By Ranuh Rafiani Putri
IDX-listed PT Samindo Resources Tbk (IDX: MYOH), an integrated mining services provider, has released its consolidated financial results for the year ending December 31, 2024. The company reported a significant increase in revenue but a slight decrease in net profit.
For 2024, Samindo posted a revenue of US$ 179.56 million, up from US$ 134.19 million in 2023. The increase in revenue reflects a robust performance across the company's core operations, particularly in coal and mining services. Gross profit also saw a notable rise to US$ 36.04 million from US$ 25.68 million in the previous year, showcasing effective cost control and operational efficiency.
Read also: Samindo reports 43% revenue growth
However, operating income was impacted by increased general and administrative expenses, which climbed to US$ 14.35 million from US$ 7.84 million in 2023. Despite this, the company’s focus on cost reduction in non-core operations allowed it to maintain profitability.
In terms of non-operating income, Samindo recorded US$ 1.45 million in other income, up from US$ 482,841 in 2023. However, foreign exchange losses of US$ 2.61 million were noted, significantly affecting the overall financial result. Finance costs also increased to US$ 2.73 million, largely due to higher borrowing expenses.
Net profit for the year stood at US$ 15.92 million, slightly lower than the US$ 18.48 million reported in 2023, reflecting both higher operational costs and financial charges.
Editing by Reiner Simanjuntak
