JAKARTA – PT MPX Logistics International Tbk (MPXL) will expand its logistics services to ocean freight services to drive revenue growth. This plan had been approved by shareholders during Extraordinary General Meeting of Shareholders last week (25/11).

James S. Chandra, Director of MPXL, confirmed that the company has established PT MPX Maritim Nusantara, a subsidiary aimed to focus on domestic ocean freight services.

“The capital investment took up IDR 5 billion,” said Chandra, quoted today (3/12).

The issuer is confident of securing revenue surge following this sea transport addition, as from January to September 2024, MPXL’s expedition services covered 49.07% of total revenue, equal to IDR 72.62 billion out of IDR 147.97 bilion.

For comparison, in the same period last year, the contribution of this segment was only 40.74% of total revenue of IDR 140.5 billion.

On the other hand, MPXL’s stock was still seen deflating, plunging 60% since the beginning of this year until this morning (3/12).

Earlier in 2024, MPXL’s price managed to reach IDR 250 per share, but dropping significantly to IDR 100 per share on Tuesday (3/12) morning. (LK/ZH)