Financials
CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2024
Financials Archive
Please download the free Adobe Acrobat Reader to view these documents.
Condensed Interim Financial Statements for the Half Year ended 30 June 2024
Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income
Other Comprehensive Income
Review of Performance
Income statement
Income statement
In 1H2024, the Group recorded a revenue of USD223.0 million, compared to USD305.9 million in the previous
corresponding period a year ago. This took into account lower revenue contribution from the Container segment,
partially offset by improved contributions from the Bulk and Tanker and the Logistics business segments.
In 1H2024, the Container segment contributed revenue of USD202.5 million, compared to USD290.9 million in
1H2023. The decline was mainly due to a decrease in freight rates and lower container volume handled compared
to 1H2023. Container volume handled was 879,000 TEUs in 1H2024, versus 901,000 TEUs in 1H2023.
The Bulk and Tanker segment generated a 63.6% increase in revenue to USD12.7 million, from USD7.8 million in
1H2023. The increase was mainly driven by the addition and deployment of a liquefied petroleum gas tanker and
two ethylene gas carriers to the Group’s fleet.
Revenue from the Logistics segment rose 8.2% to USD7.8 million, from USD7.2 million a year ago. This takes into
account an increase in third-party and fourth-party logistics business activity from existing and new clients in
Indonesia.
Cost of sales decreased 19.6% to USD194.5 million in 1H2024, from USD242.0 million in the previous
corresponding period, mainly due to lower third-party slot purchases and decrease in charter-hire costs following
the renewal of certain chartered vessels.
Other operating income decreased to USD1.7 million, compared to USD7.6 million in 1H2023, in the absence of a
USD3.3 million gain on consolidation recorded in 1H2023 following the Group’s acquisition of a 50% stake in the
third-party logistics subsidiary in Indonesia as well as lower forex gain of USD0.4 million in 1H2024 due to the
strengthening of the US Dollar against the Singapore dollar and Indonesia Rupiah.
Finance income rose 20.9% to USD7.7 million, from USD6.3 million in the previous corresponding period, mainly
due to higher interest rate earned for the Group’s fixed deposits.
On the other hand, finance expenses increased by 54.3% to USD6.9 million, compared to USD4.5 million in 1H2023,
as a result of bank loans secured to partially finance the two container vessels acquired in June 2023.
The Group recorded lower share of results of USD1.4 million from its joint venture company, compared to USD3.9
million a year ago. This took into account the absence of a USD1.2 million one-time insurance claim recovery and
higher amortisation on vessel docking cost arising from scheduled maintenance.
Factoring in the above, the Group recorded net profit of USD21.0 million in 1H2024, compared to USD66.3 million in 1H2023.
Balance sheet
The Group’s property, plant and equipment amounted to USD230.1 million as at 30 June 2024, compared to
USD217.0 million as at 31 December 2023, in view of the addition of two ethylene gas carriers. Right-of-use assets
decreased to USD153.3 million as at end-1H2024, compared to USD173.5 million as at 31 December 2023.
Trade receivables amounted to USD62.7 million at end-1H2024, compared to USD77.1 million as at 31 December
2023, taking into account the lower business activities.
The decrease in current and non-current term loans came on the back of the Group’s repayment of loans. Lower
charter-hire rates for container vessels contributed to lower current and non-current lease liabilities as at 30 June
2024.
Condensed Interim Statements of Financial Position
Commentary On Next 12 months prospects
The outlook of the container shipping industry remains challenging, amid continued port congestions and disruptions
to vessel schedules in the region, as liners continued to bypass the conflict in the Red Sea. Current market freight
rates is showing an uptick and this should be positive for the Group.
The Group will be taking delivery of two container newbuilds in the 2nd half of 2024, as part of its fleet rejuvenation
effort to improve operating and cost efficiencies.
With the delivery of its second ethylene gas carrier in April 2024, the Group’s tanker fleet now comprises four gas
carriers (including two ethylene gas carriers, one liquefied petroleum gas carrier and one liquefied natural gas carrier)
and four chemical tankers. All the tanker vessels are currently under gainful employment and generating stable
income for the Group.
The Logistics business is expected to continue delivering positive returns, with the Group making good progress in
enhancing its footprint in Indonesia through the provision of supply chain management and third-party and fourthparty logistics services.
Amid prevailing challenges, the Group will maintain its prudent approach in managing its operations and investments, while leveraging its nimble fleet management strategy to optimise cost and operational efficiency, to ensure that it remains competitive. At the same time, it will also continue to look out for opportunities for growth across its business segments.