JAKARTA - PT Timah (Persero) Tbk (TINS) made a profit of IDR 908.81 billion in the third quarter of 2024, growing 169% from the previously set target. The growth in profit performance was due to the increase in sales volume and selling price of tin in the global market.

In a press release quoted on Friday (1/11), Abdullah Umar, Corporate Secretary of TINS ​​said that the company recorded revenue of IDR 8.25 trillion, up 9% from revenue in the same period in 2023 of IDR 6.38 trillion. This increase is related to the growth in the average selling price of tin metal by 15% from US$27,017 per metric ton in the third quarter of 2023 to US$31,183 per metric ton in the third quarter of 2024.

In the third quarter of 2024, TINS ​​recorded tin ore production of 15,189 tons, up 26% from 11,201 tons in the third quarter of 2023. Metal production rose 25% to 14,440 metric tons from the same period last year of around 11,540 metric tons. Meanwhile, metal sales rose 21% to 13,441 metric tons from the previous 11,000 metric tons.

The export market for TINS ​​products is approximately 91% in six main countries, including Singapore, South Korea, India, Japan, the United States and the Netherlands. (LK/LM)