Timah Earns Rp 1.3 T in Profit and New Board of Directors Structure
24 May 2022, 08:00 AM
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PT Timah Tbk held a General Meeting of Shareholders (GMS) for the 2021 financial year, Tuesday (24/5/2022). The Corporate Secretary, Abdullah Umar Baswedan, said that the GMS approved the change in management, both from commissioners and directors. In addition, PT Timah also reports consolidated financial statements that have been audited for the 2021 financial year. The company's net profit was recorded at Rp 1.3 trillion, an increase of 483% compared to the 2020 period which recorded a loss of Rp 341 billion. "The surge in net profit was supported by a decrease in cost of revenue," Abdullah said in a written statement from Timah, Tuesday (24/5/2022).Throughout 2021, Timah's cost of revenue was recorded at Rp 11.17 trillion, down 21% compared to 2020 which was Rp. 14.09 trillion. The company's EBITDA was recorded at Rp 2.9 trillion, up 150% compared to the previous year of Rp 1.16 trillion. "The reduced financial burden due to the deleveraging strategy and the company's ability to choose low-cost funding sources are among the supporting factors," he explained.Net Profit Margin (NPM) to 9% in 2020 is still minus 2%. Then the gross profit margin (GPM) was recorded at 24% in 2020, only 7% Furthermore, the solvency ratio from the Debt to Equity Ratio (DER) was recorded at 82% last year at 142%. Cash and cash equivalents showed a significant increase to Rp 1.78 trillion from the previous year of Rp 807 billion. Tin ore production in 2021 will be 24,670 Tons Sn, down 38% from the previous year of 39,757 Tons Sn, of which 46% came from onshore mining, and 54% came from marine mining.In the same year, tin production only reached 26,465 MTon or decreased by 42% from 2020 which was 45,698 MTon. With the average selling price of tin, which shot up 89% to US$32,619, the Company recorded sales of tin of 26,602 MTon, a decrease of 52% from the previous year of 55,782 MTon."Focus on increasing production volume, within the framework of achieving the RKAP target and also increasing the production of low-cost tin ore from offshore mining so that optimal profit margins can be maintained," he said.Source: https://finance.detik.com/bursa-dan-valas/d-6093948/timah-raup-laba-rp-13-t-dan-rombak-direksi-ini-susunan-terbaru
