Jakarta, October 31, 2025 — PT TIMAH Tbk (“the Company”; IDX: TINS) today announced its Consolidated Financial Statements for the period ended September 30, 2025.
Global tin demand, particularly from the electronics sector (tin solder and tin chemicals), remained strong, driven by the Japanese and Chinese markets. According to data published by the Ministry of Trade of the Republic of Indonesia, Indonesia’s tin metal exports through September 2025 reached 37,946 metric tons, up 28% compared with the same period in 2024. During 9M 2025, the Company’s export sales contributed approximately 21% of Indonesia’s total tin exports and accounted for about 3% of total global tin exports of 278,048 metric tons.
According to the CRU Tin Monitor, global tin metal production in 9M 2025 grew to 278,048 tons, while global tin metal consumption in 9M 2025 was estimated at 282,874 tons.
Tin prices through September 2025 showed a stronger upward trend than in the first half of 2025, driven by continued supply tightness despite signs of partial recovery. The average LME Cash Settlement Price for tin metal in 9M 2025 was USD 32,775.58 per ton, up 8.8% from USD 30,130.32 per ton in the same period a year earlier. These conditions provided positive sentiment for the average selling price of tin metal, which the Company leveraged to boost sales across various regions.
Operating Performance
Through September 2025, TINS recorded tin ore production of 12,197 tons Sn, down 20% compared with 15,201 tons Sn in the same period last year. Several factors contributed to the decline in tin ore production, including the impact of northerly and southeasterly winds, discontinuous (spotted) ore reserves, and continuing illegal mining activity. Refined tin metal production fell 25% to 10,855 metric tons compared with 14,440 metric tons in the same period of the previous year.
Through September 2025, refined tin metal sales fell 30% to 9,469 metric tons compared with 13,441 metric tons in the same period last year. The Company recorded domestic refined tin sales of 7% and refined tin exports of 93%, with the top six export destinations being Japan (19%), Singapore (19%), South Korea (18%), the Netherlands (9%), Italy (4%), and the USA (4%). Its focus on export markets, particularly in the Asia-Pacific, Europe, and the Americas, allowed the Company to capitalize on positive demand sentiment from Japan and China, considered the main drivers of the rise in tin prices. In 9M 2025, the Company’s average selling price for refined tin was USD 33,596 per metric ton, up 8% from USD 31,183 per metric ton in the same period last year.
Financial Performance
In 9M 2025, the Company booked revenue of Rp6.6 trillion and achieved EBITDA of Rp1.5 trillion, resulting in net profit for 9M 2025 of Rp602 billion, or 78% of the Company’s set target of Rp774 billion.
The Company’s total assets as of 9M 2025 rose 7% to Rp13.7 trillion from Rp12.80 trillion at the end of 2024. Liabilities stood at Rp6.1 trillion, up 14% from Rp5.3 trillion at the end of 2024, due to higher trade payables and short-term bank loans.
Equity of Rp7.61 trillion was up 2% from Rp7.45 trillion at the end of 2024, driven by the positive profit the Company booked through 9M 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 32.8%, indicating the Company’s ability to meet short-term obligations without relying on inventories; and a Current Ratio of 177.8%, 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 44.4% and the Debt to Equity Ratio at 79.9%, 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.
“Along with quarter-to-quarter production improvements, the momentum of the upward trend in global tin metal prices, and government support for improving tin mining governance, the Company managed to record 9M 2025 net profit of Rp602 billion, double that of the first half of 2025,” said Fina Eliani, Director of Finance and Risk Management of PT TIMAH Tbk.
Current Conditions and Future Prospects
Electronics manufacturing activity, the main driver of tin demand, is expected to strengthen in 2025. According to the International Tin Association (ITA) report, tin metal usage in 2025 is projected to recover by 0.6%, reaching 380,160 metric tons, while supply is estimated at 374,910 metric tons.
The projected tin price in 2025 ranges between USD 32,254/ton and USD 34,000/ton, based on Bloomberg data. Fundamentally, the tightening of the tin market is driven by limited supply from Indonesia, Myanmar, MSC, and the DRC, compounded by regulation, conflict, and production maintenance.
Meanwhile, the outlook for global tin prices in 2026 will be influenced by several factors, including increased use in electronics, semiconductors, and chips, as well as digitalization and Artificial Intelligence (AI). Macroeconomic prospects will also continue to affect tin price movements, such as uncertainty surrounding China’s fiscal stimulus plans and reactions to Federal Reserve policy.
Performance Highlights (9M 2025 vs. 9M 2024)
| Remarks | 9M 2025 | 9M 2024 | Change (%) |
|---|---|---|---|
| Tin ore production – Ton Sn (Onshore) | 4,501 | 6,613 | -32% |
| Tin ore production – Ton Sn (Offshore) | 7,696 | 8,588 | -10% |
| Tin ore production – Ton Sn (Total) | 12,197 | 15,201 | -20% |
| Refined tin production – Metric Ton | 10,855 | 14,440 | -25% |
| Refined tin sales – Metric Ton | 9,469 | 13,441 | -30% |
| Average selling price – US$/Metric Ton | 33,596 | 31,183 | 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.
