Tin Prices Rise, TINS Profit Soars 364 Percent To IDR 1.19 Trillion In 2024

PT Timah Tbk (TINS) recorded a 364 percent increase in net profit throughout 2024 to IDR 1.19 trillion compared to 2023 which still recorded a loss of IDR 449.67 billion.

In terms of revenue, TINS recorded an increase of 29.37 percent to Rp10.86 trillion compared to 2023 of Rp8.39 trillion in line with the increase in tin metal sales volume and the average selling price of tin metal.

The Company's cost of revenue increased 1.26 percent from IDR 7.93 trillion in 2023 to IDR 8.03 trillion in 2024. The Company posted a operating profit of IDR 1.76 trillion with EBITDA achievement of IDR 2.71 trillion or 396 percent from 2023.

The value of the Company's assets at the end of 2024 fell 0.42 percent to Rp12.80 trillion from Rp 12.85 trillion at the end of 2023. Meanwhile, the Company's liabilities position was Rp5.35 trillion, down 19.08 percent compared to the position at the end of 2023 of Rp6.61 trillion due to the repayment of short-term bank loans, bonds and buybacks of medium terms (MTN).

The equity position of IDR 7.45 trillion has increased by 19.35 percent compared to the position at the end of 2023 of IDR 6.24 trillion, in line with the booking of profits in 2024.

"In the midst of macroeconomic conditions and the unfavorable supply of global tin metals, the Company managed to achieve a brilliant performance in 2024 by posting a net profit of IDR 1.19 trillion, up 364 percent compared to the Company's performance achievement in the previous year which posted a net loss of IDR 449.67 billion by optimizing production, marketing and finance performance in terms of reducing interest bearing debt and efficiency," said TINS Finance and Risk Management Director Fina Eliani, Wednesday, April 9.

He continued, throughout 2024, global tin metal prices fluctuate amid macroeconomic uncertainty and supply developments that continue to dominate market prospects.

The average price of lead metal Cash Settlement Price London Metal Exchange (LME) in 2024 is 30,177.45 US dollars per ton, an increase of 16.3 percent compared to the previous year's 25,959.04 US dollars per tonne and the Bloomberg version of tin price projection in the range of 28,000 US$ 31,000 per metric ton.

Meanwhile, TINS recorded lead ore production of 19,437 tons of Sn at the end of 2024, up 31 percent compared to the previous year which reached 14,855 tons of Sn. This is due to an increase in the number of land mining units, productivity of marine mining objects, and optimization of the direction of excavation by conducting guided drills on work plan blocks.

The production of lead metal rose 23 percent to 18,915 metric tons compared to the previous year of 15,340 metric tons. Meanwhile, tin metal sales rose 22 percent to 17,507 tons compared to the previous year of 14,385 tons.

The average selling price of lead metal is US$31,181 per metric ton, up 17 percent compared to the previous year's US$26,583 per metric ton.

In 2024, the Company recorded domestic tin metal sales of 12 percent and tin metal exports of 88 percent with 6 large export destination countries covering South Korea at 19 percent, Singapore 18 percent, Japan 15 percent; Netherlands 12 percent; India 10 percent; and China 7 percent.