JAKARTA – Although the sales volume of PT Timah Tbk (TINS) was depleted in Q3 2022, the increase in the average selling price of tins in said period allowed TINS to bask in revenue and profit growth.
Fina Eliani, Director of Finance and Risk Management of Timah, confirmed that the tin ore production shrank 19% year-on-year (yoy) to IDR 14,502 tons from the initial 17,929 tons in Q3 2021. “The slippage was also seen in the tin metal production that decreased 26% yoy to 14,130 tons from 19,120 tons,” she revealed the news in the press release quoted Wednesday (9/11).
Out of the 14,502 tons of tin ores produced in Q3 2022, 35% came from the land, while another 65% was acquired through sea-bed mining.
As mentioned above, the sales of tins also dropped 20% yoy from 19,059 metric tons (mt) to 15,325 mt in Q3 2022. Thankfully, the 16% surge in its selling price, bringing it from USD 30,158 per mt to USD 35,026 per mt, was deemed quite significant. It managed to support the 5% increase in TINS’s revenue from IDR 9.7 trillion to IDR 10.2 trillion.
In the end, TINS scored IDR 1.14 trillion of net profit, 87% yoy higher than IDR 612 billion in Q3 2021. Its operating profit also grew 26% yoy to IDR 1.5 trillion, as did its EBITDA from IDR 1.8 trillion to IDR 2.2 trillion. (LK/ZH)