Jakarta, July 31, 2025 — PT TIMAH Tbk (“the Company”; IDX: TINS) today announced its Consolidated Financial Statements for the period ended June 30, 2025.
Tin prices in the first half of 2025 showed a stabilizing trend after significant volatility in early 2025. London Metal Exchange (LME) tin prices continued to be supported by tight stocks and limited supply, as the Man Maw mine in Myanmar remained offline until August and the Pulau Indah smelter in Malaysia had not yet reached full operation. In addition, Indonesian tin exports showed a significant recovery, rising 177% in the first six months of this year compared with the same period in 2024.
Global demand for tin metal, particularly from the electronics industry such as tin solder and tin chemicals, remained high. This was driven mainly by demand from the Japanese and Chinese markets. However, uncertainty over U.S. trade tariff policy could weigh on global demand. Even so, tin prices tended to remain stable on the back of fairly strong global demand, though risks of fluctuation persisted due to geopolitical factors and limited supply. As of the end of June 2025, tin stocks in LME warehouses stood at 2,220 tons, down 53.3% from 4,760 tons at the beginning of 2025.
According to the CRU Tin Monitor, global tin metal production in the first half of 2025 was estimated to have risen 10.5% (YoY) to 192,611 tons, while global tin metal consumption in the first half of 2025 was estimated to have risen 3.9% (YoY) to 191,163 tons.
Operating Performance
Through the first half of 2025, TINS recorded tin ore production of 6,997 tons Sn, down 32% compared with 10,279 tons Sn in the same period of the previous year. This was due to several factors, including not-yet-optimal mining activity both onshore and offshore, the impact of northerly and southeasterly winds, discontinuous (spotted) ore reserves, and continuing illegal mining activity.
Refined tin metal production fell 29% to 6,870 metric tons compared with 9,675 metric tons in the same period of the previous year. Refined tin metal sales fell 28% to 5,983 metric tons compared with 8,299 metric tons in the same period of the previous year. The average selling price of refined tin was USD 32,816 per metric ton, up 8% from USD 30,397 per metric ton in the same period last year.
In the first half of 2025, the Company recorded domestic refined tin sales of 8% and refined tin exports of 92%, with the top six export destinations being Japan (20%), South Korea (19%), Singapore (16%), the Netherlands (10%), Italy (5%), and India (4%).
Financial Performance
In the first half of 2025, the Company booked revenue of Rp4.22 trillion, down 19.0% from Rp5.21 trillion in the same period of the previous year, in line with the decline in tin metal sales volume. The Company’s cost of revenue fell 15.6% from Rp4.00 trillion in the first half of 2024 to Rp3.37 trillion in the first half of 2025.
The Company booked operating profit of Rp380 billion, lower than the Rp687 billion recorded in the first half of 2024, with EBITDA of Rp838 billion, down 31% from Rp1.21 trillion in the first half of 2024. The Company booked net profit for the first half of 2025 of Rp300.07 billion, or 93% of the Company’s set target of Rp322.64 billion.
The Company’s total assets as of the first half of 2025 fell 4% to Rp12.33 trillion from Rp12.80 trillion at the end of 2024. Liabilities stood at Rp5.03 trillion, down 6% from Rp5.35 trillion at the end of 2024, due to the repurchase of all medium term notes.
Equity of Rp7.29 trillion was down 2% from Rp7.45 trillion at the end of 2024, due to the cash dividend distribution for the 2024 financial year of Rp475 billion, which was paid in July 2025.
The Company’s financial performance reflects a healthy and stable condition. This is shown by several key indicators, such as a Quick Ratio of 63.6%, indicating the Company’s ability to meet short-term obligations without relying on inventories; and a Current Ratio of 204.1%, indicating the Company is in a secure financial position to meet short-term obligations. In terms of capital structure, the Debt to Asset Ratio was recorded at 40.8% and the Debt to Equity Ratio at 69.0%, indicating that debt levels remain within safe and controlled limits. Overall, these figures show that the Company is in a sufficiently stable financial position to support its future operations.
“The Company continues to work to optimize production volume through the enhancement of resources and reserves, the addition of production fleets and mining sites, the securing of Mining Business License (IUP) areas, and the transformation of business processes, in order to achieve the targets set by the Company,” said Fina Eliani, Director of Finance and Risk Management of PT TIMAH Tbk.
Current Conditions and Future Prospects
The average LME Cash Settlement Price for tin metal in the first half of 2025 was USD 32,115.77 per metric ton, up 9.6% from USD 29,229.16 per metric ton in the same period a year earlier, while Bloomberg’s tin price projection is in the range of USD 29,000 to USD 34,000 per metric ton.
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 by supporting the electric vehicle ecosystem and the energy industry; (4) business process transformation; and (5) Center of Excellence development and portfolio optimization.
Performance Highlights (H1 2025 vs. H1 2024)
| Remarks | H1 2025 | H1 2024 | Change (%) |
|---|---|---|---|
| Tin ore production – Ton Sn (Onshore) | 2,402 | 4,930 | -51% |
| Tin ore production – Ton Sn (Offshore) | 4,595 | 5,349 | -14% |
| Tin ore production – Ton Sn (Total) | 6,997 | 10,279 | -32% |
| Refined tin production – Metric Ton | 6,870 | 9,675 | -29% |
| Refined tin sales – Metric Ton | 5,983 | 8,299 | -28% |
| Average selling price – US$/Metric Ton | 32,816 | 30,397 | 8% |
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.
