PT Sinar Terang Mandiri Tbk (MINE) recorded a 12.46% year-on-year (yoy) increase in operating revenue to IDR 1.15 trillion in the first half of 2025, compared to IDR 1.02 trillion in the previous period.This achievement is in line with the increasing operational activity of MINE in a number of projects, as well as contributions from new contracts successfully secured earlier this year.President Director of Sinar Terang Mandiri, Ivo Wangarry, stated that MINE continues to maintain solid business fundamentals amidst the dynamics of the mining services industry.This performance realization serves as an important foundation for MINE in maintaining business sustainability and ensuring a positive contribution to shareholders and all stakeholders."Expansion strategies and increased operational capabilities are expected to continue supporting business growth," Ivo said in a press release on Monday (September 1, 2025).MINE's revenue growth in H1-2025 was also supported by securing two new contracts that are strategically valuable to the company.The first contract with PT Sulawesi Cahaya Mineral (SCM) covers the management of mining support services and material transportation (hauling services), while the second contract is the Sampala Project with PT Erabaru Timur Lestari for the construction of an 8-kilometer (km) hauling road.These two contracts further expand the business portfolio and strengthen MINE's position as a trusted partner in the mining support services industry.This business expansion also explains the increase in MINE's investment in H1-2025, in the form of additional heavy equipment, supporting infrastructure, and new workforce. In line with this step, MINE's asset value rose 24.5% to IDR 2 trillion as of June 30, 2025, from the previous IDR 1.61 trillion last year.The increase in operational scale also impacted the cost structure. MINE's labor costs increased by 33.09% to IDR 161.64 billion in H1-2025, from IDR 121.45 billion last year. MINE's cost of goods sold reached IDR 929.59 billion in H1-2025, from the previous IDR 768.81 billion. This resulted in MINE recording a net profit for the current period of IDR 116.99 billion in H1-2025, a decrease of 19.62% yoy compared to IDR 145.54 billion in H1-2024.MINE's business expansion is also reflected in the increase in depreciation expense for fixed assets, which rose to IDR 155.46 billion in H1-2025, from the previous IDR 89 billion in the same period last year. This increase occurred in line with the natural depreciation of heavy equipment that has been used for a certain period.This condition reflects the high utilization rate of MINE's operational assets in supporting various projects, while also affirming MINE's experience and capabilities in consistently providing mining support services.Ivo stated that the increase in costs from expansion is not viewed as a burden, but rather as a strategic investment, both in strengthening MINE's human resources and adding heavy equipment. "With increasingly larger capacity, we are more prepared to manage new projects while increasing future productivity," he added.He added that new projects successfully secured, such as the contract with PT Sulawesi Cahaya Mineral and the Sampala Project, further reinforce the trust of strategic partners in MINE's capabilities to deliver high-quality services."We are optimistic that the presence of these large-scale projects will strengthen the portfolio and open up greater growth opportunities for the company in the future," Ivo concluded.
Source https://djakarta-miningclub.com