PT Timah recorded revenue of Rp14.61 trillion with a net profit of Rp1.3 trillion. This subsidiary of the Mining Industry Indonesia (MIND ID) holding company reported losses in 2020 and 2019.
The company, with the stock code TINS, actually saw a 4% decrease in revenue. However, the cost of goods sold was successfully reduced by 21%. This allowed the company to achieve a profit in 2021.
In 2021, tin production reached 26,465 tons. This represents a 38% decrease from 45,698 tons in 2020. The soaring price of tin, up by 89%, compensated for the production decline.
Prior to 2021, the company recorded a net loss of Rp611.28 billion in 2019 and Rp340.6 billion in 2020. Conversely, the company recorded a profit of Rp502 billion in 2017 and Rp132.3 billion in 2018.
This year, PT Timah will begin utilizing Ausmelt technology for its tin production. This technology is expected to reduce production costs.