PT Timah proposes revision to 2026 budget after first-half profits exceed targets
Jakarta (ANTARA) - PT Timah (Persero) Tbk has proposed changes to its 2026 Work Plan and Budget (RKAP) after its first-half financial performance exceeded several established annual targets.
Timah’s Director of Finance and Risk Management, Fina Eliani, stated that the company is proposing higher financial targets in line with the performance achieved up to June 2026.
“Therefore, PT Timah is currently submitting a revised RKAP to shareholders so that, from a financial perspective, we can achieve higher targets compared to those previously approved,” Fina said during a virtual Public Expose Live 2026 conference in Jakarta on Thursday.
She noted that the specific figures for the new targets cannot yet be disclosed as the proposed revisions are still undergoing the shareholder approval process.
According to the company’s presentation, Timah recorded a net profit of Rp2.72 trillion in the first half of 2026, representing an 805 per cent increase compared to Rp300 billion during the same period the previous year. This realised net profit has surpassed the 2026 RKAP target of Rp1.61 trillion.
In addition to net profit, EBITDA reached Rp3.90 trillion, a 363 per cent increase from Rp841 billion in the first half of 2025. This achievement also exceeded the full-year target of Rp2.98 trillion. Meanwhile, the company’s revenue reached Rp10.42 trillion, up 147 per cent from Rp4.22 trillion in the same period last year, against a 2026 RKAP revenue target of Rp15.35 trillion.
Fina explained that the profit increase was supported by improved production performance, higher average selling prices, and a reduction in the cost of goods sold (COGS). “This increase in profit is in line with the rise in production performance, for both ore and metal, as previously mentioned, also aided by the increase in average selling prices and the decrease in COGS,” she said.
On the operational side, tin ore production in the first half of 2026 reached 12,232 tonnes of tin content (Sn), growing by 75 per cent compared to the same period last year. Tin metal production increased by 58 per cent to 10,865 metric tonnes, while tin metal sales volume grew by 85 per cent to 10,984 metric tonnes. The company’s average selling price for tin metal in the first half of 2026 was recorded at US$49,794 per metric tonne, a 52 per cent increase from US$32,816 per metric tonne in the first half of 2025.
Timah’s Director of Production and Commercial, Ilhamsyah Mahendra, stated that the sales and operational achievements in the first half make the company optimistic about productivity through the end of the year. “Looking at the first-half achievements in terms of sales and operational performance, the company is very optimistic that productivity will continue to grow consistently until the end of 2026,” said Ilhamsyah.
Regarding the balance sheet, the company’s assets were recorded at Rp16.45 trillion at the end of June 2026, a 21 per cent year-on-year increase, while equity reached Rp10.55 trillion, growing by 25 per cent. Cash flow from operating activities reached Rp3.32 trillion, up 608 per cent annually. At the same time, interest-bearing debt was recorded at Rp1.08 trillion, down 31 per cent compared to the end of 2025.
Fina added that shareholders have also directed that the company’s profit target for 2027 be higher than the target set in the revised 2026 RKAP. “From the shareholders’ side, as a member of the MIND ID holding, they are targeting Timah Tbk to achieve a bottom line in 2027 that is higher than the profit target eventually set for 2026,” Fina concluded.