Jakarta, May 24, 2022 - PT TIMAH Tbk (IDX: TINS), an issuer engaged in the integrated tin mining business and a member of MIND ID, has held a GMS for the 2021 financial year on Tuesday, May 24, 2022, at the Borobudur Hotel Jakarta.
In the GMS there was a change in the composition of the Company's management. Here are the results of the changes:
Before GMS
Board of Commissioners:
1. M. Alfan Baharudin : President Commissioner/Independent
2. Danny Praditya : Commissioner
3. Agus Rajani Panjaitan : Independent Commissioner
4. Satriya Hari Prasetya : Independent Commissioner
5. Rustam Effendi : Commissioner
6. Yudo Dwinanda Priaadi : Commissioner
Directors:
1. Achmad Ardianto : President Director
2. M. Krisna Sjarif : Director of Finance and Risk Management
3. Purwoko Director : Business Development
4. Alwin Albar : Director of Operations and Production
5. Yennita : Director of Human Resources
After AGM
Board of Commissioners:
1. M. Alfan Baharudin : President Commissioner/Independent
2. Agus Rajani Panjaitan : Independent Commissioner
3. Danny Praditya : Commissioner
4. Sufyan Syarif : Commissioner
5. Rustam Effendi : Commissioner
6. Yudo Dwinanda Priaadi : Commissioner
Directors:
1. Achmad Ardianto President Director
2. Fina Eliani Director of Finance and Risk Management
3. Alwin Albar Director of Business Development
4. Purwoko Director of Operations and Production
5. Yennita Director of Human Resources
In the audited Consolidated Financial Statements for the 2021 financial year, TINS ??managed to record a 483% increase in 2021 net profit to Rp1.3 trillion compared to 2020 which lost Rp341 billion. The surge in net profit was supported by a decrease in cost of revenue. Throughout 2021, TIMAH's cost of revenue decreased 21% to Rp11.17 trillion compared to 2020 which was Rp14.09 trillion.
Performance
In direct proportion to its net profit, the Company's EBITDA increased 150% to Rp2.90 trillion from the previous year's Rp1.16 trillion. The reduced financial burden due to the “deleveraging strategy” and the Company's ability to choose low-cost funding sources are among the supporting factors.
Another financial indicator that is a parameter for improving TINS ??performance is the profitability ratio, namely Net Profit Margin (NPM) to 9% (2020: minus 2%), Gross Profit Margin (GPM) to 24% (2020: 7%). The solvency ratio appears from the Debt to Equity Ratio (DER) to 82% (2020: 142%). Cash and cash equivalents showed a significant increase to Rp1.78 trillion from the previous year
IDR 807 billion.
Tin ore production in 2021 will be 24,670 Tons Sn, down 38% from the previous year of 39,757 Tons Sn, of which 46% came from onshore mining, and 54% came from marine mining. In the same year, tin production only reached 26,465 MTon or decreased by 42% from 2020 which was 45,698 MTon. With the average selling price of tin, which shot up 89%
to $32,619, the Company recorded sales of tin metal of 26,602 MTon, a decrease of 52% from the previous year of 55,782 MTon.
"The rapid performance of the Company is a special gift in the midst of a pandemic situation, but it does not dampen Management's optimism that in the future the Company's performance will be able to be better. Focus on increasing production volume, within the framework of achieving RKAP targets and also increasing low-cost tin ore production from offshore mining so that optimal profit margins can still be achieved
maintained,” said the Corporate Secretary, Abdullah Umar Baswedan.
