JAKARTA – The performance of PT Samudra Indonesia Tbk (SMDR), an operator of logistics and shipping services, reportedly slowed down in the first half of 2024 due to decline in freight income. As a result, its net profit also dropped 56.50% year-on-year (yoy) from H1 2023.

Based on Financial Report of H1 2024 quoted today (5/8), total revenue of this Indeks52 constituent was reported at USD 323.90 million, down 17.85% yoy from USD 394.26 million in H1 2023.

This decline resulted from low contribution of freight income, shrinking to USD 196.04 million from USD 290.87 million, whereas other segments brought in USD 16.29 million, also down from USD 17.79 million.

In the meantime, other lines still managed to boost revenue increase, including agent and port forwarding service with USD 50.48 million, up from USD 44.25 million.

Freight and loading equipment handling service also reported increase in income from USD 28.07 million to USD 36.50 million, as did time-based vessel charter from USD 13.27 million to USD 24.57 million.

SMDR’s gross profit saw 40.88% yoy decline to USD 53.49 million from USD 90.48 million, bringing its margin down from 22.94% to 16.51%. Current year’s net profit attributable to the parent entity also dropped to USD 22.50 million from USD 51.74 million. (LK/ZH)