Earning IDR 1.04 Trillion Profit, PT Timah Distributes IDR 312 Billion Dividend

Corporate Secretary of TINS Abdullah Umar. (Photo: Maria Trisnawati/VOI)

JAKARTA - The Annual General Meeting of Shareholders (AGMS) of PT Timah Tbk (TINS) approved the distribution of dividends to shareholders as much as 30 percent or Rp312 billion.

The company's net profit in 2022 is IDR 1.04 trillion, exceeding the target set by the company previously.

"Meanwhile, the remaining 70 percent profit is recorded as the company's profit balance," said TINS Corporate Secretary Abdullah Umar at a press conference in Jakarta, Thursday, June 15.

He explained that the decision to distribute dividends of 30 percent was taken taking into account TINS' performance in 2022 which was quite good.

In 2022, TINS managed to record revenue of IDR 12.50 trillion in line with a decrease in the cost of revenue by 11 percent and operating expenses by 6 percent.

Throughout 2022, TINS managed to produce lead ore of 20,079 tons and lead metals of 19,825 metric tons and metal sales in 2022 of 20,805 metric tons.

Then the company's asset value position at the end of 2022 was IDR 13.07 trillion and the liabilities position was IDR 0.03 trillion, down 28 percent compared to the position at the end of 2021 of IDR 8.38 trillion due to reduced short-term loans.

Furthermore, Abdullah added, although world tin prices tend to fluctuate, the post-pandemic economic sector is recovering, which is marked by increased consumption of tin-related products in the form of electronic products, making demand for tin commodities grow.

"The selling price of LME lead metal average in 2022 is US$31,474 per metric ton, down 4 percent compared to 2021 of 32,629 per metric ton with the highest level at 43,917 and the lowest level at 19,373 dollars," Abdullah explained.

Regarding the contribution to the state, in 2022 TINS reported that it had deposited tax and State Revenue for Non-Taxes (PNBP) of IDR 1.52 trillion, an increase of 96 percent, and was accused in the previous period of IDR 777.1 billion.

"This increase is influenced by the increase in tin commodity prices at an average price of US$31,474 per MT," Abdullah concluded.