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.

Samindo Resources remains committed to delivering value to its shareholders, as evidenced by its dividend distribution of $3 million during this period. Additionally, the strengthening of the rupiah is expected to positively impact net profit and financial stability.

Zaki expressed optimism about the company’s future performance, citing both the solid financial results and the favorable exchange rate as supportive factors for achieving future targets.

The company’s strategic improvements and financial performance are expected to contribute to its continued success in the mining services sector. Analysts and investors will be closely watching how these changes impact Samindo’s operations in the second half of the year.

Samindo Resources’ focus on efficiency and cost management has positioned it well for future growth, despite the challenges posed by fluctuating exchange rates and other market conditions. The company’s proactive measures in equipment maintenance and operational optimization are seen as key drivers of its recent financial success.

The company’s performance aligns with broader trends in the mining sector, where efficiency and effective cost management are crucial for maintaining profitability amid fluctuating commodity prices and economic uncertainties.

In summary, Samindo Resources has demonstrated strong financial performance in the first half of 2024, reflecting its successful strategy in managing operations and costs. The company’s continued focus on efficiency and strategic investment is expected to support its growth trajectory in the coming months. (Uki Ruknuddin)