Jakarta, March 16, 2023 – PT TIMAH Tbk (“the Company”; IDX: TINS) today announced its audited Consolidated Financial Statements for December 31, 2022.
In 2022, the Company booked a net profit of IDR 1.04 trillion amidst the relatively high fluctuations in the selling price of refined tin.
The Company's good performance until the end of 2022 was driven by efficiency efforts throughout the business chain, a reduction in interest-bearing debt, and a consistent increase in the performance of its non-tin segment subsidiaries.
The Company managed to record revenue of IDR 12.50 trillion along with an 11% decrease in the cost of revenue and operating expenses of 6%. The company produces ore and tin metal 2022 of 20,079 tons and 19,825 metric tons respectively and metal sales in 2022 amounted to 20,805 metric tons.
Based on this performance, the Company booked a net profit of IDR 1.04 trillion, exceeding the target set by the Company.
The position of the Company's asset value at the end of 2022 is IDR 13.07 trillion. Meanwhile, the liability position was IDR 6.03 trillion, down 28% compared to the end of 2021 position of IDR 8.38 trillion due to reduced short-term loans.
"The company succeeded in reducing interest bearing debt in the form of bank loans, supplier financing liabilities and bonds payable by 41% to IDR 3.00 trillion from the end of 2021 position of IDR 5.11 trillion," said the Director of Finance and Risk Management of PT TIMAH Tbk, Fina Eliani.
The equity position was IDR 7.04 trillion, up 12% compared to the end of 2021 position of IDR 6.31 trillion.
The Company's financial performance showed promising results as seen from several ratios including the Net Profit Margin of 8.3% and a decrease in the Debt to Equity Ratio of 0.86x (2021: 1.3x). This shows the success of the Company's management in reducing bank debt and interest expenses.
Current Conditions and Future Prospects
"The company managed to record optimal performance until the end of 2022 amidst the relatively high fluctuations in the selling price of refined tin. Going forward, the Company willcontinue to consistently run efficiency throughout the business chain, as well as encourage increased performance of its subsidiaries," said Fina Eliani, Director of Finance and Risk Management of PT TIMAH Tbk. (**)
Read more: www.timah.com/report/press-release
