JAKARTA. PT Pelita Samudera Shipping Tbk (PSSI) is targeting net profit growth of 15% to 20% in the next financial year, supported by revenue growth of 20% to 25%.
Imelda Agustina Kiagoes, Corporate Secretary of PSSI, said the company will be supported by a number of positive catalysts that support the company's performance.
First, the price of coal commodities began to move up at the end of this year. Second, the Beyond Cabotage regulation, which requires the use of Indonesian-flagged vessels for export activities in Indonesian waters. Finally, the domestic economy and the political situation in Indonesia are also considered more stable than in 2019.
In addition, PSSI assesses the 2019 target is in line with the trend of its performance growth during January-November (11M) 2019. "PSSI has increased revenue growth by 20% as of 30 November 2019, 47% was contributed by the transport of Tug and Barge (TNB), 31% by Floating Loading Facility (FLF), and 22% by Motor Vessel (MV), "Kiagoes said on Thursday (12/12) today to idnfinancials.com.
PSSI's total asset value rose by 27% in 11M 2019 to US$ 140.1 million. This growth is supported by 4 new ships purchased this year, which will be fully operational in 2020. PSSI will also allocate capital expenditure of US$ 30 million next year, to strengthen its logistics and sea transportation services. (KR/AR)