Jakarta, 28 July 2026 – PT TIMAH (Persero) Tbk (“the Company”; IDX: TINS) today announced its Consolidated Financial Statements for the period ended 30 June 2026, reporting significant growth in both financial and operational performance.
Global Tin Market Conditions
The global tin market remained fundamentally strong throughout the first half of 2026 despite ongoing economic volatility, geopolitical uncertainty, and developments in international trade policies, which continued to influence market sentiment. Tin prices remained well above the level recorded in the corresponding period last year, supported by tight global supply due to constrained mine production in several major producing countries.
The average Cash Settlement Price for tin on the London Metal Exchange (LME) during the first half of 2026 reached USD50,319.19 per metric ton, representing an increase of 56.68% compared with USD32,115.77 per metric ton in the corresponding period last year. The higher price environment reflected the continued strength of underlying tin market fundamentals, although prices remained sensitive to supply dynamics and broader macroeconomic developments.
During the first half of 2026, global tin supply conditions showed signs of improvement, as reflected in rising inventories at LME warehouses and recovering production in several regions. Tin inventories in LME warehouses stood at 8,575 tons at the end of June 2026, representing an increase of 58.36% from 5,415 tons at the beginning of the year.
On the demand side, global tin market fundamentals remained resilient, as the solder segment continued to account for approximately 50% of global tin consumption, primarily driven by the semiconductor and electronics industries. Demand prospects are expected to remain positive, supported by ongoing digital transformation and the global energy transition, which continue to support investment in artificial intelligence (AI), data centers, electric vehicles (EVs), energy storage systems, and power infrastructure. These trends are expected to reinforce tin as a critical raw material for a broad range of advanced technology applications.
According to the CRU Tin Monitor, global refined tin production during the first half of 2026 totaled 173,536 tons, while global refined tin consumption reached 179,256 tons. This indicates that the global tin market remained in supply deficit, providing a supportive backdrop for the industry’s outlook in the second half of 2026.
Financial Performance
The Company generated consolidated revenue of IDR10.42 trillion in the first half of 2026, an increase of 247% compared with IDR4.22 trillion in the corresponding period of 2025. The strong performance was driven by higher sales volumes and an increase in the average selling price of refined tin amid favorable market conditions.
In line with revenue growth, the Company posted operating profit of IDR3.48 trillion, a significant improvement from IDR0.38 trillion in the first half of 2025. EBITDA reached IDR3.90 trillion, up 363% from IDR0.84 trillion in the same period last year. Meanwhile, net profit reached IDR2.71 trillion, exceeding the Company’s full-year 2026 net profit target of IDR1.61 trillion, or 169% of annual target.
The Company’s financial position also strengthened during the period. Total assets increased by 21% to IDR16.45 trillion from IDR13.64 trillion at the end of 2025. Total liabilities increased to IDR5.90 trillion, up 13% from IDR5.23 trillion, while total equity increased by 25% to IDR10.55 trillion from IDR8.41 trillion, supported by strong earnings delivered during the first half of 2026.
The Company’s improved financial performance was reflected in significantly stronger profitability. Operating Margin increased to 33.24% (1H25: 9.01%), EBITDA Margin rose to 37.39% (1H25: 19.92%), and Net Profit Margin reached 26.05% (1H25: 7.11%). The Company also recorded Return on Assets (ROA) of 16.50% (1H25: 2.20%) and Return on Equity (ROE) of 25.74% (1H25: 3.57%), reflecting the Company’s ability to efficiently utilize its assets and shareholders’ equity to generate sustainable value.
Operational Performance
The Company delivered strong operational performance throughout the first half of 2026. Tin ore production reached 12,232 tons Sn, representing an increase of 75% compared with 6,997 tons Sn in the corresponding period last year. The increase was driven by improved productivity together with the expansion of operating units across several mining areas, including Production Suction Dredgers (KIP), Production Suction Pontoons (PIP), as well as onshore partnership mining operations comprising Small-Scale Mines and Onshore Suction Pontoon Mines.
Operational performance was further supported by a series of optimization initiatives implemented consistently throughout the period. In onshore mining operations, the Company expanded the number of operating units and strengthened exploration activities through scout drilling to improve mining precision and ensure alignment with approved Work Plan blocks.
In offshore mining operations, the Company optimized the performance of its production Suction Dredger (KIP), operated one Cutter Suction Dredger (KK Singkep 1), improved the productivity of Production Suction Pontoons (PIP), and optimized the utilization of Processing Residue (SHP) facilities to enhance processing efficiency. Production performance was also supported by enhanced supervision and security across the Company’s Mining Business License Areas (WIUP) and operational sites, including the support of the Central Government Task Force in maintaining a secure and conducive operating environment.
In line with higher ore production, refined tin production reached 10,865 metric tons Sn, an increase of 58% compared with 6,870 metric tons Sn in the first half of 2025. Refined tin sales totaled 10,984 metric tons, increasing 85% from 5,933 metric tons in the corresponding period last year. The increase in sales volume was also supported by optimized inventory management to meet market demand.
The Company’s average selling price reached USD49,794 per metric ton, representing an increase of 52% compared with USD32,816 per metric ton in the first half of 2025, in line with continued strength in global tin prices.
Export markets continued to account for 97% of total refined tin sales during the first half of 2026, while domestic sales represented 3%. The Company’s six largest export destinations were China (36%), India (12%), South Korea (11%), Singapore (6%), the Netherlands (5%), and Italy (5%). This geographical sales mix reflects the continued competitiveness of the Company’s tin products in international markets and the confidence of global customers in the quality and reliability of the Company’s supply.
Business Outlook and Corporate Strategy
The Company remains optimistic about sustaining its positive performance momentum in the second half of 2026, supported by favorable global tin industry prospects driven by continued demand growth from the electronics, semiconductor, electric vehicle, data center, and artificial intelligence sectors.
To support sustainable growth, the Company continues to undertake exploration activities across both onshore and offshore mining areas to ensure the long-term sustainability of its tin mineral resources and reserves. As of the end of the first half of 2026, the Company reported 798 thousand tons of tin resources and 312 thousand tons of tin reserves, providing a solid resource base to support sustainable operations and future growth. Going forward, the Company will continue to enhance productivity, further optimize asset utilization, improve cost efficiency, strengthen mining governance, and consistently implement good mining practices to support sustainable long-term growth.
“Our performance in the first half of 2026 demonstrates that the Company’s operational and business transformation strategy has delivered sustainable, high-quality growth despite a dynamic global operating environment. Improved productivity, disciplined cost management, and operational excellence were the key drivers of this achievement. Going forward, we will continue to strengthen our business fundamentals through sustainable exploration, enhanced mining governance, and greater operational efficiency to ensure sustainable growth and deliver sustainable long-term value for our shareholders and all stakeholders,” said Restu Widiyantoro, President Director of PT TIMAH (Persero) Tbk.
Performance Highlights, 1H 2026 and 1H 2025
| Description | 1H 2026 | 1H 2025 | Change (%) |
|---|---|---|---|
| Tin Ore Production (tons Sn) | 12,232 | 6,997 | 75% |
| Onshore | 4,716 | 2,397 | 97% |
| Offshore | 7,516 | 4,600 | 63% |
| Refined Tin Production (metric tons) | 10,865 | 6,870 | 58% |
| Refined Tin Sales (metric tons) | 10,984 | 5,933 | 85% |
| Average Selling Price (USD/metric ton) | 49,794 | 32,816 | 52% |
About PT TIMAH (Persero) Tbk
PT TIMAH (Persero) Tbk is a member of MIND ID, Indonesia’s State-Owned Mining Industry Holding, and one of the world’s leading integrated tin mining companies. The Company operates an integrated tin mining business across the entire value chain, from exploration, mining, smelting and refining, and downstream processing to the marketing of refined tin products, serving customers across both domestic and international markets. Its operations are located across the provinces of Bangka Belitung Islands, Riau Islands, and Riau.
Established as a limited liability Company in 1976 and listed on the Indonesia Stock Exchange (IDX) since 1995 under the ticker symbol TINS, the Company produces three internationally recognized refined tin products, Banka Tin, Mentok Tin, and Kundur Tin, all of which are registered with the London Metal Exchange (LME) and marketed worldwide.
The Company continues to develop four core business segments: tin mining; tin downstream businesses (tin solder and tin chemicals); non-tin mining (coal and nickel); and competency-based supporting businesses, including property, shipbuilding, and agribusiness. As a member of the International Tin Association (ITA), the Company is committed to implementing good mining practices, good corporate governance, and sustainability principles to create long-term value for shareholders and all stakeholders.
