JAKARTA, April 16, 2018, PT. TIMAH Tbk (IDX: TINS) as a member of Holding SOE Mining Industry held Annual General Meeting of Shareholders (AGM) for Fiscal Year 2017 on Monday, April 16, 2018, held at Hotel Borobudur Jakarta.
The Annual General Meeting of Shareholders (GMS) of FY 2017 sets out to distribute dividends of 35% to shareholders. The meeting also decided to change the board of commissioners where the Commissioner Mochtar Husein was replaced by Rudy Suhendar.
PT TIMAH succeeded in increasing the performance marked by an increase in the end-of-year net profit by 99% from last year to Rp502 billion. President Director of PT TIMAH Tbk Mochtar Riza Pahlevi Tabrani said, "The strategy we have compiled in the previous year has been carried out consistently. This can be seen from the improvement of financial performance as well as operating performance. "
During 2017, the Company has spent capital expenditure of Rp779.81 billion, which is allocated for capacity enlargement on machinery and installations, production support facilities, reconditioning and replacement and fuming technology development. The capex has successfully increased the production volume of tin ore by 29.26% from 24,121 tons at the end of 2016 to 31,178 tons by the end of 2017.
During 2017, there are several important events related to the implementation of the Company's strategy to achieve its vision of becoming the world's leading environmentally friendly mining company, among others:
- Signing of a tin exploitation agreement in Nigeria with Topwide Ventures Limited on August 7, 2017 as an implementation of the international tin business expansion strategy and adding to the potential amount of resources and reserves.
- Signing of strategic cooperation with Yunnan Tin Group on September 14, 2017 as implementation of tin downstream business development and marketing strategy.
- Bond Issuance and Sukuk Ijarah Phase I amounting to Rp1.5 trillion on September 28, 2017 as an implementation of an effective and efficient corporate financing strategy.
- Became a member of Holding State-Owned Mining Industry on 29 November 2017.
Since 1998 the Company has developed downstream tin industry through its directly owned subsidiary, PT Timah Industri, with the production of tin chemical and tin solder. As a form of implementation of the business development strategy of hilirtimah, the Company signed a strategic partnership with Yunnan Tin Group as the world's largest tin producer in marketing downstream products. This effort resulted in the sales of tin chemical and tin solder having a significant increase.
Synergy with members of Holding SOEs Mining Industry and other SOEs To optimize the value of SOEs as well as supporting the economy and people's welfare, the Company cooperates with members of Holding SOEs Mining Industry as well as with other SOEs. The synergy between PT Bukit Asam Tbk and PT Aneka Tambang Tbk Holding BUMN of Mining Industry namely PT Bukit Asam Tbk and PT Aneka Tambang Tbk, the Company cooperates for exploration activities and raw material procurement.
For exploration activities, the Company cooperates with PT Aneka Tambang Tbk related to land drilling services for the development of primary tin mines. In the process of tin smelting, the Company cooperates with PT Bukit Asam Tbk for procurement of anthracite.
While in synergy with other SOEs, the Company cooperates with PT Bank Mandiri (Persero) Tbk to cooperate with banking services in the form of payment of facilities for the Company's partners in the form of mine cards aimed at facilitating payment of fee to the Company's mining partners. In addition, the Company is also working with Pertamina (Persero) in the procurement of HSD fuel.
Contributions to the State of the Company's Performance also contributes to the increased contribution to added value for shareholders and other stakeholders. The Company's taxes paid by the Company increased by 120% to Rp 409 billion compared to Rp185 billion in the previous year and 52% royalty or Rp263 billion from the previous year of Rp173 billion.
Outlook on Business Prospects Ahead
Based on International Tin Association (ITA) data, in 2017 world tin consumption increased by 3.2%. From this data, the use of tin is not only used for electronics and tin plates, but also developed in the manufacture of lithium batteries, industrial and automotive components use, PVC stabilizer is more environmentally friendly, and so forth.
Along with the growing use of tin, the world's tin demand is also projected to increase so that the tin industry in the country can continue to grow and develop.
Amin Haris Sugiarto, Corporate Secretary
Telephone : +62 (21) 2352 8000
Email : email@example.com
Website : www.timah.com