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

PT Timah Tbk (TINS) recorded a net profit for Semester I-2026 reaching Rp2.71 trillion, far exceeding the company’s 2025 net profit target of Rp1.61 trillion, or 169% of the target. From a financial position perspective, the company’s asset value in Semester I-2026 increased by 21% to Rp16.45 trillion compared to the end of 2025, which was Rp13.64 trillion. Meanwhile, operating profit for Semester I-2026 was recorded at Rp3.48 trillion, a significant increase compared to Semester I-2025 of Rp0.38 trillion. TINS also recorded EBITDA of Rp3.90 trillion, an increase of 363% compared to EBITDA in Semester I-2025 of Rp0.84 trillion. Director of Corporate Strategy and Business Development Harry Budi Sidharta said the performance was driven by two main factors. First, the increase in tin metal sales of 10,984 tonnes or 185% compared to 2025. ‘The increase in metal sales was supported by the acquisition of tin ore through increasingly better tin governance. Second, the average tin metal price increase until June 2026 was US$49,700/ton or 41% above last year’s average price,’ Harry explained. Going forward, PT Timah will pursue primary mining as a source of tin ore mining, extensification and intensification of exploration to maintain the company’s tin ore supply, as well as the management of tin-associated minerals. ‘The target until the end of the year is expected to achieve a metal production and sales target of up to 25,000 tonnes,’ he concluded. 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 in Semester I-2026. In terms of operations, TINS’s tin ore production reached 12,232 tonnes Sn, an increase of 75% compared to the same period the previous year of 6,997 tonnes Sn. The increase in production was driven by the optimisation of productivity and the addition of operating units in a number of production objects, including Production Suction Dredges (KIP), Production Suction Pontoons (PIP), and small-scale land mines consisting of Small Mines and Land Suction Pontoons.