PT Batulicin Nusantara Maritim Tbk (BESS) has reported an improvement in performance as of September 2023. BESS is optimistic about continuing its growth trend until the end of this year.
According to the financial report as of September 30, 2023, BESS recorded a current period profit of IDR 51.07 billion. This represents a significant increase of 46.39% from IDR 34.89 billion in September 2022.
Meanwhile, BESS successfully reduced liabilities by 49.77% as of September 2023, amounting to IDR 140.79 billion compared to IDR 280.31 billion at the end of 2022.
BESS generated revenue of IDR 262.03 billion, compared to IDR 307.28 billion in September 2022. The company's entire income comes from domestic shipping services to third parties.
During the same period, BESS managed to decrease the cost of goods sold by 22.55% in the third quarter of 2023, totaling IDR 177.68 billion, down from IDR 228.54 billion in the third quarter of 2022. As a result, BESS recorded a gross profit of IDR 84.35 billion, an increase from the previous year's IDR 78.74 billion.
Director of Batulicin Nusantara Maritim, Yuliana, expressed that the positive performance of the coal and nickel business sectors contributed to BESS's success. In addition to achieving profit growth, BESS's net profit margin also increased to 19.58% in the third quarter of 2023, up from 11.35% in the same quarter of 2022.
"With the initiative to expand in the nickel industry, supported by the recovery in the coal industry, BESS can drive better company growth in 2023," she stated in a press release on Monday (20/11).
Currently, BESS operates specifically with two sets of tugboats and barges to focus on providing nickel maritime transportation services in the North Morowali, Central Sulawesi.
Yuliana mentioned that if necessary, BESS would consider adding new ship units focused on the nickel industry to support maritime transportation services in Indonesia.
BESS currently operates 18 sets of tugboats and 18 barges, all of which are confirmed to be safe and reliable for operation. The company also possesses Landing Craft Tank (LCT), a vessel used for transportation in seas and shallow waters.
LCTs are typically used for inter-island or inter-location shipments with large-sized cargo and heavy equipment. With LCTs, these tools and materials can be transported to remote areas that are difficult to reach with regular cargo ships.
On the other hand, BESS remains optimistic that global demand for coal will remain high. Although coal prices experienced a correction at the beginning of the year, demand for coal is expected to increase significantly in the final months of the year, from October to December 2023.
"The coal industry is expected to rise in the fourth quarter of 2023 due to the winter season demand, which will also impact the recovery of coal prices," she emphasized.
In terms of cash flow, BESS directed a net cash flow of IDR 200.57 billion towards investment, up from IDR 8.30 billion the previous year. Cash and bank balances at the end of September 2023 amounted to IDR 103.59 billion, down from IDR 148.40 billion.
BESS has also increased its equity to IDR 544.59 billion compared to the previous IDR 492.35 billion. The total assets of BESS reached IDR 685.39 billion as of September 2023, compared to IDR 772.66 billion previously.
Image source: BESS
