PT Timah Books Net Profit IDR 1.14 Trillion, Up 87 Percent

JAKARTA - PT Timah Tbk managed to book a net profit in the third quarter of 2022 of IDR 1.14 trillion, or an increase of 87 percent when compared to the third quarter of the previous year which was recorded at IDR 612 billion.

Finance and Risk Management Director Fina Eliani said this achievement was driven by the increase in tin metal selling prices, efficiency throughout the business chain, a decrease in interest bearing debt and a consistent increase in the performance of subsidiaries in the non-operation segment.

Meanwhile, PT Timah's revenue was recorded to have increased by 5 percent to IDR 10.2 trillion compared to the same period last year of IDR 9.7 trillion.

Operating profit also recorded an increase of 26 percent to Rp1.5 trillion from last year's Rp1.2 trillion and EBITDA increased by 21 percent to Rp2.2 trillion from the previous Rp1.8 trillion.

Di tengah peninkatan laba dan pendapatan, PT Timah juga mencatatkan penurunan 10 persen pada nilai aset Perseroan pada Quartal III tahun 2022 dari Rp14,7 triliun menjadi Rp13,3 triliun.

The position of liabilities was IDR 6.1 trillion, down 27 percent compared to the position at the end of 2021 of IDR 8.4 trillion.

The equity position is IDR 7.1 trillion, or an increase of 13 percent compared to the position at the end of 2021 of IDR 6.3 trillion.

The Company's cash and cash equivalent position rose 27 percent to Rp1.4 trillion from the same period the previous year of Rp1.1 trillion.

Bank loans, supplier financing liabilities and bond debt fell to IDR 3 trillion from the previous IDR 5.1 trillion.

"The company is optimistic that it can record positive performance until the end of 2022. The company will continue to consistently carry out efficiency throughout the business chain, as well as encourage increased performance of its subsidiaries," said Fina Eliani in a written statement, Wednesday, November 9.

Meanwhile, in terms of operating performance, tin ore production was recorded at 14,502 tons, down 19 percent compared to the third quarter of 2021 of 17,929 tons.

Of this amount, 35 percent or 5,004 tons came from land mining, while 65 percent or 9,498 tons came from sea mining.

tin metal production in the third quarter of 2022 was recorded at 14,130 metric tons, down 26 percent compared to the third quarter of 2021 of 19,120 metric tons.

tin metal sales in the third quarter of 2022 were recorded at 15,325 metric tons, down 20 percent compared to the third quarter of 2021 of 19,059 metric tons.

Although sales volume decreased, the company recorded an average selling price of tin metal in the third quarter of 2022 of US$35,026 per metric ton, up 16 percent compared to the third quarter of 2021 of US$30,158 per metric ton.