PT Jasa Armada Indonesia/JAI Tbk (IDX: IPCM) enjoyed a positive increase both in revenue and net profit last year (2023). The company recorded a net profit of Rp 157.6 billion, an increase of 4.6% year on year (YoY), from Ro 150.6 billion, thanks to the significant revenue growth.
Its revenue in 2023 increased 16.1% from RP 980 billion to RP 1.1 trillion. Its business in general port services remained the leading contributor, reaching Rp 525 billion or 46.1% of total revenue, up 4.2% YoY, from Rp 504 billion in 2022.
The remaining were created by other services, including TUKS (terminal for owned cargoes) amounting to Rp 191 billion or 16.8% to the total; Tersus (special terminals) amounting to Rp 343 billion or 30.1% of the total, and ship management services and other marine services that amount to Rp 31.5 billion and Rp 46 billion, respectively.
Commending such positive achievement, PT JAI President Director Shanti Puruhita underlined the innovations to provide better service and in creating safety and provision of qualified facilities and equipment had supported the company to stay at this position.
“This year we created a revenue record to exceed Rp 1 trillion, thanks to a better macro economy during the year and our new income sources from market expansion,” Shanti said in a press statement this morning, April 1, 2024.
However, in parallel with the revenue increase, the company operating cost also increase. The operating cost increased 17.8% YoY, from Rp 678 billion in 2022 to Rp 799 billion in 2023, which was mostly due to the increasing expense for fuel. Though the operating cost increased, but the company’s operating profit still increased by 5.6%, from Rp 174 billion to Rp 184 billion.
IPCM also recorded an increase in total asset, by 2.3%, from Rp 1.49 trillion in 2022 to Rp1.52 trillion 2023.
New Market, New Contracts
Shanti named some driven factors for such revenue increase last year. Throughout 2023, IPCM succeeded in strengthening its fleet by launching three new pilot boats and one tugboat.
In addition, new works following the assignment of several business cooperation agreements with some partners have triggered the income growth. In 2023, IPCM signed cooperations with PT Cemindo Gemilang Tbk., PT Nusantara Regas, PT Jawa Satu Power, PT Cirebon Electric Power, and PT Cirebon Energi Prasarana. It also signed a strategic partner collaboration with PT Lang Lang Laju Layang and PT Pelabuhan Bukit Prima.
Apart from that, said Shanti, such revenue increase also created by the tariff adjustment during the year, including adjusting the tariff for ship both pilotage and towage service throughout Pelindo ports, and the tariff for areas of Tersus Cemindo Gemilang Tbk Bayah, Tersus FSRU PT Nusantara Regas, Tersus and TUKS PT Cirebon Electric Power and PT Cirebon Energi Prasarana.
In addition to the market expansion and tariff adjustment, some transformation programs and HSSE (K3) the company had taken during the year.
These programs have encouraged to a better fleet maintenance, enrichment of knowledge and a fit to work program for ship crew to ensure the entire team is always in a fit condition to carry out operational activities safely.
“We carry out transformation and digitalization to adapt the business to current developments, thus being able to increase its fleet, expand market, and increase income,” she explained.
2024: Continue Expanding Cooperation
Shanti said that in 2024, IPCM will also continue to actively strengthen its business by carrying out a number of collaborations on pilotage and towage services in several locations with strategic partners.
She expressed gratefulness for the full trust and support of customers, business partners and IPCM stakeholders. “We are committed to our services to continue to meet the expectations of service users by continuing to improve and improve service quality for better customer satisfaction.”
This year, she emphasized, IPCM would build cooperation with cargo owner in Palembang, i.e PT Maritim Barito Perkasa (Adaro Group) and PT Karya Pacific Shipping. IPCM would provide tug boats for towage service at STS Musi River Mouth.
“In 2024, IPCM’s business strategy will continue by adjusting the strategy and master plan of companies operating in the maritime services sector, by continuing to carry out business expansion, both organic and inorganic. “IPCM will continue to strengthen the tug and pilot fleet to improve operational services with a focus on customer satisfaction, ensuring fleet readiness, work safety and sustainable transformation,” added Shanti.
Apart from financial performance achievements, IPCM also commits to support environmental, social and sustainable corporate governance elements. IPCM’s ESG management continues to improve, as indicated by the achievement of awards/recognition, one of which is the Gold Champion award in the Environmental Element category from the Bisnis Indonesia’s Corporate Social Responsibility Awards.
IPCM prioritizes environmentally friendly principles through a commitment to using alternative environmentally friendly marine fuel of Biosolar B30 which relatively reduces carbon emissions as a form of reducing negative impacts due to fuel residue.
IPCM has and will continue to develop the use of shore connections to support the use of energy other than fuel to support its operations. Apart from that, three pilot boats which were released in 2023 were also designed to have a go green concept.
In terms of social and environmental responsibility (TJSL), in 2023 IPCM will continue to support priority environmental programs through the conservation of marine biota and ecosystems, such as planting 400 coral reef seedlings and planting 1,000 mangrove trees in North Jakarta.
Apart from that, IPCM also encourages Micro, Small Enterprises (UMK) through development and training programs for woven and products in Eastern Indonesia.
“IPCM’s performance is always in line with sustainable performance. Our commitment to the public is not only to maintain financial aspects but also to create sustainable businesses by strengthening MSMEs which have an important role as supporting the nation’s economy,” said Shanti.