PT United Tractors Tbk (UNTR), through its mining services subsidiary PT Pamapersada Nusantara (PAMA), reported net revenue of IDR 13.3 trillion in the first quarter of 2024—an increase of 14% from IDR 11.7 trillion during the same period last year.
United Tractors’ Corporate Secretary, Sara K. Loebis, stated that PAMA’s improved performance in Q1 2024 aligns with existing contracts, highlighting a strong increase in production volume. “Performance for the remainder of the year will be supported by maintaining optimal productivity,” Sara told Kontan on Monday (13/5).
PAMA recorded a 21% increase in coal production, rising from 27 million tons to 32 million tons, and a 17% increase in overburden removal, from 245 million BCM to 286 million BCM. The average stripping ratio decreased slightly from 9.2x to 8.9x.
To support its operational efficiency strategy, PAMA has allocated IDR 18 trillion in capital expenditure for 2024, focusing on replacing and reconditioning aging heavy equipment.
Meanwhile, PT Dana Brata Luhur Tbk (TEBE), a coal logistics provider, noted that the outlook for mining services remains stable, driven by continued demand from China, India, and Europe.
TEBE Director Hendy Narindra Dewantoro stated that the company is targeting coal transport volumes of 9.5 million tons and projected revenues of IDR 522.5 billion in 2024. “This target reflects geopolitical uncertainty and declining coal prices,” he explained.
TEBE has allocated IDR 47.6 billion in capital expenditure to support its expansion plans, particularly in diversifying its business operations.
PT RMK Energy Tbk (RMKE) announced plans to collaborate with potential mining partners to boost coal sales and service volumes. The company is also focused on optimizing group synergy through its RMKE Group Indonesia network.
Julius Caesar Samosir, Head of Investor & Public Relations at RMKE, stated that the company is still auditing its Q1 2024 financial results and will release performance details once the audit is completed.
Looking ahead to Q2 2024, RMKE expects progress from new customer contracts, with infrastructure—particularly hauling roads—currently under construction. “These projects are scheduled for completion in the second half of the year,” said Julius.
This year, RMKE plans to finish hauling roads for three new clients, which will enable access to integrated coal production facilities. RMKE targets barge loading of 9.9 million metric tons (MT) and coal sales of 3.5 million MT, including 1.2 million MT from in-house production.
To support these efforts, RMKE has allocated IDR 476 billion in capital expenditure for infrastructure development, including hauling roads and training load systems (TLS).
PT Petrosea Tbk (PTRO) also reported solid growth, posting US$ 156 million in total revenue as of March 31, 2024—a 22% increase year-over-year. According to Head of Corporate Communications Marzuki Asikin, the main contributor was the Engineering, Procurement & Construction (EPC) business segment, which surged 134%.
Finally, PT Samindo Resources Tbk (MYOH), owned by Low Tuck Kwong, posted US$ 39.64 million in revenue for Q1 2024, up 33.5% from US$ 29.7 million in the same period last year.
MYOH Corporate Secretary Ahmad Zaki Natsir attributed the growth to increased overburden removal, which rose from 6.9 million BCM in Q1 2023 to 7.8 million BCM in Q1 2024. Revenue was driven by land movement and coal extraction services (US$ 20.72 million), transportation (US$ 9.31 million), vehicle rentals and other services (US$ 9.22 million), and drilling and exploration (US$ 390.2 thousand).
Coal extraction in Q1 2024 reached 1.4 million tons, showing a slight increase compared to the previous year.
