RMKO narrows Q1 loss as revenue jumps on infrastructure-driven growth

By Romel S. Gurky

PT Royaltama Mulia Kontraktorindo Tbk (IDX: RMKO) reported a sharp increase in revenue in the first quarter of 2026, supported by rising utilization of its integrated mining infrastructure, although the company remained in a loss-making position amid elevated cost pressures.

The mining services and heavy equipment rental firm booked revenue of Rp70.01 billion in the three months ended March 31, 2026, up about 65% from Rp42.53 billion a year earlier. The company separately described the performance as a multi-fold increase driven by stronger contributions from its core business segments.

Growth was primarily driven by the heavy equipment rental segment, which expanded significantly following the operation of the group’s proprietary hauling road in 2025, as well as the construction segment, which continues to grow alongside the ongoing development of the private hauling road connecting the PTBA mining area and the construction of a second train loading station (TLS).

The integrated infrastructure—comprising the hauling road and TLS facilities—has begun serving not only RMKO’s internal volumes but also third-party users, boosting utilization rates and underscoring the strategic value of the assets.

Operationally, TLS volumes surged 3.59 times year-on-year to 491,000 tons, while hauling road volumes rose 40.5% to 121,400 tons, reflecting improving demand for integrated coal logistics services.

Despite the strong top-line growth, RMKO recorded a gross loss of Rp27.66 billion, widening from Rp13.48 billion a year earlier, as cost of revenue climbed to Rp83.49 billion. This indicates that operating expenses continued to outpace revenue generation during the period.

Read also: RMKO posts near-doubling of coal loading volumes in 2025

At the operating level, however, the company managed to narrow its operating loss to Rp23.22 billion from Rp32.82 billion in the same period last year, suggesting gradual improvement in cost management. Net loss also narrowed to Rp19.44 billion from Rp29.05 billion, supported in part by an income tax benefit of Rp8.04 billion, while loss per share improved to Rp15.56 from Rp23.24.

RMKO also reported a turnaround in cash flow, generating positive operating cash flow of Rp17.63 billion compared with a negative Rp35.57 billion in the first quarter of 2025, indicating stronger cash collections and improved liquidity.

Financial efficiency showed signs of improvement, with interest expenses declining by more than 50% year-on-year, while the company maintained a relatively healthy debt-to-equity ratio of around 0.48 times.

From a balance sheet perspective, total assets rose to Rp616.29 billion as of March 31, 2026, from Rp557.02 billion at the end of 2025, driven mainly by higher receivables and fixed assets linked to ongoing infrastructure development.

Liabilities, however, increased to Rp457.54 billion from Rp378.83 billion, largely due to higher unearned revenue and trade payables, resulting in a decline in equity to Rp158.75 billion from Rp178.19 billion.

Management said the company has begun to unlock value from its integrated logistics network and remains focused on improving efficiency. RMKO is also planning a rights issue and other corporate actions to strengthen its capital structure and support future growth.

President Director William Saputra said the company expects stronger performance in the coming quarters, as seasonal challenges such as early-year administrative processes, extreme weather and fewer working days subside. Historically, RMKO’s performance tends to improve in the second half of the year.

The company added that with a more robust financial foundation and expanding infrastructure utilization, it aims to enhance service quality, broaden its operational reach and deliver sustained value to stakeholders.

Editing by Reiner Simanjuntak