Boosted by Illegal Mine Closures, TINS Financial Performance Soars
PT Timah Tbk (TINS) is beginning to feel the positive impact of efforts to curb illegal mining and close tin smuggling routes in Bangka Belitung. In the first half of 2026, TINS posted a net profit attributable to owners of the parent entity of Rp 2.71 trillion, a more than nine-fold increase compared with Rp 300.07 billion in the same period last year.
At the same time, TINS revenue grew 146.9% to Rp 10.42 trillion, while operating profit rose from Rp 380.20 billion to Rp 3.46 trillion. The company’s operating profit margin also widened from 9.01% to 33.24%.
The performance was supported by a 75% increase in tin ore production to 12,232 tonnes of tin content by the end of the first half of 2026. Tin metal production grew 58% to 10,865 metric tonnes, while sales volume jumped 85% to 10,984 metric tonnes.
In addition to a 52% rise in the average tin selling price to US$49,794 per metric tonne, TINS operational improvement in the first half of 2026 was also supported by stronger supervision and security of its Mining Business Licence Areas (WIUP) as well as support from the central government’s task force. This is a positive impact of the government’s commitment, through President Prabowo Subianto’s instruction, to secure national strategic reserves in order to further support national economic sovereignty.
The improvement measures took place after President Prabowo Subianto ordered a large-scale operation to crack down on around 1,000 illegal mines and close tin smuggling routes in Bangka Belitung. The operation, involving the Indonesian National Armed Forces, the National Police, and Customs and Excise, has been under way since September 2025.
Meanwhile, BRI Danareksa analyst Andhika Audrey views the crackdown as gradually bringing tin mining activity back into the formal ecosystem. This ultimately provides room for TINS to secure ore supply from its concession areas while increasing utilisation of production facilities and investor confidence in the national tin processing industry.
“The impact is starting to be visible in the increase in production, sales volume, and improvement in TINS margins. If supervision of mines and smuggling routes is carried out consistently, the company’s growth performance has the potential to be more sustainable,” Andhika said in a statement on Wednesday (12/8/2026).
The positive sentiment is also reflected in TINS shares. The company’s share price rose by around 17.7% from Rp 3,270 on 30 June 2026 to Rp 3,850 on 10 August 2026. At that price, TINS market capitalisation reached around Rp 28.67 trillion.
Based on a simple annualisation of first-half 2026 earnings, TINS shares are trading at around 5.3 times indicative price-to-earnings ratio (PER).
“The closure of illegal mines can be a re-rating catalyst for TINS. The market no longer sees the company merely as a beneficiary of rising tin prices, but also as a company with more measurable opportunities for production, cash flow, and profit growth,” he concluded.