MINE Secures Two Mining Support Service Contracts, Reports Revenue Growth
Mon 01 Sep 2025, 17:47 PM
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PT Sinar Terang Mandiri Tbk (MINE/STM) recorded a 12.46% increase in business revenue to IDR 1.15 trillion in the first half of 2025, up from IDR 1.02 trillion in the same period last year. This achievement is in line with STM's increased operational activities across several projects, as well as contributions from new contracts secured at the beginning of this year.
President Director of PT Sinar Terang Mandiri Tbk, Ivo Wangarry, stated that this performance realization serves as an important foundation for STM in maintaining business sustainability and ensuring a positive contribution to shareholders and all stakeholders.
"We are maintaining growth momentum and strengthening STM's position as a strategic partner in the mining support services sector, while also reaffirming the continuous trust placed in STM. Our expansion strategy and enhanced operational capabilities are expected to continue supporting business growth," said Ivo in his official statement on Monday (September 1).
The revenue growth in H1 2025 was further supported by securing two new contracts: one with PT Sulawesi Cahaya Mineral (SCM), covering the management of mining support services and material transportation (hauling services); and the second contract is the Sampala Project with PT Erabaru Timur Lestari for the construction of an 8 KM hauling road. These two contracts further expand STM's business portfolio and solidify its position as a trusted partner in the mining support services industry.
This business expansion also explains STM's increased investment in H1 2025, in the form of additional heavy equipment, supporting infrastructure, and new workforce. In line with these steps, STM's asset value rose by 24.5% to IDR 2 trillion as of June 30, 2025, from IDR 1.61 trillion last year.
The increase in operational scale also affected the cost structure. Labor costs increased by 33.09% to IDR 161.64 billion from IDR 121.45 billion last year. Cost of goods sold reached IDR 929.59 billion from the previous IDR 768.81 billion. This resulted in STM recording a net profit for the current period of IDR 116.99 billion in H1 2025, compared to IDR 145.54 billion in H1 2024.
STM's business expansion is also reflected in the increased depreciation expense for fixed assets, which rose to IDR 155.46 billion from IDR 89 billion in the same period last year. This increase occurred in line with the natural depreciation of heavy equipment that has been in use for a certain period. This condition reflects the high utilization rate of STM's operational assets in supporting various projects, while also affirming STM's experience and capabilities in consistently providing mining support services.
"We view the increase in costs from expansion not as a burden, but as a strategic investment, both in strengthening human resources and adding heavy equipment. With greater capacity, STM is increasingly ready to manage new projects while increasing future productivity," said Ivo.
Ivo added that the 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 STM's capabilities to deliver high-quality services.
"These new contracts are clear proof of market recognition for STM's capabilities. We are optimistic that the presence of these large-scale projects will strengthen our portfolio and open up greater growth opportunities for STM in the future," said Ivo.
With the achievement of H1 2025 performance, increased investment in human resources, asset growth, and additional new contracts, the Company is optimistic it can maintain business continuity and provide long-term added value. STM will continue its expansion strategy and capability strengthening to support sustainable growth in the mining support services industry.
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