State-owned tin miner PT Timah (IDX: TINS) reported a net profit of Rp1.19 trillion (US$74 million) in 2024, an increase of 364 percent from the previous year, when the company recorded a net loss of IDR 449.67 billion (approximately $28 million).

"The company optimized production, marketing, and financial efficiency, including reducing interest-bearing debt," Fina Eliani, Director of Finance and Risk Management at PT Timah, said as quoted in a statement on Wednesday, April 9, 2025.

PT Timah booked total revenue of Rp10.86 trillion (US$672 million) in 2024, a 29.37 percent increase from Rp8.39 trillion (US$519 million) in 2023. This was driven by a 22 percent increase in tin metal sales volume and a 17 percent increase in the average selling price, reaching $31,181 per metric ton.

Meanwhile, the cost of revenue increased by 1.26 percent to Rp8.03 trillion (US$496 million). Operating profit was Rp1.76 trillion (US$109 million), while EBITDA reached Rp2.71 trillion (US$168 million), an increase of 396 percent compared to 2023.

In 2024, PT Timah recorded tin ore production of 19,437 tons, a 31 percent increase from the previous year. Refined tin production reached 18,915 metric tons, an increase of 23 percent. Tin metal sales totaled 17,507 metric tons, up 22 percent compared to 2023.

PT Timah exported 88 percent of its total sales, with the top six export destinations: South Korea (19 percent),Singapore (18 percent), Japan (15 percent),Netherlands (12 percent), India (10 percent), China (7 percent). The remaining 12 percent was sold in the domestic market.

Financial position and debt reduction

At the end of 2024, the company reported total assets of Rp12.80 trillion (US$792 million), a 0.42 percent decrease from the previous year. Liabilities decreased by 19 percent to Rp5.35 trillion (US$330 million), primarily due to repayment of short-term bank loans and the buyback of medium-term notes (MTN).

Equity increased by 19.35 percent to Rp7.45 trillion (US$461 million) in line with recorded profit in 2024.

Key financial ratios for 2024:

• Quick Ratio: 73.2 percent

• Current Ratio: 222 percent

• Debt-to-Asset Ratio: 41.8 percent

• Debt-to-Equity Ratio: 71.8 percent

"The company has reduced interest-bearing debt and optimized investments to maintain cash flow," Eliani said.

In 2024, PT Timah reported tin resources of 807,234 tons and tin reserves of 312,506 tons. The company plans to continue exploration and increase tin ore production. PT Timah also aims to improve governance in mining partnerships, enhance efficiency across business lines, and expand its subsidiaries.

"We will continue to adjust our operational and financial strategies based on market conditions," Eliani said.