By Romel S. Gurky
IDX-listed PT Logindo Samudramakmur Tbk (IDX: LEAD), which provides offshore support vessels to the oil and gas industry, reported a strong financial turnaround for the year ending December 31, 2024. The company posted a net profit of US$3.53 million, reversing a net loss of US$5.40 million in 2023.
The company’s revenue surged by 42.5% to US$46.69 million in 2024, up from US$32.77 million the previous year, driven by stronger demand for its offshore support vessel (OSV) services. Gross profit also more than tripled to US$15.53 million from US$4.73 million, reflecting improved vessel utilization and better cost efficiency.
Read also: Logindo secures new loan facility for restructuring
Operating profit stood at US$10.85 million, a significant leap from US$741,471 in 2023. The gains were partially offset by higher administrative expenses, which increased to US$6.51 million from US$4.66 million, mainly due to increased staffing and operational activity.
Despite a 12.9% rise in finance costs to US$7.63 million, the company recorded a positive pre-tax profit of US$3.66 million, marking a sharp recovery from the US$5.41 million loss posted in the prior year.
Editing by Reiner Simanjuntak
