Jakarta, April 30, 2025 — PT TIMAH Tbk (“the Company”; IDX: TINS) today announced its Consolidated Financial Statements for the period ended March 31, 2025.
Throughout the first quarter of 2025, tin demand remained strong, especially for solder needs in the electronics and electric vehicle industries, while global tin supply was constrained by production disruptions in Indonesia, Myanmar, and the Democratic Republic of Congo. Tin metal prices, meanwhile, showed slight fluctuation influenced by global factors, one of which was uncertainty over U.S. trade tariff policy. On the other hand, tin metal prices continued to track other base metals as the macroeconomic outlook kept influencing price movements.
The average LME Cash Settlement Price for tin metal in the first quarter of 2025 was USD 31,804.37 per metric ton, up 21.2% from USD 26,235.87 per metric ton in the same period a year earlier. Bloomberg’s tin price projection is in the range of USD 29,000 to USD 33,000 per metric ton. Tin stocks in LME warehouses at the end of March 2025 stood at 3,050 tons, down 35.9% from 4,760 tons at the beginning of 2025.
According to the CRU Tin Monitor, global tin metal production in the first quarter of 2025 was estimated to have risen 7.4% (YoY) to 87,759 tons, while global tin metal consumption in the first quarter of 2025 was estimated to have risen 1.2% (YoY) to 92,890 tons.
Operating Performance
Through the first quarter of 2025, the Company recorded tin ore production of 3,215 tons Sn, down 40% compared with 5,360 tons Sn in the same period of the previous year. This was due to several factors behind the decline in tin ore production, including not-yet-optimal mining activity both onshore and offshore, the impact of northerly winds, spotted (discontinuous) reserve conditions, and continuing illegal mining activity.
Refined tin metal production fell 31% to 3,095 metric tons Sn compared with 4,475 metric tons Sn in the same period of the previous year. Refined tin metal sales fell 18% to 2,874 metric tons compared with 3,524 tons in the same period of the previous year. The average selling price of refined tin was USD 32,495 per metric ton, up 20% from USD 27,071 per metric ton the previous year.
The Company has undertaken various efforts to achieve its onshore mining operating and production performance by increasing the number of onshore mines and conducting directional guide-drilling of excavation in work plan blocks. For offshore mining, the Company is also working to improve the efficiency of its Production Suction Vessels (KIP), optimize KIP processing residues, and use guide-drilling with one drill vessel in each production area, such as the North Bangka Area, South Bangka Area, and Kundur Area, to increase the confidence level and effectiveness of excavation.
In the first quarter of 2025, the Company recorded domestic refined tin sales of 9% and refined tin exports of 91%, with the top six export destinations being South Korea (19%), Japan (19%), Singapore (14%), the Netherlands (11%), India (2%), and China (1%).
Financial Performance
The Company booked revenue of Rp2.10 trillion, up 2.1% in the first quarter of 2025 from Rp2.06 trillion in the first quarter of 2024, in line with the increase in the average selling price of tin metal. The Company’s cost of revenue fell 2.6% from Rp1.76 trillion in the first quarter of 2024 to Rp1.72 trillion in the first quarter of 2025.
The Company booked operating profit of Rp148 billion, higher than the Rp93 billion recorded in the first quarter of 2024, with EBITDA of Rp384 billion, up 14% from Rp335 billion in the first quarter of 2024. As a result, the Company booked net profit for the first quarter of 2025 of Rp116.86 billion, or 120% of the Company’s set target of Rp97.46 billion.
The Company’s total assets as of the first quarter of 2025 fell 2% to Rp12.49 trillion from Rp12.80 trillion at the end of 2024. Liabilities stood at Rp4.85 trillion, down 9% from Rp5.35 trillion at the end of 2024, due to the repayment of short-term bank loans and the repurchase of all medium term notes.
Equity of Rp7.64 trillion was up 3% from Rp7.45 trillion at the end of 2024, in line with the profit booked in the first quarter of 2025.
The Company’s financial performance showed good results, as seen from several key financial ratios, including a Quick Ratio of 66.1%, a Current Ratio of 238.7%, a Debt to Asset Ratio of 38.8%, and a Debt to Equity Ratio of 63.5%.
“The Company continues to work to improve financial performance through continuous optimization and efficiency across all business lines, including interest-cost efficiency by reducing Interest Bearing Debt and optimizing the management of the company’s cash flow, so that the Company is able to exceed the profit-and-loss target it has set,” said Fina Eliani, Director of Finance and Risk Management of PT TIMAH Tbk.
Current Conditions and Future Prospects
The Company estimates that the average price of tin metal in 2025 will be higher than in 2024, influenced by several factors including increased use of electronic equipment, semiconductors, and chips, as well as digitalization and Artificial Intelligence.
The Company has set key targets for 2025, namely tin ore production of 21,500 tons Sn, tin metal production of 21,545 metric tons, and tin metal sales of 19,065 metric tons. To achieve these key targets, the Company’s main strategies are: (1) improving the management of reserves and resources; (2) market leadership, production aggressiveness, and operating performance; (3) strengthening downstream operations and industrialization through the development of electric vehicles and the energy industry; (4) business process transformation; and (5) Center of Excellence development and portfolio optimization.
Performance Highlights (Q1 2025 vs. Q1 2024)
| Remarks | Q1 2025 | Q1 2024 | Change (%) |
|---|---|---|---|
| Tin ore production – Ton Sn (Onshore) | 1,598 | 3,260 | -51% |
| Tin ore production – Ton Sn (Offshore) | 1,617 | 2,100 | -23% |
| Tin ore production – Ton Sn (Total) | 3,215 | 5,360 | -40% |
| Refined tin production – Metric Ton | 3,095 | 4,475 | -31% |
| Refined tin sales – Metric Ton | 2,874 | 3,524 | -18% |
| Average selling price – US$/Metric Ton | 32,495 | 27,071 | 20% |
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.
