PT Samindo Resources Tbk, a coal mining service provider company, recorded positive performance throughout the first half of 2023. The company managed to record a profit of USD 8.3 million (around IDR124.5 billion) or an increase of 5% compared to the same period last year, supported by on the non-operational side, namely the increase in interest income on time deposits and gains from the exchange rate.

"At the beginning of 2023, the rupiah exchange rate had exceeded the level of IDR 15,500. Entering the second quarter of 2023, the rupiah exchange rate was relatively more stable and was at the level of IDR 15,000," said the Corporate Secretary of PT Samindo Resources, to reporters in Jakarta.

Zaki said that in general mining conditions in the January-June 2023 period were quite challenging, especially from weather conditions which were very difficult to predict. During this period, rainfall relatively increased compared to last year, especially in the first quarter of 2023.

“Actually, the Company has faced quite an extreme rainy season last year. However, in the first quarter to the second quarter of 2023, rainfall continues to increase compared to last year. This condition is the main obstacle to operational activities in the first semester of 2023," he said.

In semester II 2023 management has prepared various strategies to catch up in the first semester. Management focuses on increasing the productivity of overburden removal activities. "We believe that good planning and commitment to the best will drive the Company's performance in the second half of 2023," he said.

This year Samindo targets overburden removal of 35.35 million bcm, an increase of 6.70% compared to 2022 of 33.23 million bcm. Coal production is projected to fall 32.35% to 6.44 million tonnes from 9.53 million tonnes. Meanwhile, coal hauling is projected at 24 million tonnes, down 11.44$ from 27.10 million tonnes and exploration drilling reaching 28.63 thousand meters, up 6.79% from 26.81% (year on year).

The company's revenue is projected to decrease to 5.12% from USD141.5 million to USD 141.5 million and net profit after tax to USD12.72 million, down 9.8% compared to 2022 which was recorded at USD14 million.

Samindo is an investment holding company with core competencies in providing coal mining services in terms of overburden removal and coal getting, coal hauling and geological mapping and drilling. As an investment holding company, the Company carries out these four production activities through four subsidiaries, namely PT SIMS Jaya Kaltim, PT Trasindo Murni Perkasa, PT Samindo Utama Kaltim and PT Mintec Abadi.

Image source: Istimewa

Source: www.investor.id/Semesteri Samindo Raih Laba Rp 1245 M