further strengthened its credibility among global investors, securing a Baa3 credit rating with a stable outlook from Moody’s. The international rating agency assesses corporate creditworthiness based on risk and long-term financial prospects.

On the operational side, PIS reported a 37.9% reduction in operating expenses and achieved EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of US$1.199 billion, a 21.16% increase compared to the previous year. These results reflect high efficiency levels and sustained business profitability. This positive growth was driven by various optimization efforts, supported by digitalization of operations and the adoption of advanced technologies for fleet management and voyage planning.

PIS also managed to reduce its cost of revenue by 6.64% to US$2.555 billion, down US$181 million from 2023. This achievement lays the groundwork for a healthier maritime logistics ecosystem and serves as a crucial asset for the company’s sustainable growth. It also aligns with the commitment of PIS and its subsidiaries within SH IML to deliver high-quality, internationally standardized commercial services.

In addition to business achievements, PIS also made significant strides in human capital development. In fiscal year 2024, the company recorded a 111% increase in Revenue per Employee (RPE), or the average revenue contribution per employee, from US$899,000 in 2023 to US$1.89 million. This growth reflects the strong efficiency, capability, and productivity of the company’s workforce.

“With a solid foundation of governance, efficient financial performance, and a strong commitment to sustainable business practices, we are confident in our ability to maintain growth momentum and expand PIS’s role as a global-scale maritime logistics player,” Baron concluded.

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