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.
PT Samindo Resources Tbk (MYOH) has realized coal or coal production of 4.8 million tons as of May 2019. This figure is around 40% of this year's target.
"Up to May 2019, production rose 30% from last year as of May 2018 3.7 million tons," said SamindoResources Investor Relations Manager, Ahmad Zaki Natsir, quoted from Neraca Daily, Thursday (06/27/2019).
This year, the company targets 10.7 million tons of coal production. In contrast, the total stripping volume of coal overburden removal (OB) was recorded to decline by 5% on an annual basis in January 2019 — May 2019. Because, the realization per end of May 2019 was 20.2 million bank cubic meters (bcm) or down from 21, 4 million bcm the same period last year.
For the record, the company targets OB volume as much as 58.1 million bcm in 2019. Meanwhile, coal production is targeted at 10.7 million tons this year.
He said, a number of factors determine the company's performance such as accommodative weather and coal prices that affect the performance of coal producers. This year, MYOH is eyeing revenues of USD280 million.
The target is up 16.13% from the realization of USD241.11 million in 2018. In terms of operations, Ahmad said the mining conditions are still fairly heavy up to the first semester / 2019. This is due to the high rainfall in East Kalimantan.
As an illustration, he continued, maintenance hours lasted eight hours per day. This means that for eight hours the company cannot operate.
After the rain, sludge cleaning must still be carried out to transport coal. Therefore, some equipment is allocated for mud removal.
Nevertheless, MYOH has been anticipating since the beginning of the year. The strategy is taken by increasing capacity. As of the end of May 2019, the company has realized the purchase of 10 units of dump trucks.
The capital expenditure allocated for the expansion is worth US $ 10 million. The Company periodically strives to improve the capabilities and professionalism of all companies.
In terms of non-operational costs, MYOH also made some efficiency. General and administrative expenses recorded a decrease of 8.9% compared to 2017. In the past year, in terms of profitability, all components recorded a positive increase. The main driver of the increase in MYOH profitability is supported by the efficiency that has been encouraged since early 2018.
Management encourages all activities, especially operations, to be carried out effectively. This means that the costs arising from inefficiencies can be reduced.