Jakarta. Marine shipping and logistics services company Bintang Samudera Mandiri Lines, or BSML, announced that it had booked a 126.84 percent revenue growth in 2021 compared to 2020 figures.

BSML recorded Rp 61.16 billion ($4.26 million), in revenue last year, more than double the Rp 26.96 billion revenue in 2020.

About 84.3 percent of the revenue in 2021 came from time charter which reached Rp 51.55 billion, according to its financial report. Freight charter accounted for Rp 9.32 billion or 15 percent of the revenue. The remaining Rp 0.29 billion or 0.5 percent was from trade.

BSML’s cost of goods went up by 149.90 percent year-on-year (yoy) to Rp 44.2 billion in 2021. It was at Rp 17.69 billion in the prior year, the company said.

In 2021, BSML’s operating expenses rose to Rp 6.29 billion, up by 53.11 percent from Rp 4.11 billion in the previous year. This led to an increase in finance costs from Rp 4.46 billion in 2020 to Rp 5.56 billion in the following year.

BSML also reported it had recorded a net income attributable to the owners of the parent company of Rp 4.38 billion in 2021, up by a whopping 921.24 percent yoy compared to Rp 428.55 million in the previous year.

At the end of 2021, BSML’s total liabilities stood at Rp 154.13 billion, while in 2020, it was at Rp 158.56 billion.

BSML’s total equity grew by 84.76 percent from Rp 51.19 billion in 2020 to Rp 94.58 billion in 2021. The company attributed this growth to the additional capital from the initial public offering and the accumulated profit for the year.

This financial performance brought BSML’s total consolidated assets to Rp 248.69 billion at end-2021, up by 18.56 percent from Rp 209.75 billion in 2020.