PT Timah Earns IDR 1.04 Trillion Net Profit In 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Timah Tbk managed to record a net profit in 2022 of IDR 1.04 trillion, driven by efficiency efforts throughout the business chain, a decrease in interest bearing debt and a consistent increase in the performance of subsidiaries in the non-trial segment.

"In the midst of fluctuations in the selling price of tin metal which is quite high, the company posted a net profit of 2022 of IDR 1.04 trillion," said Director of Finance and Risk Management of PT Timah Tbk Fina Eliani in a press statement, quoted from Antara, Thursday, March 16.

He said that based on the consolidated financial statements for the period ending December 31, 2022, which had been audited, the company managed to record revenues of IDR 12.50 trillion in line with a decrease in the cost of revenue by 11 percent and operating expenses by 6 percent.

The company produces 20,079 tons of ore and lead metal in 2022, respectively and 19,825 metric tons and 2022 metal sales of 20,805 metric tons.

"Based on this performance, the company recorded a net profit of IDR 1.04 trillion exceeding the target set by the company," he said.

He stated that the position of the Company's asset value at the end of 2022 was IDR 13.07 trillion. Meanwhile, the liabilities position was IDR 6.03 trillion, down 28 percent compared to the position at the end of 2021 of IDR 8.38 trillion due to reduced short-term loans.

"The company succeeded in reducing interest bearing debt in the form of bank loans, supplier financing liabilities and bond debt by 41 percent to Rp3.00 trillion from the position at the end of 2021 of Rp5.11 trillion," he said.

The equity position is IDR 7.04 trillion, up 12 percent compared to the position at the end of 2021 of IDR 6.31 trillion.

The Company's financial performance shows good results can be seen from several ratios including Net Profit Margin at 8.3 percent and a decrease in Debt to Equity Ratio by 0.86x (2021: 1.3x). This shows the success of the Company's management in reducing the bank's debt and interest expenses.

"The company managed to record optimal performance until the end of 2022 amid fluctuations in tin metal selling prices which were quite high," he said.

He stated that in the future, 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.