BLT Group Financial Performance Continue to Improve

The Group’s improved performance in 2022 can be seen from the results of the Group’s financial statements where 2022 is the second year that the Group has succeeded in obtaining an Unqualified opinion from the Auditor.

The Group’s performance can be shown by the increase of US$3.1 million (53.3%) in the Group’s net profit of US$9 million in 2022 compared to US$5.9 million in 2021.

The increase in the Group’s net profit was supported by an increase in operating revenues of US$ 3.9 million (34%), namely US$ 23.6 million in 2022 compared to 2021 of US$ 19.7 million. The increase in operating revenues is the impact of the increase in the number of vessels operated by the Group in 2022. The Group operates 8 vessels consisting of 3 chemical tankers and 2 gas tankers owned by the Group, as well as 3 chemical tankers owned by affiliated companies.

In addition to the increase in revenue, cost efficiency is one of the factors that also affect the Group’s performance. Amid an increase in the Group’s shipping expenses of US$2.1 million (51.2%), namely US$6.2 million in 2022 compared to US$ 4.1 million in 2021, the Group was still able to record an increase in operating income after shipping expenses of 11. 6% in 2022. The increase in shipping expenses was mainly due to the increase in fuel costs which was the result of the war between Russia and Ukraine which caused an increase in world oil prices throughout 2022. The Group also recorded operating costs of US$ 10.6 million in 2022 which decreased by US$ 0.3 million (2.5%) compared to US$ 10.9 million in 2021, so the gross profit of the Group recorded an increase of 44.3% in 2022.

The Group’s Comprehensive Profit for the year 2022 was recorded at US$7.5 million, an increase of US$3.3 million or 79.7% from the year ending 2021. The increase significantly shows the overall improvement in Group performance.

Entering 2023, many resolutions were made with the determination of doing and providing more, while remaining introspective with the issue of a global recession during 2023. The Group is determined to implement new and better sustainable strategies, operations, business management and financial risks. The Group has sufficient resources to carry out activities and carry out future business plans.

The Company is confident that we are on the right path to optimize ourselves steering towards growth and sustainability. The Company is in full energy to reach its goals, to break boundaries, to seek opportunities, to be ready and creative in facing far more challenges ahead, to keep the enthusiasm, to stay hungry for a breakthrough, and to bring more values to Shareholder and Stakeholders.

Scroll to Top