Key points
- PT Timah posted 9M 2026 net profit of Rp4.12 trillion, up 584% and a nine-month record.
- Revenue rose 144% to Rp16.15 trillion on higher sales volume and an average selling price of USD51,011 per ton.
- Tin ore output rose 55% to 18,883 tons Sn, with 11,545 tons from offshore mining, up 50%.
- Resources stood at 797 thousand tons Sn and reserves at 311 thousand tons Sn as of September 2026.
Jakarta, October 30, 2026. PT TIMAH (Persero) Tbk (“the Company”; IDX: TINS) today announced its Consolidated Financial Statements for the nine-month period ended September 30, 2026, which reflect a strengthening of the Company’s financial and operational performance.
Global Tin Market Conditions
Global tin prices remained at high levels throughout the first nine months of 2026 (9M 2026), with considerable volatility, supported by limited supply and the demand outlook from the electronics, semiconductor and artificial intelligence infrastructure sectors. During the period, the average London Metal Exchange (LME) tin Cash Settlement Price (CSP) was USD51,636.61 per metric ton, up 57.55% from USD32,775.58 per metric ton in the same period of the previous year.
On the supply side, the availability of global tin raw materials still faces uncertainty. Shipments of tin ore and concentrate from Myanmar to China began to recover in the first half of 2026, although supply from Myanmar has not yet fully returned to historical levels. In addition, mining activity at a subsidiary of Malaysia Smelting Corporation was temporarily halted from August 12 to September 11, 2026, owing to damage to the drainage system and retention ponds after extreme rainfall. The stoppage affected mining activity, not smelting activity specifically.
According to the CRU Tin Monitor, global refined tin production in 9M 2026 was 264,064 tons, while global refined tin consumption is estimated at 275,047 tons. Meanwhile, tin stocks in LME warehouses at the end of September 2026 stood at 4,480 tons, down 17.3% from 5,415 tons at the start of the year.
Over the long term, the International Tin Association (ITA) projects global tin demand to rise 22% over 2026-2035, while global refined tin supply is expected to rise only 16%. This projected gap underlines the need to develop new mining capacity to meet growing global tin demand in the future.
Financial Performance
The Company booked revenue of Rp16.15 trillion in 9M 2026, up 144% from Rp6.61 trillion in 9M 2025. The increase was in line with higher sales volumes and a higher average selling price of refined tin. In line with revenue growth, the Company recorded operating profit of Rp5.60 trillion, up 594% from Rp807.25 billion in 9M 2025. EBITDA reached Rp6.18 trillion, up 323% from Rp1.46 trillion in 9M 2025. The Company’s net profit was Rp4.12 trillion, up 584% from Rp602.42 billion in 9M 2025.
The Company’s profitability also strengthened. Operating Margin was 34.67%, up from 12.22% in 9M 2025. EBITDA Margin reached 38.26%, up from 22.08% in 9M 2025. Net Profit Margin rose to 25.52% from 9.12% in 9M 2025.
In terms of financial position, the Company’s total assets as of September 30, 2026 were Rp17.26 trillion, up 26% from Rp13.64 trillion at the end of 2025. Total liabilities were Rp5.29 trillion, up about 1% from Rp5.23 trillion at the end of 2025. Equity rose 42% to Rp11.97 trillion from Rp8.41 trillion at the end of 2025, in line with the profit the Company earned during 9M 2026.
In terms of returns, Return on Assets (ROA) was 23.88% in 9M 2026, up from 4.40% in 9M 2025. Return on Equity (ROE) also rose to 34.42% from 8.00% in 9M 2025. The increase reflects the Company’s stronger ability to generate profit relative to its assets and equity.
In terms of cash flow, the Company booked positive net cash flow from operating activities of Rp4.09 trillion in 9M 2026, reversing a net cash outflow of Rp388.64 billion in 9M 2025. The period-end cash balance reached Rp4.25 trillion, up from Rp1.34 trillion in 9M 2025.
Operational and Production Performance
In 9M 2026, the Company recorded tin ore production of 18,883 tons Sn, up 55% from 12,190 tons Sn in 9M 2025. In line with this increase, refined tin production reached 16,190 metric tons Sn, up 49% from 10,855 metric tons Sn in 9M 2025.
The increase in tin ore production was supported by the optimization of onshore and offshore mining. In onshore mining, the Company raised productivity by adding mining operating units, opening work plan blocks at a number of locations, and optimizing pilot drilling to support excavation effectiveness. In offshore mining, the Company optimized the performance of its Bucket Dredges (Kapal Keruk, KK) and Production Suction Vessels (Kapal Isap Produksi, KIP), and improved the supervision and productivity of Production Suction Pontoons (Ponton Isap Produksi, PIP).
The Company also strengthened exploration through the operation of drilling vessels spread across its main production areas. This drilling is intended to raise the level of confidence in tin resources and reserves, and to provide better information to support data-based operational planning and decision-making.
In addition, the Company increased the supervision and security of its mining business permit areas (WIUP) and production areas with the support of a government task force. The Company also optimized production through the block system program as part of efforts to strengthen mining governance and improve the effectiveness of mining work plan implementation.
On the sales side, the Company’s refined tin sales volume in 9M 2026 reached 16,304 metric tons, up 72% from 9,469 metric tons in 9M 2025. The higher sales volume was supported by optimized management of refined tin inventory to meet market demand.
In line with global tin price developments, the Company’s average refined tin selling price in 9M 2026 reached USD51,011 per metric ton, up 52% from USD33,596 per metric ton in 9M 2025.
By market, the Company’s refined tin sales in 9M 2026 were dominated by exports, which accounted for 96% of total sales, while the domestic market accounted for 4%. The six main export destinations were China at 30%, South Korea at 12%, India at 11%, Japan at 9%, the Netherlands at 8% and Singapore at 7%. This sales mix reflects the Company’s marketing reach in global markets and the strategic role of exports in supporting its refined tin sales.
Business Outlook and Company Strategy
Entering the final quarter of 2026, the Company sees an opportunity to continue the momentum of improving performance, while keeping watch on global tin price dynamics and supply uncertainty. The Company will continue to drive operational productivity and meet customer needs, taking into account market developments and tin supply conditions.
To support business sustainability, the Company continues to strengthen the management of its tin resources and reserves through onshore and offshore exploration. According to the balance as of September 2026, the Company holds tin resources of 797 thousand tons Sn and tin reserves of 311 thousand tons Sn. These resource and reserve figures are one of the considerations the Company uses in drawing up its mining plans and setting exploration priorities to support production continuity and future business development.
The Company also supports the government’s efforts to strengthen national tin governance, including through the implementation of the policy to accelerate improvements in tin mining governance in the Bangka Belitung Islands Province. In line with this, the Company is committed to conducting its business in accordance with applicable laws and regulations, applying Good Mining Practices, and strengthening Good Corporate Governance.
“Net profit of Rp4.12 trillion in 9M 2026 is the Company’s highest ever for a nine-month period. This achievement reflects stronger operational and financial performance through higher productivity, optimized business activities, effective sales management and financial discipline. Going forward, we will continue to strengthen performance and maintain business continuity to create long-term value for shareholders and all stakeholders,” said Restu Widiyantoro, President Director of PT TIMAH (Persero) Tbk.
Performance Highlights, 9M 2026 and 9M 2025
| Item | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Tin ore production, onshore (tons Sn) | 7,338 | 4,499 | 63% |
| Tin ore production, offshore (tons Sn) | 11,545 | 7,691 | 50% |
| Tin ore production, total (tons Sn) | 18,883 | 12,190 | 55% |
| Refined tin production (metric tons) | 16,190 | 10,855 | 49% |
| Refined tin sales (metric tons) | 16,304 | 9,469 | 72% |
| Average selling price (USD/metric ton) | 51,011 | 33,596 | 52% |
About PT TIMAH (Persero) Tbk
PT TIMAH (Persero) Tbk is a member of MIND ID, the Indonesian mining industry holding company, and one of the world’s leading integrated tin mining companies. The Company runs an integrated tin business, from exploration, mining, smelting and refining, and downstream processing through to the marketing of refined tin products to meet the needs of customers in domestic and international markets. The Company’s operating areas are spread 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 since 1995 under the ticker TINS, the Company produces the refined tin brands Banka Tin, Mentok Tin and Kundur Tin, which are registered with the London Metal Exchange (LME) and marketed to many countries worldwide.
The Company continues to develop four main business lines: tin mining; tin downstream processing (tin chemicals and tin solder); non-tin mining (coal and nickel); and competency-based businesses including property, shipbuilding and agribusiness. As a member of the International Tin Association (ITA), the Company is committed to applying good mining practices, good corporate governance and sustainability principles to create sustainable added value for shareholders and all stakeholders.
