PT Timah Tbk (TINS), a tin metal manufacturer, recorded the current year’s profit of IDR 1.30 trillion in 2021, despite the correction in its revenue of IDR 600 billion, depleting from IDR 15.21 trillion in 2020 to IDR 14.60 trillion in 2021. President Director of Timah, Achmad Ardianto, announced its achievements in the Financial Report of 2021 published Monday (14/3).

It was mentioned that the revenue came from export sales of IDR 13.46 trillion, which fell from IDR 14.26 trillion in 2020, and domestic sales of IDR 1.13 trillion, which climbed from IDR 951.34 billion. The customers who generated over 10% of total revenue were MIND ID Trading Limited of IDR 7.03 trillion, proliferating from IDR 1.18 trillion in 2020. In contrast, Posco International Group only brought in IDR 261.75 billion, declining from IDR 1.58 trillion in 2020. Lastly, Toyota Tsusho Asia Pacific Pte Ltd also contributed IDR 43.41 billion.

Although its revenue slid off, TINS still collected a gross profit of IDR 3.43 trillion in 2021, shifting upwards from IDR 1.11 trillion in 2020. It was due to the efficiency in cost of revenue, cutting down IDR 14.09 trillion to IDR 11.17 trillion. Additionally, the efficiency in financial expenses and the gain in the net profit attributable to associates boosted its earnings before income taxes to IDR 1.72 trillion from the initial loss of IDR 269.76 billion. (LK/ZH)

Source: https://www.idnfinancials.com/news/42484/tins-scored-idr-profit