JAKARTA. PT Timah Tbk (TINS) managed to collect a net profit of IDR 1.04 trillion in 2022, surpassing the initial target set by the company.

Fina Eliani, Director of Finance and Risk Management of TINS, mentioned that the gain in its net profit in 2022 resulted from the company's strategy in reducing debt and interest expenses. The debt-to-equity ratio was indeed declining from 1.3 in 2021 to 0.86 in 2022.

"The company managed to lower the interest-bearing debts, including bank loans, liabilities from suppliers' financing, and outstanding bonds, by 41% to IDR 3 trillion from the end of 2021's position of IDR 5.11 trillion," Eliani said in the official disclosure.

TINS's net profit in 2022 was also supported by the revenue that reached IDR 12.50 trillion in 2022. The company had successfully made 11% efficiency for its costs of revenue and 6% efficiency in its operating expenses 6% in 2022.

Then, the tin ore production volume in 2022 was recorded at 20,079 tons, while the tin metal of 19,825 metric tons. Meanwhile, the tin metal sales arrived at 20,805 metric tons.

"The company will consistently conduct efficiency in all business chains, as well as advancing subsidiaries' performance," Eliani stated. (KR/ZH)