JAKARTA- PT Samudera Indonesia Tbk (SMDR) expects to record a profit of US$76.97 million in 2024, down 30% from US$ 109.99 million in 2023. The decline in profit was influenced by an increase in financial expenses, including losses from associates and joint ventures.

Quoting the 2024 Financial Report on Thursday (3/4), Bani Maulana Mulia, President Director of SMDR, said that the company recorded revenue of US$707.40 million, corrected by 4.53% from US$772.40 million. The decline in the company's revenue came from the main segment, namely Sea Transport Services.

The Sea Transport Services segment contributed US$487.56 million in revenue, down from US$548.81 million, Agency Activities, Forwarding and Port Activities US$104.97 million, up from US$100.30 million, Container and Cargo Equipment Handling Services US$72 million, up from US$62.12 million, and Time-based Vessel Charter Income US$50.63 million, up from US$34.33 million, and Others US$22.22 million, down from US$26.83 million.

Gross profit slid 2.83% to US$149.40 million from US$153.76 million, gross profit margin was 20.26%, up from the previous gross profit margin of 19.90%, and profit before income tax fell 28.54% to US$84.70 million from US$118.53 million.

Previously, Bani explained that the majority of the company's fleet operates in international markets with revenues in US dollars. Therefore, the strengthening of the US dollar against the rupiah did not have a significant negative impact on the company's performance.

‘We have two business segments with different impacts. For vessels operating in international markets, most of the revenue is earned in US dollars. Thus, when the dollar strengthens, this does not have a detrimental impact on us,’ Bani said on Wednesday (26/3).

Bani's full explanation can be read here. (LK/LM)