Commodity Prices Fall, PT Timah's Profit Shrinks in 2022

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Adi Ahdiat 06/04/2023 13:20 WIB

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PT Timah Tbk (TINS)'s net profit decreased by 20% year-on-year (yoy) in 2022, due to reduced production and a decline in the average selling price of tin on the market.

PT Timah Tbk Net Profit/Loss (2019-2022)

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Commodity Prices Fall, PT Timah's Profit Shrinks in 2022

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PT Timah Tbk Net Profit/Loss (2019-2022)

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PT Timah Tbk (TINS) reported a net profit of Rp1.04 trillion in 2022, down 20% year-on-year (yoy).

This profit decline coincided with a decrease in TINS' tin ore production, from 24,670 tons of Sn in 2021 to 20,079 tons of Sn in 2022.

The decrease in TINS' profit was also influenced by weakening commodity prices.

According to TINS' report, in 2021 the average selling price of tin metal reached USD 32,619 per metric ton. However, in 2022, it fell to an average of USD 31,474 per metric ton.

Despite the decline in profit, TINS' financial performance in 2022 was still significantly better than in 2019-2020, during which they recorded losses, as shown in the graph.

This state-owned enterprise (SOE) in the tin mining sector also successfully reduced its liabilities or debts.

In 2021, TINS had total liabilities of Rp8.4 trillion, which decreased to Rp6.0 trillion in 2022. Meanwhile, TINS' equity increased from Rp6.3 trillion to Rp7.0 trillion.

"The company successfully recorded optimal performance until the end of 2022 amidst significant fluctuations in tin metal selling prices," said Fina Eliani, Finance and Risk Management Director of PT Timah Tbk, in a press release (March 16, 2023).

"Going forward, the company will continue to consistently implement efficiency throughout the business chain and encourage improved performance of subsidiaries," she continued.

This year, TINS also remains in the LQ45 index for the February-July 2023 period.

The LQ45 is a list of 45 selected issuers according to the Indonesia Stock Exchange (IDX), whose performance is considered good based on certain criteria, such as having a large market capitalization and high liquidity.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."