IMC Pan Asia Alliance

Solid performance and asset optimisation resulted in high profitability, PSS reported fy2018 net profit of US$14.1 million

  • 2018 Net Profit achievement was the highest in the last 5 years
  • Earnings per Share (EPS) reached about IDR39 (IDR 14,000/USD)
  • Bigger financial capacity will help PSS to accelerate growth



PT Pelita Samudera Shipping Tbk (“PSS”, “The Company”, IDX code: PSSI) today announced its audited financial result ended December 31, 2018.

FY2018 Net Revenue was around US$63.6 million, reflecting an increase of about 30% year-on-year (YoY) from about US$49.0 million in 2017.

Increase in volume and rate of Tugboat and Barge (TNB) and the commencement of new business line Mother Vessel (MV) attributed largely to the Company’s Revenue performance.

TNB formed about 56% of the Company’s Net Revenue in 2018, followed by Floating Loading Facility (FLF) of about 39% and MV of about 5%.

Gross Profit increased by about 54% YoY to around US$16.3 million in 2018 from around US$10.5 million in 2017, thus expanding Gross Profit Margin to 25.6% in 2018 vs. 21.5% in 2017.

Solid operational performance coupled with asset optimisation in the form of divestment of 1 unit of FLF allowed PSS to report 2018 Net Profit of about US$14.1 million, the biggest achievement in the last 5 years, showing a 4-fold increase from 2017.

Excluding non-recurring income and expenses, PSS managed to double its FY2018 Net Profit to around US$7.8 million from around US$3.9 million in 2017.

This achievement resulted in higher profitability with Net Profit Margin of about 12.2% in 2018 compared to about 8.0% in 2017.

EBITDA was around US$23.4 million in 2018, upped by about 32% YoY from around US$17.7 million, reflecting EBITDA margin of about 36.8% in 2018 better than about 36.2% in 2017.

Bigger financial capacity to accelerate growth

The Company continues to build up stronger financial position as Total Assets increased by about 8% YoY to around US$110.1 million and Total Equity increased by about 17% YoY to around US$71.7 million as of December 31, 2018.

On the same corresponding period, PSS has Cash and Cash Equivalent of about US$15.7 million (including Restricted Cash of about US$2.2 million) while total outstanding Bank Loans stood at about US$25.4 million.

The Company’s Gearing and Net Gearing Ratios were 0.35x and 0.13x as of December 31, 2018, much better than 0.52x and 0.26x as of December 31, 2017, respectively.

Debt to EBITDA and Net Debt to EBITDA ratios as of December 31, 2018 were respectively, 1.08x and 0.41x, lower than 1.81x and 0.89x as of December 31, 2017, respectively.

Such solid financial position displayed that PSS has a well-managed capital structure and solid financial capacity.

Utilization of the Company’s financial capacity, starting with combination of internal cash and bank financing for MV fleet expansion consisted of 1 unit of handysize class vessel in December 2018 and 2 units of supramax class vessels, each in January 2019 and February 2019, will accelerate PSS growth in 2019 and onwards.

The Company is targeting Net Revenues to grow by around 25% to 30% with EBITDA margin of around 28% to 30% in 2019.



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