Prabowo: PT Timah Profit Soars Ninefold After Closure of 1,000 Illegal Mines
President Prabowo Subianto said that PT Timah (Tbk)’s profit rose up to ninefold after the government closed around 1,000 illegal mining sites in Bangka Belitung at the end of 2025.
He explained that this enabled PT Timah to book a profit of Rp 2.7 trillion in the first six months of 2026.
“In the first six months of 2026, PT Timah has achieved a profit of Rp 2.7 trillion, nine times higher than the same period last year. Ladies and gentlemen, that means an increase of 900 percent,” Prabowo said during the Annual Session of the MPR and the Joint Session of the DPR and DPD RI at Senayan, Jakarta, on Friday, 14 August 2026.
In addition, Prabowo reported that PT Timah’s valuation also rose by 280 percent compared with the August 2025 period.
“It has now risen 280 percent in August 2026 compared with August 2025,” he said.
At the same time, the government is continuing to improve other state-owned enterprises (SOEs). As a result, a number of companies have shown significant improvement.
Prabowo stated that PT Semen Indonesia’s net profit in the first six months of 2026 rose 408.9 percent compared with the same period the previous year. Meanwhile, PT Pupuk Indonesia’s profit rose 252.8 percent.
“PT Pertamina’s net profit rose 86 percent. Pegadaian’s net profit rose 84.4 percent. Ladies and gentlemen, Pelindo’s net profit rose 60.4 percent and PTPN’s net profit rose 54.4 percent,” Prabowo said.
In addition, PT Garuda Indonesia, which had previously experienced a severe financial crisis, has now recovered. Dozens of aircraft that were previously grounded have begun to be reactivated.
“We have now succeeded in reactivating the grounded aircraft. As of June 2026, the total number of aircraft we have reactivated has increased by 20, bringing the total to 140 aircraft,” Prabowo said.
According to Prabowo, Garuda, which had been losing money for years, is gradually improving. He expressed hope that by 2027, Garuda will be able to turn a profit.
“If the war in the Middle East had not occurred, Indonesia would actually have been profitable this July. We now hope that by early 2027 they will have begun to make a profit,” he said.