Jakarta, April 8, 2025 — PT TIMAH Tbk (“the Company”; IDX: TINS) today announced its audited Consolidated Financial Statements for the year ended December 31, 2024.
Throughout 2024, global tin metal prices moved in a volatile manner amid macroeconomic uncertainty and supply developments that continued to dominate the market outlook. The average LME Cash Settlement Price for tin metal in 2024 was USD 30,177.45 per ton, up 16.3% from USD 25,959.04 per ton the previous year, while Bloomberg’s tin price projection is in the range of USD 28,000 to USD 31,000 per metric ton. Tin stocks in LME warehouses at the end of December 2024 stood at 4,800 tons, down 35.6% from 7,450 tons at the beginning of 2024 (January 5, 2024).
According to the CRU Tin Monitor (February 2025), global tin metal production in 2024 was estimated to have risen 1.4% (YoY) to 371,880 tons, while global tin metal consumption in 2024 was estimated to have fallen 2.6% (YoY) to 372,720 tons.
Operating Performance
The Company recorded tin ore production of 19,437 tons Sn at the end of 2024, up 31% compared with 14,855 tons Sn the previous year. This was due to an increase in the number of onshore mining units, the productivity of offshore mining objects, and the optimization of excavation direction through guide-drilling in work plan blocks.
Refined tin metal production rose 23% to 18,915 metric tons compared with 15,340 metric tons the previous year. Refined tin metal sales rose 22% to 17,507 tons compared with 14,385 tons the previous year. The average selling price of refined tin was USD 31,181 per metric ton, up 17% from USD 26,583 per metric ton the previous year.
In 2024, the Company recorded domestic refined tin sales of 12% and refined tin exports of 88%, with the top six export destinations being South Korea (19%), Singapore (18%), Japan (15%), the Netherlands (12%), India (10%), and China (7%).
Financial Performance
The Company booked revenue of Rp10.86 trillion, up 29.37% in 2024 from Rp8.39 trillion in 2023, in line with the increase in tin metal sales volume and the average selling price of tin metal. The Company’s cost of revenue rose 1.26% from Rp7.93 trillion in 2023 to Rp8.03 trillion in 2024. The Company booked operating profit of Rp1.76 trillion, with EBITDA of Rp2.71 trillion, or 396% of the 2023 level.
The Company’s total assets at the end of 2024 fell 0.42% to Rp12.80 trillion from Rp12.85 trillion at the end of 2023. Liabilities stood at Rp5.35 trillion, down 19.08% from Rp6.61 trillion at the end of 2023, due to the repayment of short-term bank loans and bonds and the buyback of medium term notes (MTN).
Equity of Rp7.45 trillion was up 19.35% from Rp6.24 trillion at the end of 2023, in line with the profit booked in 2024.
“In the midst of unfavorable macroeconomic conditions and a challenging global tin metal supply, the Company managed to achieve outstanding performance in 2024 by booking net profit of Rp1.19 trillion, up 364% compared with the previous year, when the Company posted a net loss of Rp449.67 billion, by optimizing production, marketing, and financial performance in terms of reducing interest bearing debt and driving efficiency,” said Fina Eliani, Director of Finance and Risk Management of PT TIMAH Tbk.
The Company’s financial performance showed good results, as seen from several key financial ratios, including a Quick Ratio of 73.2%, a Current Ratio of 222.0%, a Debt to Asset Ratio of 41.8%, and a Debt to Equity Ratio of 71.8%.
Throughout 2024, the Company undertook efficiency and cost-optimization efforts in the form of reducing fixed costs through selective investment spending directed toward operations-supporting investments, in order to mitigate the increase in depreciation expense and preserve cash flow, as well as reducing interest bearing debt to lower interest costs through the MTN buyback.
Current Conditions and Future Prospects
The Company is ensuring the continuity of its tin mining activities and business operations by conducting exploration both onshore and offshore to find tin mineral resources and reserves. In 2024, the Company recorded tin resources of 807,234 tons and tin reserves of 312,506 tons.
The Company is ready to face future challenges through various strategic efforts to improve its performance, including optimizing and increasing tin ore production, improving the governance of partnership arrangements and onshore and offshore mining cooperation, pursuing continuous optimization and efficiency across all business lines, and optimizing the performance and development of its subsidiaries.
Performance Highlights (2024 vs. 2023)
| Remarks | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Tin ore production – Ton Sn (Onshore) | 7,724 | 4,278 | 81% |
| Tin ore production – Ton Sn (Offshore) | 11,713 | 10,577 | 11% |
| Tin ore production – Ton Sn (Total) | 19,437 | 14,855 | 31% |
| Refined tin production – Metric Ton | 18,915 | 15,340 | 23% |
| Refined tin sales – Metric Ton | 17,507 | 14,385 | 22% |
| Average selling price – US$/Metric Ton | 31,181 | 26,583 | 17% |
About PT TIMAH Tbk
PT TIMAH Tbk, a subsidiary of Indonesian mining holding company MIND ID, is a leading tin producer and the largest tin exporter in the world, with tin mining and smelting operations in the provinces of Bangka Belitung, the Riau Islands, and Riau.
A Limited Liability Company since 1976 and listed on the Indonesia Stock Exchange since 1995, PT TIMAH Tbk runs a vertically integrated tin business spanning exploration, mining, smelting and refining, and marketing, serving international and domestic customers. Its refined tin products, under the brands “Banka Tin,” “Kundur Tin,” and “Mentok Tin,” hold an international reputation and are registered on the London Metal Exchange (LME).
A member of the International Tin Association (ITA), PT TIMAH Tbk currently has four main business lines: tin mining, tin downstream products (tin chemical and tin solder), non-tin mining (coal and nickel), and competency-based businesses including property, shipyards, and agribusiness.
