Prabowo's 'Magic' Effect: PT Timah's Valuation Soars Drastically

PT Timah Tbk (TINS) recorded a net profit of Rp2.71 trillion in the first half of 2026, surpassing the company’s full-year 2025 net profit target of Rp1.61 trillion, or 169% of the target. In terms of financial position, the company’s asset value in the first half of 2026 increased by 21% to Rp16.45 trillion, compared with Rp13.64 trillion at the end of 2025.

Meanwhile, operating profit for the first half of 2026 was recorded at Rp3.48 trillion, a significant increase compared with Rp0.38 trillion in the first half of 2025. TINS also recorded EBITDA of Rp3.90 trillion, up 363% compared with EBITDA of Rp0.84 trillion in the first half of 2025.

Director of Corporate Strategy and Business Development Harry Budi Sidharta said the performance was driven by two main factors. First, tin metal sales rose by 10,984 tonnes, or 185%, compared with 2025.

“The increase in metal sales was supported by the acquisition of tin ore through improved tin governance. Second, the average tin metal price up to June 2026 was US$49,700 per tonne, or 41% above last year’s average price,” Harry explained to CNBC Indonesia on Monday (10/8/2026).

Harry explained that going forward, PT Timah will pursue primary mining as a source of tin ore, extensification and intensification of exploration to maintain the company’s tin ore supply, and management of tin-associated minerals.

“The target until the end of the year is expected to achieve production and metal sales of up to 25,000 tonnes,” he concluded.

Meanwhile, the company’s equity increased by 25% to Rp10.55 trillion from Rp8.41 trillion at the end of 2025, supported by the achievement of net profit during the first half of 2026.

In terms of operations, TINS’s tin ore production reached 12,232 tonnes of Sn, an increase of 75% compared with the same period the previous year of 6,997 tonnes of Sn. The production increase was driven by productivity optimisation and the addition of operating units at a number of production sites, including Production Dredging Vessels (KIP), Production Suction Pontoons (PIP), and onshore partnership mines consisting of Small Mines and Onshore Suction Pontoon Mines.