Jakarta, November 22, 2024 – PT TIMAH Tbk (IDX: TINS) held its 2024 Public Expose (Pubex) at Le Meridien Jakarta on Friday, November 22, 2024. The event highlighted the company's achievements and performance updates.
As presented earlier in the Consolidated Financial Statements for the period ending September 30, 2024, TINS recorded tin ore production of 15,189 tons by Q3 2024, a 36% increase compared to the same period last year, which stood at 11,201 tons. This production growth in Q3 2024 was driven by the addition of production operation fleets and the opening of new mining locations, gradually enhancing the company's operational performance. Throughout 2024, TINS reported that 91% of its tin was exported, with the top six export destinations being Singapore (16%), South Korea (15%), India (11%), Japan (10%), the United States (9%), and the Netherlands (8%).
In financial performance, as of September 2024, TINS achieved a positive net profit of IDR 908.81 billion, exceeding the target by 169%. Revenue amounted to IDR 8.25 trillion, a 29% increase from the previous period. This was supported by a 15% rise in the average selling price of tin metal, from USD 27,017 per metric ton in 9M 2023 to USD 31,183 per metric ton in 9M 2024. On the other hand, the company's cost of revenue rose by 4.5%, from IDR 5.79 trillion in 9M 2023 to IDR 6.05 trillion in 9M 2024. As a result, TINS posted an operating profit of IDR 1.42 trillion and achieved EBITDA of IDR 2.08 trillion, 194% higher than 9M in 2023.
The company's total assets as of 9M 2024 were valued at IDR 12.82 trillion, slightly down by 0.3% from IDR 12.85 trillion at the end of 2023. Key financial ratios demonstrated solid performance, including a Quick Ratio of 76.0%, Current Ratio of 249.0%, Debt-to-Asset Ratio of 44.0%, and Debt-to-Equity Ratio of 78.4%.
“Efforts to improve production operations, financial performance, and tin mining governance have resulted in increased net profit. Moving forward, these efforts must continue. To ensure agility and efficiency, technological improvements are essential. We will focus on upgrading technology in both mining and processing to maintain competitiveness and improve cost efficiency,” said Ahmad Dani Virsal, President Director of PT TIMAH Tbk.
Current Conditions and Future Prospects
The average cash settlement price for tin on the LME as of September 2024 was USD 30,130 per ton, a 13.9% increase compared to USD 26,456 in the same period last year. Bloomberg projects tin prices to range between USD 28,000 and USD 31,000 per metric ton.
Going forward, TINS will continue its initiatives, focusing on optimizing and improving systems related to resource reserve enhancements, mining operations, processing efficiency, and increasing tin ore recovery rates.
With the right strategies to capitalize on available opportunities, PT TIMAH Tbk remains committed to delivering maximum value to shareholders and contributing to society through the company’s positive growth trajectory. (**)
