CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS AND FULL YEAR ENDED 31 DECEMBER 2024
Financials Archive
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Condensed Interim Financial Statements for the six months and full Year ended 31 December 2024
Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income
Other Comprehensive Income
Review of Performance
Income statement
Income statement
In FY2024, the Group recorded revenue of USD532.0 million, 8.7% lower than that of the preceding financial year
(“FY2023”), taking into account of higher revenue contribution from the Bulk & Tankers and Logistics segments.
In 2H2024, the Group delivered a 11.6% rise in revenue to USD309.1 million, compared to USD277.0 million in
the previous corresponding period (“2H2023”), driven by higher contributions from all the business segments.
In FY2024, the Container segment generated a revenue of USD489.7 million, 11.0% lower compared to
USD550.1 million in FY2023 as the average freight rates and container volume handled is lower as compared to
FY2023. Container volume handled in FY2024 was about 1,911,000 TEUs, versus 1,956,000 TEUs in FY2023.
In 2H2024, revenue rose 10.8% to USD287.2 million, from USD259.2 million in 2H2023, mainly as a result of
higher freight rates in 2H2024 compared to 2H2023. Container volume handled was about 1,032,000 TEUs in
2H2024, versus 1,055,000 TEUs in 2H2023.
The Bulk & Tanker segment recorded a 42.8% increase in revenue to USD26.1 million in FY2024, from USD18.3
million in FY2023. In 2H2024, revenue rose 27.4% to USD13.4 million, from USD10.5 million in 2H2023.
The improvement in both periods was contributed by the addition and employment of a liquefied petroleum gas
tanker and two ethylene gas tankers to the Group’s fleet.
In FY2024, the Logistics segment recorded a growth of 12.3% in revenue to USD16.4 million, from USD14.5
million in FY2023. Revenue for 2H2024 increased by 16.2% to USD8.5 million, from USD7.3 million in 2H2023.
These were mainly in line with increases in third-party and fourth-party logistics business activities from existing
and new clients in Indonesia.
Cost of sales declined by 9.3% to USD429.7 million in FY2024, compared to USD474.0 million in FY2023, taking
into account of lower charter-hire costs and third-party slot purchases. These were partially offset by an expanded
tanker fleet and higher business activity in the Logistics segment.
Gross profit for FY2024 thus amounted to USD102.3 million, compared to USD108.9 million in FY2023. In
2H2024, gross profit rose 64.0% to USD73.8 million, versus USD45.0 million in 2H2023.
Marketing & administrative expenses for FY2024 increased by 16.7% to USD23.0 million, compared to USD19.7
million in FY2023. The increases were mainly due to a larger workforce and the corresponding higher staff costs,
as well as a doubtful debt allowance of S$0.7 million, versus reversal of doubtful debt allowance of US$0.6 million
recorded in FY2023.
Other operating income fell 56.5% to USD3.5 million, from USD8.0 million in FY2023, mainly due to lower foreign
exchange gain recorded in FY2024, as well as in the absence of a USD3.2 million gain on consolidation recorded
in FY2023, following the Group’s acquisition of a 50% stake in the third-party logistics subsidiary in Indonesia.
This was offset by a gain on disposal of aged containers.
In FY2024, the Group recorded other operating expenses of USD0.4 million which include an impairment of right-of-use assets relating to leased ISO tanks, compared to USD0.1 million in FY2023.
Finance income increased by 17.1% to USD15.3 million in FY2024, compared to USD13.1 million in the previous
financial year contributed by higher interest rate for the Group’s deposits.
Finance expenses rose 36.4% to USD14.9 million, from USD 10.9 million as a result of bank borrowings obtained
to finance the acquisition of vessels, which include two container vessels, a liquefied petroleum gas carrier and
two ethylene gas carriers.
In FY2024, the Group recorded a share of loss of USD7.8 million from its joint venture company, in view of
impairment losses of USD10.6 million recorded in relation to its vessel and higher amortisation on vessel docking
cost arising from scheduled maintenance.
In view of the above, the Group registered net profit of USD71.2 million in FY2024, compared to USD101.0 million in FY2023. Net profit for 2H2024 rose 44.4% to USD50.2 million compared to 2H2023.
Balance sheet
The Group’s property, plant and equipment amounted to USD275.7 million as at 31 December 2024, compared to
USD217.0 million as at 31 December 2023, in view of the addition of two ethylene gas carriers and two container
vessels. Right-of-use assets decreased from USD173.5 million as at 31 December 2023 to USD145.2 million as
at 31 December 2024 resulting from depreciation.
The Group held cash and bank balance of USD374.5 million as at 31 December 2024, versus USD358.7 million
as at 31 December 2023.
Trade receivables increased to USD85.0 million as at end-FY2024, compared to USD77.1 million, in line with the increase in business activity in 2H2024. The higher current and non-current term loans as at end-FY2024 was mainly due to financing for two newly acquired container vessels, a liquefied petroleum gas carrier and two ethylene gas carriers. Lease liabilities decreased from USD183.8 million to USD154.0 million as a result of scheduled repayment.
Condensed Interim Statements of Financial Position
Commentary On Next 12 months prospects
The operating environment for the container shipping industry is expected to remain challenging. The gravitating
of manufacturing activity towards Southeast Asia and India could support demand for container shipping services
between trade areas in Southeast Asia and India. The realignment of global shipping alliances is expected to
result in shifts in transhipment and regional shipping routes, which could lead to competitive pressures while also
presenting opportunities for regional operators like Samudera. New vessel deliveries expected from 2025
onwards will add market capacity and could put pressure on freight rates.
The Group has taken delivery of two container vessels in 2H2024, bringing its container fleet to 28 vessels,
comprising a balanced mix of owned and leased vessels, both short- and long-term. It has launched new services
to the Middle Eastern region in 2H2024 and will continue its approach of nimbly adjusting fleet deployment and
service network to capture opportunities as they arise.
The Group’s tanker fleet is fully employed. The Group remains on the lookout for viable opportunities to expand
its fleet with younger and more modern vessels to support the needs of its customers and to support demand for
alternative fuels such as liquefied petroleum gas and ethylene gas.
The Group expects its logistics business to continue delivering positive returns, having secured new warehousing
and fourth-party logistics contracts in Indonesia. It intends to reinforce its presence and explore opportunities to
enhance its landside offerings in Indonesia, including warehousing capacity.
In all, the Group remains focused on managing its costs and investments prudently, while maintaining operational flexibility, as it continues to work with business partners and customers to meet their logistics needs.