JAKARTA – The revenue of PT Samindo Resources Tbk (MYOH) soared 40.06% in the first half (H1) of 2024 compared to the same period in 2023. However, its net profit slipped 34.76% year-on-year (yoy) in H1 2024, due to increased loss on foreign currency exchange.

Based on Financial Report of H1 2024 quoted Monday (2/9), the revenue reported a surge to IDR 84.36 million from USD 60.23 million in H1 2023.

Its gross profit also skyrocketed even higher or 92.63% yoy from USD 8.96 million to USD 17.27 million in H1 2024, bringing gross profit margin up to 20.47% from 14.88% recorded in H1 2023.

However, MYOH recorded profit before taxes of USD 5.58 million in H1 2024, down from USD 8.29 million due to increases in general and administrative expenses, as well as finance costs and loss on foreign currency exchange.

Therefore, its net profit plummeted from USD 8.28 million to USD 5.40 million in H1 2024.

For the record, the revenue of MYOH in H1 2024 came from overburden removal and coal mining services of USD 45.38 million, followed by coal transportation services of USD 16.68 million, down from USD 20.72 million.

Then, there were also vehicle lease and other services of USD 18.50 million as a new income source, followed by drilling, exploration, and other services of USD 796,709, which dropped from USD 946,711.

MYOH is known to have distributed USD 3 million worth of dividend, or USD 0.00136 per share from its 2023 net profit of USD 18.48 million. Retained earnings and total equity at that time were USD 117.55 million and USD 167.20 million. (LK/ZH)