JAKARTA, RAKYAT NEWS— As a big player, PT Samindo Resources Tbk (MYOH), a prominent coal mining services company, has announced a significant 40.1% increase in revenue for the first half of 2024. The company reported earnings of $84.37 million, up from $60.24 million in the same period last year.

According to Ahmad Zaki, Corporate Secretary of Samindo Resources, the company also saw a notable rise in net profit, which surged from $0.64 million in the first quarter of 2024 to $5.59 million in the second quarter. This increase occurred despite facing a foreign exchange loss of $3.19 million.

Zaki attributed the growth in profits to improved operational efficiency and effective management strategies that have enhanced profitability. He highlighted that the company’s initiatives in maintaining heavy equipment internally, rather than outsourcing, have played a crucial role.

The company has shifted to independent maintenance for its heavy machinery, allowing it to keep spare parts availability above 85% and reduce procurement costs. This move is part of a broader effort to enhance operational efficiency, particularly in equipment maintenance, which is vital for mining services.

In addition, Samindo Resources has optimized its operations by reducing the distance for overburden removal from 6 kilometers to 4 kilometers. Zaki believes that this improvement in overburden removal performance will drive financial growth in the upcoming periods.

The company’s balance sheet shows a strong liquidity position, with total assets reaching $219.82 million and cash and cash equivalents amounting to $61.91 million as of June 30, 2024. Short-term liabilities have also decreased significantly, from $48.09 million at the end of 2023 to $37.78 million by the end of June 2024.