PRESS RELEASE: INTERIM DIVIDEND DISTRIBUTION TO SHAREHOLDERS

SOLID 9-MONTHS PERFORMANCE AND AMPLE LIQUIDITY, PSS TO DISTRIBUTE INTERIM DIVIDEND FOR SHAREHOLDERS

  • Cash Interim Dividend IDR 5 per share
  • Second Cash Dividend post its last year’s IPO
  • Healthy Financial Liquidity to Support the Company’s Sustainable Growth

JAKARTA, NOVEMBER 1, 2018

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) announced a cash interim dividend for its shareholders, amounted about IDR25 billion or about IDR5 per share.

This interim dividend reflected about 14.8% payout ratio from the Company’s 9-Months 2018 Net Profit.

Within 9 months in 2018, PSS generated net profit of about USD12.1 million, or equivalent to about IDR170 billion (Earnings per Share or EPS of about IDR34) on average January-September 2018 exchange rate of IDR14,052 per US$.

Second Dividend Post IPO

This is the Company’s second dividend since its IPO, the interim dividend will be distributed at the end of November 2018. The first dividend has been distributed in June of this year.

PSS listed its shares on the Indonesia Stock Exchange on December 5, 2017, selling about 1.0 billion shares or floating about 20% shares to the Public.

Note that the Company had paid cash final dividend of about IDR25.15 billion or about IDR 5 per share from its FY 2017 Net Profit.

Healthy Liquidity Position

The Company has Cash and Cash Equivalents of about US$10.5 million (excluding proceeds from 1 unit FLF divestment of about US$12 million) as of September 30, 2018.

At the same time, the Company’s Total Current Asset stood at about US$41.8 million with Total Current Liabilities of about US$18.8 million, showing Current Ratio of 2.22x. This compared to Current Asset and Current Liabilities positions of about US$27.9 million and US$14.8 million as of December 31, 2017, respectively, or Current Ratio of about 1.89x.

With such healthy financial liquidity position, the Company has wider room for financing its expansion, particularly in term of acquiring various shipping units to its operational fleet.

As of September 30, 2018, Tugs and Barges (T&B) contributed about 54.0% of Net Revenue, followed by Floading Loading Facility (FLF) and Mother Vessel (MV) of about 42.1% and 3.9%, respectively.

T&B reported a significant increase of coal transport activities, jumped by about 44% YoY, reaching about 9.5 million metric tons compared to about 6.6 million metric tons achieved in the last year’s same corresponding period.

Increase in coal transfer volume also allowed FLF business line to report total volume of about 15.7 million metric tons in 9M 2018, or increased by about 19% YoY from 13.2 million metric tons achieved in the last year’s same corresponding period.

As of September 30, 2018, PSS operates fleet of 81 various units, consisted of 38 units of Tugboats, 38 units of Barges, 4  units of Floating Loading Facility (FLF) and 1 unit of Handymax Class Mother Vessel (MV).