JAKARTA - The Annual General Meeting of Shareholders of PT Timah Tbk (TINS) decided not to distribute dividends for the 2023 financial year.
TINS' Director of Finance and Risk Management, Fina Eliani, revealed that the reason TINS did not distribute dividends this year was because the company still bears a loss of IDR 449 billion throughout 2023.
"We posted a sizeable loss of IDR 449 billion. Therefore, we decided not to distribute dividends," Fina said at a press conference in Jakarta, Wednesday, May 8.
Fina said, this year the company also still has an obligation of bonds and sukuk which will mature in August 2024 so that no dividends can be distributed.
Just so you know, throughout 2023 PT Timah recorded a decrease in tin ore production by 5,224 tons to 14,855 tons from 2022 which was recorded at 20,079 tons. A decrease also occurred in lead metal production by 4,485 to 15,340 tons from 2022 of 19,825 tons.
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In terms of tin metal sales, it also decreased by 6,420 tons to 14,385, from the previous 20,805 metric tons (MT).
The company's asset value position in 2023 is IDR 12.8 trillion.
Meanwhile, liabilities were IDR 6.6 trillion, an increase of 9.7 percent compared to the position at the end of 2022 of IDR 6 trillion. In addition, bank loans and bond debt at the end of 2023 became IDR 3.5 trillion from the previous IDR 2.8 trillion.
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