JAKARTA – The profit of PT Timah (Persero) Tbk (TINS) had a massive upturn of 301% to IDR 1.08 trillion, mostly propelled by the increase of metal selling price in the first half of 2022. In the same period last year, its profit only peaked at IDR 270 billion.
Fina Eliani, Director of Finance and Risk Management of Timah, confirmed that the average selling price of tins shifted progressively by 48% to USD 41,110 per Mton in the first half of 2022 from USD 27,858 in H1 2021. “The sales volume of tins, in fact, declined 21% from 12,523 Mton to 9.942 Mton,” she revealed.
This price surge allowed TINS to post revenue of IDR 7.47 trillion in H1 2022, 27% higher than IDR 5.87 trillion recorded in H1 2021. Its operating profit also inflated 127% year-on-year (yoy) from IDR 630 billion to IDR 1.42 trillion, while its EBITDA shifted 82% yoy from IDR 1 trillion to IDR 1.9 trillion. (LK/ZH)