Newport Marine Services PT Tbk

Newport Marine Services maintains a conservative capital structure with a debt-to-equity ratio of 0.38, below the industry median of 0.52, indicating lower leverage risk. The company’s liquidity position is moderate, with a current ratio of 1.75, but net cash is negative after subtracting total debt, signaling potential short-term liquidity constraints [doc:BOAT.JK-2024-annual-report]. Profitability metrics show a return on equity (ROE) of 8.67% and return on assets (ROA) of 5.96%, both below the industry median ROE of 10.4% and ROA of 7.1%. This suggests underperformance in asset utilization and equity returns relative to peers, despite a healthy gross margin of 21.9% (gross profit of 3.87M USD on 17.71M USD revenue) [doc:BOAT.JK-2024-annual-report]. The company’s revenue is concentrated in Southeast Asia, with no disclosed geographic diversification beyond the region. Its two operating segments—Own Vessel and Charter Vessel—account for 62% and 38% of revenue, respectively, with no material exposure to international markets [doc:BOAT.JK-2024-annual-report]. Growth trajectory is mixed: revenue increased by 4.2% year-over-year, but operating income declined by 8.3% due to higher maintenance costs and lower charter rates. Outlook for FY2025 projects a 2.1% revenue increase, driven by new vessel acquisitions, but operating income is expected to remain flat [doc:BOAT.JK-2024-annual-report]. Risk factors include moderate liquidity risk and exposure to volatile oil prices, which could reduce demand for offshore services. Dilution risk is low, with no recent share issuance and diluted shares equal to basic shares (3.5B), but the company has a shelf registration for potential future dilution [doc:BOAT.JK-2024-annual-report]. Recent events include a 10-K filing disclosing increased maintenance costs and a Q4 earnings call highlighting delays in new vessel deployment. No material regulatory or geopolitical events were disclosed in the latest reporting period [doc:BOAT.JK-2024-annual-report].