Prabowo Praises PT Timah as Profits Soar 805% After Closure of 1,000 Illegal Mines

President Prabowo Subianto has highlighted the soaring performance of PT Timah Tbk as a direct result of a crackdown on illegal mining in Bangka Belitung. The company’s net profit reportedly surged by 804.7% in the first half of 2026.

Speaking at the Annual Session of the MPR and Joint Session of the DPR and DPD in commemoration of the 81st Anniversary of the Republic of Indonesia at the Nusantara Building, Parliament Complex, Senayan, Central Jakarta, on Friday (14/8/2026), Prabowo stated, ‘At the end of last year, we closed 1,000 illegal tin mines.’ He noted that the impact was immediately visible in the company’s financial reports, with the company’s valuation also rising by 280% in August 2026 compared to August 2025.

Prabowo emphasised that the restructuring was not limited to the mining sector but was carried out on a massive scale across all state-owned enterprises (BUMN). He detailed that in the first half of 2026, PT Semen Indonesia’s net profit rose by 408.9% and PT Pupuk Indonesia’s by 252.8%, while PT Pertamina’s net profit grew by 86%. Pegadaian recorded an 84.4% increase in net profit, supported by the transformation of its Gold Bank business, while Pelindo’s net profit rose by 60.4% and PTPN’s by 54.4%.

The President reported that BUMN profits for 2024 were revised to Rp 186 trillion, with dividends of Rp 85.5 trillion. Following a series of improvements, BUMN profits in 2025 reached Rp 326 trillion, an increase of 75.3% compared to 2024. ‘This Rp 326 trillion is profit without any number games,’ he asserted. Dividends paid in 2025 amounted to Rp 142.3 trillion, a 67% increase from the previous year.

Prabowo further explained that the dividend figure is more accurately read on a net basis, after deducting state capital injections (PMN) disbursed from the state budget to BUMN in the same year. Using this calculation, net dividends minus PMN in 2024 were Rp 53 trillion, which surged 160% to Rp 138 trillion in 2025. For this year, net dividends are projected to rise further to Rp 200 trillion without any PMN. ‘This means that from 2024 to 2026, it has risen from Rp 53 trillion to Rp 200 trillion, or it can be said to be four times larger,’ Prabowo concluded.