PT Pelita Samudera Shipping Tbk (PSSI) will continue to divest its assets and diversify its non-coal cargo transport to keep the business afloat this year. Iriawan Ibarat, President Director of PSSI, mentioned that both strategies had been proven effective in boosting the revenue by 59% year-on-year (yoy) to USD 108.7 million in 2021. This surge also allowed the net profit to soar to USD 25 million.

“We will push on and try to maintain our accomplishments in 2021, which were the best achievements we had seen in the company’s history,” Ibarat claimed in the official release received by idnfinancials.com. Until the end of 2021, the expansion of PSSI’s multi-cargo shipping had reached 30% in terms of the transport of non-coal commodities. This encompassed transporting nickels, copper concentrates, cement clinkers, silica sand, steel billets and other metal products.

“It also includes answering to the demand for alumina cargo transport made by a state-owned enterprise, PT Indonesia Asahan Aluminium (Inalum) in Q4 2021,” Ibarat further revealed.

On a side note, in order to support the business objectives this year, PSSI has prepared the capital expenditure (CapEx) of USD 10 million or IDR 143.5 billion. This CapEx budget is notably lower than the allocation in 2021 that reached USD 21 million. 

Source: https://www.idnfinancials.com/news/42712/pssi-proceed-asset-divestment-business-diversification