Samindo's nine-month profit climbs 53%, exceeding its work plan target

Higher revenue, lower costs

Samindo's latest financial statements showed consolidated revenue of US$133.05 million, a 9% increase. At the same time, cost of revenue dropped to US$98.60 million, down 2% from the US$100.57 million reported for the third quarter of 2025, despite increased operating activity.

Overburden removal and coal getting accounted for the largest revenue contribution at US$79.98 million. That was 22% higher than the US$65.56 million reported for the third quarter of 2025. Coal hauling brought in US$32.86 million, also an increase, while revenue from drilling, exploration and other services reached US$1.68 million, up 15%.

Gross profit increased 59% year over year to US$34.45 million, and pre-tax profit rose 62% to US$23.69 million, according to the company's nine-month results reported by investor.id on November 2, 2026.

Mining volumes exceed work plan

By September 2026, Samindo had removed 28.32 million bank cubic meters (bcm) of overburden, up 23% from 23.04 million bcm a year earlier. The volume exceeded its work plan target of 25.59 million bcm by 11%.

Coal getting totaled 4.20 million metric tons, an 11% increase from 3.76 million metric tons a year earlier and 13% above the work plan target of 3.73 million metric tons. Hauling volume also surpassed the company's work plan, reaching 18.24 million metric tons compared with 17.71 million metric tons a year earlier, investor.id reported.

In its November 2 disclosure, Samindo attributed the above-target performance to fewer hours of rain at the mines, efforts to shorten in-pit hauling distances, greater availability of heavy equipment and its maintenance of zero fatalities.

The company had adopted a more conservative annual coal getting target amid market uncertainty. In a January 2026 disclosure, it set the 2026 target at 4.5 million metric tons, down from the 5.4 million metric tons projected for 2025, while expecting to maintain hauling volumes.

Cash rises as liabilities fall

Samindo ended September 2026 with US$225.97 million in total assets, up 0.06% from US$225.85 million on December 31, 2025. Over that period, liabilities fell 12.33%, from US$44.42 million to US$38.94 million, while equity grew 3.09%, from US$181.43 million to US$187.03 million.

Cash and time deposits increased to US$101.68 million, the company said in its November 2 disclosure.

Contracts and year-end outlook

Samindo's mining services contract at the Kideco Jaya Agung site was extended for five years through 2029, according to a January 2, 2026, disclosure to the Indonesia Stock Exchange reported by IDNFinancials. The company is also exploring overburden removal and coal getting contracts with other parties to reduce its reliance on a single revenue source.

On November 2, Corporate Secretary Ahmad Zaki Natsir said Samindo had secured additional contract volumes from its main client covering 1 million bcm of overburden removal and 1 million metric tons of coal. Citing those additions and the operation of new heavy dump trucks, he expressed optimism that growth would continue through the end of 2026.