Mining Directory

PT Samindo Resources Tbk (  MYOH ) recorded a slick performance on the bottom line throughout 2021. Based on the company's annual financial report released last week, this mining service contractor company managed to record a profit attributable to the owner of the parent entity alias net profit of US$ 26.92 million in 2021, up 19.62% compared to the net profit achievement. MYOH in 2020 which amounted to US$ 22.50 million.

The profit growth was obtained when MYOH's revenue decreased. It was noted that MYOH's revenue decreased by 7.38% year-on-year (yoy) from US$ 173.47 million in 2020 to US$ 160.66 million in 2021. Head of Investor Relations of MYOH, Ahmad Zaki Natsir, explained that the decline in revenue was due to a reduction in the volume of overburden removal from the original guidelines.

Even so, MYOH has a strategy of making a number of efficiency efforts. Some examples of concrete steps such as by suppressing work accidents. “As a result, the use of spare parts can be saved, standby time can also be reduced, so fuel consumption can also be reduced. Then since last year we have also started to reduce maintenance of heavy equipment through third parties, this year we continue to increase the portion of independent maintenance, so maintenance costs to third parties can be reduced, "explained Zaki to Kontan.co.id (25/3).

Taking a peek at MYOH's financial statements, MYOH's cost of revenue fell 12.62% yoy to US$ 120.18 million in 2021. Previously, MYOH's cost of revenue reached US$ 137.54 million in 2020. Meanwhile, general and administrative costs as well as MYOH's financial costs rose steadily. It was noted that MYOH general and administrative expenses rose by 5.20% yoy from US$ 7.55 million in 2020 to US% 7.95 million in 2021. Meanwhile, MYOH's finance costs rose 14.15% yoy from US$ $39,333 in 2020 to $44,902 in 2021.

Zaki said, MYOH is optimistic that the coal industry as a whole has good prospects in 2022. MYOH is of the view that energy transformation towards new and renewable energy (EBT) still takes time, so that countries experiencing an energy crisis will eventually still use coal. On the other hand, MYOH also sees that the war conflict between Russia and Ukraine and the lack of gas supply to allied countries of the United States (US) have the potential to increase the use of steam power plants (PLTU).

In 2022, MYOH is pursuing an overburden removal target of 38 million bank cubic meters (bcm), a coal getting target of 8.5 million tons, and a coal hauling target of 27 million tons. As a comparison, in 2021, MYOH recorded overburden removal realization of 36.9 million bcm, coal getting 11.3 million tons, and coal hauling 27.8 million tons.

In terms of financial performance, MYOH is aiming for a revenue target of US$ 155.7 million and a net profit target of US$ 22.8 million in 2022. Zaki said, MYOH considered several things in launching this financial target.

"In terms of income, there are indeed several things that need to be considered, the amount of volume is not automatically reflected in financial performance. The reason is that there are several external factors that cannot be controlled, such as the distance from the disposal site, the distance from which it affects income in terms of distance compensation, then the Rupiah exchange rate also has an effect, so we relatively set it conservatively, to be more realistic in its implementation, "explained Zaki.

Source: https://industri.kontan.co.id/news/samindo-resources-myoh-bidik-pendapatan-us-1557-juta-pada-2022