Jakarta. Shares of state-owned tin miner Timah (TINS) posted a 1,184% jump in first-quarter profit, driven by higher production, stronger sales and rising global tin prices.

Timah reported net profit of Rp 1.5 trillion ($ 86.5 million) for January–March 2026, soaring from Rp 116.85 billion a year earlier, according to its financial statement released on Friday.

Quarter-on-quarter, profit rose 90.08% from Rp 711.21 billion in the final three months of 2025, underscoring accelerating momentum in the company’s recovery.

The earnings surge was driven by a sharp increase in output and sales, alongside higher global tin prices. Refined tin production climbed 82% year-on-year to 5,630 metric tons, while sales jumped 113% to 6,009 tons.

Revenue soared 160.5% to Rp 5.47 trillion, compared with Rp 2.1 trillion a year earlier. The company also benefited from a 51% rise in average selling prices, which reached $49,221 per ton, reflecting tighter global supply conditions.

Exports continued to dominate Timah’s sales mix, accounting for 97% of total shipments. China remained the largest market, contributing 48%, followed by India at 11%, South Korea 10%, Italy 6%, Singapore 5%, and the Netherlands 4%. Domestic sales made up just 3%.

Operating profit surged to Rp 1.88 trillion from Rp 148 billion a year earlier, while EBITDA jumped more than 450% to Rp 2.1 trillion.

The result far exceeded the company’s internal net profit target of Rp 252 billion, implying an outperformance of nearly 500%.

President Director Restu Widiyantoro said the performance reflected consistent execution of efficiency and optimization strategies across the business.

“The company recorded solid financial performance in the first quarter, supported by significant operational achievements and sustained optimization across all business lines, enabling us to surpass our profit target,” he said in a statement.

Operationally, tin ore production rose 96% to 6,312 tons, supported by additional mining units, including offshore suction vessels and land-based partnerships. The company also cited the operation of the Singkep 1 dredger, improved oversight of mining areas, and support from government task forces as key contributors.

On land, Timah expanded drilling activities to improve excavation accuracy, while offshore operations focused on optimizing dredgers and production vessels, as well as enhancing processing efficiency.

On the balance sheet, total assets rose 11.62% to Rp 15.23 trillion at the end of March, compared with Rp 13.64 trillion at end-2025. Liabilities edged up 1% to Rp 5.27 trillion, while equity increased 18.4% to Rp 9.96 trillion, reflecting the earnings boost.

Looking ahead, the company expects its positive performance to continue, supported by higher production, ongoing operational improvements and firm global tin prices amid constrained supply.