Tin Production Rises 75%, TINS Profit Surges 805% in H1 2026
Wed 12 Aug 2026, 15:37 PM
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PT Timah Tbk (TINS) posted a significant improvement in performance in the first half of 2026, in line with higher tin production and sales. Tighter oversight of mining activities and efforts to crack down on illegal mining in Bangka Belitung were also cited as supporting the company’s operational improvement.
TINS recorded net profit attributable to owners of the parent entity of IDR 2.71 trillion in the first half of 2026. The figure surged 805% from IDR 300.07 billion in the same period last year.
The company’s revenue also grew 146.9% to IDR 10.42 trillion. Meanwhile, operating profit increased from IDR 380.20 billion to IDR 3.46 trillion.
The increase pushed TINS’ operating profit margin from 9.01% to 33.24%.
From an operational standpoint, tin ore production increased 75% to 12,232 tons of Sn. Tin metal production grew 58% to 10,865 metric tons, while sales volume rose 85% to 10,984 metric tons.
The performance was also supported by a 52% increase in the average tin selling price to USD 49,794 per metric ton.
In addition to pricing factors, TINS’ operational improvement was also said to have been supported by tighter oversight and security of Mining Business Permit Areas (WIUP), as well as support from the Central Government Task Force.
The improved performance came amid the government’s efforts to crack down on illegal mining activities and tin smuggling routes in Bangka Belitung.
The enforcement operations, involving law enforcement authorities, began in September 2025. The efforts were aimed at strengthening oversight of mining activities and securing national tin reserves.
BRI Danareksa analyst Andhika Audrey said the crackdown had gradually brought tin mining activities back into the formal ecosystem.
The condition provided room for TINS to secure ore supplies from its concession areas while increasing the utilization of its production facilities.
“The impact is beginning to be seen in the increase in production, sales volume, and improvement in TINS’ margins. If oversight of mines and smuggling routes is carried out consistently, the company’s performance growth has the potential to be more sustainable,” Andhika said.
TINS Shares Strengthen
The improvement in TINS’ performance was also accompanied by a rise in the company’s share price.
TINS shares increased by around 17.7%, from IDR 3,270 on June 30, 2026, to IDR 3,850 on August 10, 2026.
At that price, TINS’ market capitalization reached around IDR 28.67 trillion. Meanwhile, based on first-half 2026 earnings simply annualized, TINS shares were trading at around 5.3 times indicative PER.
According to Andhika, the closure of illegal mines could become one of the catalysts for a re-rating of TINS shares.
“The market is no longer viewing the company merely as a beneficiary of higher tin prices, but also as a company with opportunities for more measurable growth in production, cash flow, and profit,” Andhika said.
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