1st Semester, Samindo Resources Net Profit Rises 139%

JAKARTA - PT Samindo Resources Tbk in the first half of this year recorded a very good performance. Among other things, it can be seen from the achievement of the company's net profit which reached USD13.22 million, surging 139% compared to the net profit in the first semester of the previous year amounting to USD 5.54 million.

In the same period, the company also recorded a revenue growth of 30% to USD111.82 million. Then, EBITDA was USD25.64 million or grew 75% over the same period the previous year.

"Thanks to the hard work of all parties, in the first semester the company's performance in terms of operations and finance was far better than the previous year," said President Director Samindo resources Kim, Jung Gyun in Jakarta, Tuesday (08/28/2018).

Kim explained, in order to maintain performance, the integrated coal mining service provider company strictly pays attention to cost management, as well as implementing efficiency in its operational activities.

The Company, among others, made adjustments to a number of contracts, then from the operational side, minimizing idle time during activities to save fuel consumption. The Company also periodically carries out mine road maintenance and road slope measurements to facilitate vehicle speed.

"It has been proven to save the amount of fuel used up to 200,000 liters," said Samindo Investor Relations Ahmad Zaki Natsir.

In terms of non-operations, continued Kim, even though the portion does not dominate, the company also continues to make austerity measures, among others, by reducing the cost of official travel, office equipment costs, and others.

Since the past few years, the company has also reduced the number of bank loans. At present the bank's debt is only US $ 10 million, from around US $ 48 million in the previous three years. While the company's cash is almost twice the amount of bank debt.

"This is all our commitment to provide additional value to shareholders," Kim said.

Referring to the positive record during the first half, Kim is optimistic that the company's performance will continue to improve until the end of the year. Samindo, he said, targets this year to be able to print a net profit of USD22 million, or 83% above the achievements of 2017.

He added, just like in previous years, the company was committed to share the profits obtained as much as possible for the shareholders.

"In the past few years 80% of the profit has been distributed as dividends to shareholders. It is now the same, so with a profit target of USD22 million, we can estimate how much dividend will be distributed to shareholders later," he concluded.