PIL reports record profit of US$1.34 Billion for FY2024 amid strong market performance

Pacific International Lines (PIL) delivered a robust financial performance in FY2024, posting a net profit after tax of US$1.342 billion, a significant increase from US$306.93 million in FY2023.

This surge was driven by strong growth in operating revenue and disciplined cost control across the group.

For the full year 2024, PIL recorded total revenue of US$4.305 billion, marking a 49% year-on-year increase, mainly attributed to the strong performance of its container shipping segment.

EBITDA rose sharply from US$566.17 million in FY2023 to US$1.692 billion, reflecting an improvement of US$1.126 billion.

PIL’s core container shipping business reported FY2024 revenue of US$3.764 billion, up US$1.258 billion from the previous year. The growth was supported by higher freight rates, strong asset utilisation, and a 9.6% year-on-year increase in volumes, despite operating in a highly disrupted global environment.

This translated into EBITDA of US$1.654 billion and EBIT of US$1.329 billion for the segment.

The container manufacturing segment saw revenue climb to US$541.14 million in FY2024, an increase of US$163.44 million over FY2023. The segment delivered EBITDA of US$47.26 million and EBIT of US$33.66 million.

As of 31 December 2024, PIL maintained a strong balance sheet with cash reserves of US$2.330 billion. Its operating fleet consisted of 89 owned vessels and 12 chartered-in vessels.

As part of its commitment to fleet modernisation and sustainability, the company has ordered 18 LNG dual-fuel newbuilds, of which six have been delivered.

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