Prabowo's Crackdown on Smuggling Leads to 900% Profit Surge for PT Timah
President Prabowo Subianto has revealed that measures to regulate illegal mining (PETI), particularly for tin commodities, have yielded significant results. According to his records, PT Timah Tbk (TINS) has recorded a significant improvement in financial performance, with profits soaring by 900% in the first semester of 2026 compared to the same period in 2025.
Prabowo shared this during a dialogue with senior journalists and experts at Padepokan Garuda Yaksa, Hambalang, West Java, on Sunday (6/9/2026). He noted that while tin smuggling from Bangka had persisted for decades, the government’s policy to close smuggling routes and halt hundreds of illegal mines in Bangka has directly led to PT Timah’s massive profitability.
He stated that the success in recovering PT Timah’s performance is a direct result of firm law enforcement and the closing of loopholes that allowed the leakage of state wealth for decades. Such governance improvements have directly restored the potential revenue of the State-Owned Enterprise (SOE).
Prabowo emphasised that the recovery of PT Timah’s financial performance serves as proof that improved governance and clean leadership can transform SOEs from loss-making entities to profitable ones in a short period. He stressed that the government and SOE boards are committed to stopping all forms of malpractice or the theft of state assets.
In addition to the crackdown on the tin mining sector, the government continues to regulate thousands of other illegal mines and is restructuring SOEs to prevent budget leakages and increase dividend receipts for the state.
Regarding PT Timah’s H1-2026 performance, the company recorded a net profit increase of 805% to Rp 2.71 trillion. This achievement was driven by a 147% surge in revenue to Rp 10.42 trillion, compared to Rp 4.22 trillion in the same period of 2025.
Ilhamsyah Mahendra, Director of Production and Commercial at PT TIMAH (Persero) Tbk, stated that this increase was driven by higher sales volumes and an increase in the average selling price of tin metal amidst favourable market conditions. He expressed optimism that productivity will continue to grow consistently until the end of 2026.
On the operational side, tin ore production reached 12,232 tonnes of Sn (up 75% YoY), while tin metal production grew by 58% to 10,865 metric tonnes of Sn. Sales volume of tin metal also saw a significant increase of 85% to 10,984 metric tonnes, with an average selling price (ASP) of USD 49,794 per metric tonne.
The global tin market throughout H1 2026 remained fundamentally solid, with an average LME Cash Settlement price of US$ 50,319.19 per metric tonne (up 56.68% YoY). High demand from the semiconductor industry, artificial intelligence (AI), data centres, and the global energy transition continues to strengthen tin’s position as a strategic commodity.
To support business sustainability, the company continues to strengthen land and sea exploration activities. As of H1 2026, PT TIMAH (Persero) Tbk recorded total tin resources of 798,000 tonnes and tin reserves of 312,000 tonnes of Sn, providing a solid foundation for long-term business development.