Humpuss Set for $130 Million Buying Spree in 2017

Humpuss, a shipping service company owned by former president Soeharto's youngest son Tommy, has set aside $130 million for capital expenditure next year. (Antara Photo/Rosa Panggabean)

By : Rausyan Fikry | on 9:38 AM December 22, 2016
Category : Business, Corporate News

Jakarta. Humpuss Intermoda Transportasi, a shipping service company owned by former president Soeharto's youngest son Hutomo Mandala Putra, has set aside $130 million for capital expenditure next year — more than triple its spending this year — to buy eight new vessels and expand its business.

Theo Lekatompessy, the company's president director, said Humpuss will spend up to $48 million to buy new boats for floating storage, regassing unit Java 1 and floating storage unit Benoa.

Humpuss will spend $22 million and $13 million on boats to serve clients in the petrochemical and oil sectors respectively.

They will also spend $25 million, $17 million and $5 million to buy boats for offshore support, dredging and marine support respectively, Theo said.

The company will use bank loans to finance all the purchase, he said.

Humpuss expects its revenue to grow 59 percent next year from an estimated $70 million this year. Its net income is expected to grow 10 percent from $7.3 million in 2016.

Humpuss also plans to distribute dividends to shareholders this year — the first time in the past five years, Budi Haryono, a director at Humpuss, said.

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