Jakarta. State-owned tin miner Timah (IDX: TINS) reported a sharp increase in first-half earnings, with net profit surpassing its full-year target as higher tin production, stronger sales volumes and rising global tin prices boosted performance.

The company posted net profit of Rp 2.71 trillion ($149.9 million) in the first six months of 2026, exceeding its full-year profit target of Rp 1.61 trillion by 169%, President Director Restu Widiyantoro said on Wednesday.

"The company's performance in the first half of 2026 demonstrates that our operational and business transformation strategy has delivered quality growth despite the dynamics of the global industry," Restu said.

Revenue surged 247% year-on-year to Rp 10.42 trillion from Rp 4.22 trillion, driven by higher sales volumes and stronger average selling prices for refined tin amid supportive market conditions.

Operating profit climbed to Rp 3.48 trillion from Rp 380 billion a year earlier, while EBITDA jumped 363% to Rp 3.90 trillion from Rp 840 billion.

The improved financial performance was underpinned by significantly higher production.

Tin ore output rose 75% to 12,232 metric tons of contained tin (Sn) during the January-June period from 6,997 tons a year earlier, supported by productivity improvements and expanded operations across offshore dredging vessels, floating production units and partner-operated onshore mines.

Refined tin production increased 58% to 10,865 metric tons, compared with 6,870 metric tons in the same period last year.

Tin metal sales climbed 85% to 10,984 metric tons, up from 5,933 metric tons, helped by inventory optimization to meet market demand.

The company's average selling price reached $49,794 per metric ton, up 52% from $32,816 per metric ton in the first half of 2025, reflecting continued strength in global tin prices.

Exports accounted for 97% of total tin sales during the period, while domestic sales represented 3%.

China remained Timah's largest export destination, accounting for 36% of overseas shipments, followed by India at 12%, South Korea at 11%, Singapore at 6%, and the Netherlands and Italy at 5% each.

Restu attributed the strong results to higher productivity, disciplined cost management and operational optimization, which enabled the company to capitalize on favorable market conditions.