PT Samudera Indonesia Tbk (SMDR), a pioneer in Indonesia’s integrated shipping and logistics industry, once again demonstrated resilient performance throughout the first nine months of 2025 (9M 2025). Despite facing operational challenges and tariff pressures, the company successfully recorded a net profit attributable to the parent entity of $43,088,318, an increase from the previous year’s corresponding period. This performance is considered to have exceeded determined targets and provides an optimistic outlook leading up to the year’s closing quarter.
The interim financial statements, submitted as of September 30, 2025, are presented in US Dollars (USD) and are Unaudited.
Financial Performance Analysis: Revenue Rises, Gross Profit Under Pressure
Overall, SMDR recorded a significant increase in revenue. Sales and Operating Revenue reached $571,556,818 as of September 30, 2025, increasing from $529,495,519 achieved in the same period of 2024.
However, this revenue growth was accompanied by a jump in the Cost of Sales and Revenue, which totaled $463,812,130 (up from $420,313,155 in 9M 2024). This cost increase, primarily driven by Service Costs ($167,050,312), Freight and Handling Costs ($111,620,970), and Depreciation ($66,138,018), placed slight pressure on the company’s margins.
Consequently, Samudera Indonesia’s Total Gross Profit slightly decreased to $107,744,688s in 9M 2025, compared to $109,182,364 in 9M 2024. Nevertheless, efficiencies in other areas helped push the Net Profit Attributable to the Parent Entity up from $41,347,747 to $43,088,318.
Operating Profit for 9M 2025 was recorded at $71.9 million, with EBITDA reaching $147.8 million.
Summary of Statement of Profit or Loss (9 Months Ended September 30)
| Description | 9M 2025 (USD) | 9M 2024 (USD) | Variance (2025 vs 2024) |
|---|---|---|---|
| Sales and Operating Revenue | $571,556,818 | $529,495,519 | Up 7.94% |
| Cost of Sales and Revenue | (463,812,130) | (420,313,155) | Up 10.35% |
| Total Gross Profit | $107,744,688 | $109,182,364 | Down 1.32% |
| Total Profit Before Tax | $70,300,589 | $68,715,182 | Up 2.31% |
| Net Profit Attributable to Parent Entity | $43,088,318 | $41,347,747 | Up 4.21% |
Operational Dynamics: Logistics Supports, Shipping Tariffs Decline
Operational analysis highlights a contrast between SMDR’s two main business sectors:
1. Container Shipping Business
The container shipping sector saw an increase in volume, but was constrained by volatile market prices.
- Container volume in Q3 2025 reached 503,000, which was higher than the Q3 2024 volume (486,000) and the immediately preceding quarter of 2025 (500,000).
- However, the Average Revenue/TEU dropped to $252 in 3Q 2025, a significant decline from $287 in Q3 2024 and $263 in Q2 2025.
- Management reported that the operating margin was adversely impacted due to ongoing operational challenges and high dry docking costs related to certain vessels.
2. Logistics Business
In contrast, the logistics business showed robust volume growth.
- Volume Handled (in ‘000 Pallet Equivalent) surged to 627.5 in Q3 2025, far exceeding 475.3 in Q3 2024.
- This volume increase was driven by increased activities in the 3PL and 4PL logistics businesses.
- Storage Occupancy also increased from 153.4 thousand Pallet Positions in Q3 2024 to 173.1 thousand Pallet Positions in Q3 2025.
Key Operational Performance Data (Q3 Comparison)
| Description | Unit | Q3 2025 | Q3 2024 |
|---|---|---|---|
| Container Volume | Thousand TEU | 503 | 486 |
| Average Freight Rate | USD/TEU | $252 | $287 |
| Logistics Volume Handled | Thousand Pallet Equivalent | 627.5 | 475.3 |
Fleet Investment and Global Strategic Expansion
Despite the volatile market conditions, SMDR continues to invest in fleet enhancement and geographical reach:
- New EU-Standard Fleet Addition: In September 2025, the Company added a new vessel, the MV Sinar Carita, with a capacity of 2,700 TEUs. This vessel boasts Tier 3 Compliance, enabling operation in European waters, and is equipped with a shore power connection for fuel efficiency in port.
- Expansion into the Japanese Market: As a strategic move, in October 2025, Samudera established a subsidiary in Tokyo, Samudera Japan Kabushiki Kaisha (Samudera Japan K.K.). This new entity will focus on developing business in the Japanese market, including opportunities in the domestic Japanese shipping sector and providing skilled Indonesian manpower.
Financially, SMDR’s Total Assets significantly increased to $1,376,394,462 as of September 30, 2025, up from $1,288,689,755 at the end of 2024. This asset growth is largely attributed to the increase in the value of Property, Plant, and Equipment to $692,093,616, supported by payments for asset acquisition totaling $70,054,299 during 9M 2025. The company’s Cash and Cash Equivalents position remained strong at $329,152,710.
Summary of Financial Position (Balance Sheet)
| Description | September 30, 2025 (USD) | December 31, 2024 (USD) |
|---|---|---|
| Cash and Cash Equivalents | $329,152,710 | $333,175,004 |
| Total Current Assets | $612,566,419 | $610,551,560 |
| Total Assets | $1,376,394,462 | $1,288,689,755 |
| Total Current Liabilities | $256,083,599 | $224,669,907 |
| Total Non-Current Liabilities | $359,460,575 | $336,806,803 |
| Total Equity | $760,850,288 | $727,213,045 |
Disclaimer:
If you find any inaccuracies in the figures or presentation of this article, please inform us via email at contact@theshippinggazette.com.
Sources: Financial Statement Q3 2025 of PT Samudera Indonesia Tbk, Fact Sheet Document, and Business Update Presentation documents.
