PT Timah (Persero) Tbk Achieves Rp 270 Billion Profit in the First Half of 2021

PT Timah (Persero) Tbk achieved a profit of Rp 270.06 billion in the first half of 2021, after experiencing a loss of Rp 390.07 billion in the first half of the previous year. The profit of this state-owned mining company (BUMN) in the first half of this year was supported by a 39.34% decrease in operating expenses to Rp 4.74 trillion from the previous year due to the cessation of company operations.

As a result, despite a 26.9% decrease in revenue to Rp 5.87 trillion, the government-owned company, listed as TINS on the Indonesia Stock Exchange, managed to achieve a profit in the first half of this year.

PTBA's assets decreased by 6.76% to Rp 13.54 trillion at the end of June 2021 compared to the end of June 2020. Specifically, its liabilities decreased by 13.49% to Rp 8.29 trillion, and its equity increased by 6.3% to Rp 5.25 trillion.

Despite the improvement in its financial performance, the share price has not changed significantly throughout the year. The TINS share price closed at Rp 1,500 on Wednesday, September 1, 2021. This price is only a slight 1% increase from the end of 2020 (year to date/ytd).

The Indonesian government is recorded as holding one share of Series A shares in PT Timah. Meanwhile, PT Indonesia Asahan Aluminium Persero (Inalum) holds 65% of the Series B shares, with the remaining 35% held by the public.