Samindo Resources is a prominent investment holding corporation and also a public listed company in Indonesia, engaged in integrated coal mining services industry. As an integrated coal mining service company, we deliver the service that can provide solutions in every stage of coal mining operation.
The scope of Samindo Resources business includes four main activities in an integrated coal mining process. The company owns the majority of shares in four subsidiaries and operates two mining concessions in the province of East Kalimantan.
Samindo Resources shares are owned by various leading entities. Our goal is to create shareholder value in the long run by ensuring that we always stride for better performance.
Good Corporate Governance (GCG) is a reference for companies in running their daily operations to ensure that their operations are well manage. In line with the increased activity undertaken by PT Samindo Resources Tbk, the application of GCG principles is also increasing.
The practice of Corporate Social Responsibility (CSR) has the primary purpose of ensuring that the social interests of various stakeholder groups of Samindo Resources can be fulfilled appropriately and proportionately, especially for people living around the Company’s working environments.
JAKARTA - PT Samindo Resources Tbk., A coal mining service company, is optimistic that its operational and financial performance will exceed the target by the end of this year.
Samindo Independent Director Ahmad Saleh said that overburden volume 39.58 million cubic meters (cbm) up to the third quarter 2018 rose 11.34% compared to the same period last year of 35.55 million bcm. The issuer coded MYOH shares targets the coal stripping volume this year to be 54.4 million bcm.
The realization of coal getting in January-September 2018 was 6.8 million tons, down 9.33% compared to the same period of 7.5 million tons. The realization is also still below the third quarter 2018 target of 7.9 million tons. Samindo targets total coal production this year to be 10.7 million tons.
"Stockpile there is too much, so it can't be piled up there anymore. This happened in the mining area of ??PT Kideco Jaya Agung, "he said in a presentation on Samindo's performance, Tuesday (10/30).
Besides Kideco, Samindo Resources also received a mining service contract from PT Bayan Resources Tbk.
In addition to overburden removal and coal getting, Samindo also serves coal hauling services. The realization of coal hauling services in the third quarter 2018 reached 21.25 million tons, up 6.78% compared to the same period last year of 19.9 million tons. However, the realization is slightly below the third quarter 2018 target of 21.5 million tons.
"This year [coal hauling] is relatively good because the weather is quite good," he said.
Saleh explained, the company will maximize overburden, coal oduction and hauling of coal in the last 2 months of this year. "It is possible to approach existing targets so that if necessary the deficit is not significant."
Samindo Resources Head of Investor Relations Ahmad Zaki Natsir said the company's performance until the third quarter of 2018 was still positive. Even though the realization of coal getting production is still below the target, stripping of coal is still increasing.
"[Increased] income due to increased volume [overburden removal]. The increase in volume automatically increases the revenue. In addition, there is also an increase in tariffs for overburden and coal getting services. The tariff for coal getting and overburden removal rose by 5%. "
In addition, there is compensation from coal companies using Samindo's services because the distance from the pit to the dumping area increases to 7 km from the previous 5 km.
Samindo posted a net profit of US $ 21.53 million or around Rp301.39 billion (the average rate in January-September 2018 was Rp14,000 per US $), up 148.8% compared to the same period last year of US $ 8.65 million.
The increase in net profit was triggered by an increase in revenue in all of the company's operational activities by 31.4% to US $ 175.2 million compared to the same period last year of US $ 133.29 million.
In the middle of this year, Samindo raised its 2018 net profit target to US $ 22 million, higher than the initial target of US $ 17 million.
In terms of costs, according to Zaki, various efficiency programs that have been promoted as early as 2018 are able to withstand the rate of production costs. This indication can be seen from the increase in production cost which was lower compared to the increase in income.
During January-September 2018, the cost of good sold (COGS) of US $ 138.2 million rose 18.9% from US $ 116.25 million (y-o-y).
"Of the four components of production costs, only material costs have increased significantly. The efficiency program with a focus on reducing fuel costs is quite successful in holding back the rate of rising fuel costs. "
The four components of Samindo Resources' production costs are material, overhead costs, depreciation, and labor. The largest total production costs for materials that reached 40%, amounting to 20%, were distributed to BBM. The rest is for vehicle and lubricant components. "
He also said, during January-September 2018, the issuer coded MYOH shares realized operating expenses of US $ 6.6 million higher than the third quarter / 2017 of US $ 5.9 million.