Management Discussion and Analysis

  • Review & Analysis of Financial Performance by Segment


    Chemical Industry


    Parent Company


    PT Unggul Indah Cahaya Tbk (UIC)


    UIC has three production units of Alkylbenzene (AB) with a production capacity of 270,000 MT per year. AB is the active substance in detergents which is the basic ingredient of surfactants which functions to release dirt that sticks to the surface of the material.

    Production Process: Normal Paraffin converted to Olefin is reacted with benzene using HF Acid as catalyst. 

    World crude oil prices during 2023 decreased compared to 2022. For the first half, crude oil prices showed downtrend, the oil price experienced downtrend until end of year.

    In June 2023, the Covid-19 pandemic has officially ended, which has an impact on market demand for industrial and household cleaning products is lower than previous year. This has impact to the Company’s performance, where the finished goods products of the Company and its subsidiaries are the raw materials for the manufacture of cleaning products.

    Sales value on 2023 decreased by 19.69% from USD 310.42 million in 2022 to USD 249.29 million in 2023. The decrease in sales value mainly came from the decrease in the sales volume, along with the decrease in selling price of the Company’s products.

    As a trusted reliable business partner to maintain smooth supply to customers, the Company has a policy to have adequate inventory. Therefore, the downtrend selling price in this year caused to stress the Company’s margin, since the cost of inventories is based on higher crude oil price while the selling price is already adjusted with current lower crude oil price. so that in 2023, the Company recorded a significant decrease in gross profit of 42.75% from USD 58.12 million in 2022 to USD 33.28 million in 2023.

    Total operating expenses in 2023 decreased by 31.29% compared to 2022, from previously recorded at USD 14.85 million to USD 10.20 million. This decrease was mainly due to the net impact from gain/loss on operating exchange rates on net monetary assets denominated in Rupiah, whereas the Company recorded loss on forex amounting to USD 2.76 million in 2022, but gain on forex in 2023 amounting to USD 0.43 million. Throughout 2022, Rupiah is depreciated against US Dollar which opened at Rp14,269 at the beginning of year and closed at Rp15,731 at end of year 2022, and is appreciated in 2023 which Rupiah closed at Rp 15,416 at end of 2023.

    In 2023, UIC recorded an operating profit of USD 23.07 million, a decrease of 46.68% compared to operating profit in 2022 which was recorded at USD 43.27 million. 
    Profit before income tax decreased by 42.31% from the recorded USD 47.86 million in 2022 to USD 27.61 million in 2023. 

    Income tax expense decreased by 45.23% from the recorded USD 9.46 million in 2022 to USD 5.18 million in 2023, in line with the decrease of profit before income tax. Thus, profit for the year (net profit) in 2023 was recorded at USD 22.43 million, a decrease of 41.58% compared to net profit in 2022 which was recorded at USD 38.41 million.

    Subsidiaries 
    PT Petrocentral (Petrocentral) 

    The Company has 61.72% shares ownership in Petrocentral. On January 10, 2024, the Company purchased shares of Petrocentral from PT Petrokimia Gresik, accordingly the Company’s percentage of ownership in Petrocentral increased to become 70.13%.

    Petrocentral is a subsidiary of the Company that operating in Gresik, East Java and the sole producer of Sodium Tripolyphosphate (STPP) and Phosporic Acid Food Grade (PAFG) in Indonesia with an installed production capacity 40,000 MT per year. STPP is one of the raw materials of detergent, which functioned as water softener, thereby increasing the cleaning power of detergent, while PAFG is mostly used as degumming in the crude oil palm refining process.

    In 2023, Petrocentral’s selling price decreased by 11.28% for STPP and 22.27% for PAFG. The STPP sales volume trend is still decreased in 2023, but sales volume of PAFG increased by 284.29%. The total sales value increased by 18.91%, from USD 7.73 million in 2022 to USD 9.20 million in 2023. The gross loss recorded at USD 0.88 million and operating loss recorded at USD 1.61 million in 2023. Meanwhile in 2022 gross profit and operating loss were recorded at USD 0.25 million and USD 0.05 million, respectively.

    Petrocentral recorded loss before tax of USD 1.99 million and net loss of USD 2.01 million in 2023. Meanwhile, in 2022, Petrocentral recorded loss before tax of USD 0.11 million and net loss of USD 0.12 million. Petrocentral continuing to improve efficiency, price and volume negotiations with both raw material suppliers and STPP customers. Petrocentral’s operations are highly dependent on the smooth supply and competitive prices of raw materials namely phosphoric acid from PT Petrokimia Gresik. Petrocentral faces price competition with imported STPP and PAFG products especially from China. The PAFG market provides excellent opportunities for Petrocentral, which so far has been supplied 100% by imported products.

    Petrocentral has obtained the ISO 9001:2015 certification for the quality management system (Quality Management System) from Standard Assurance and Innovation (SAI) Global Limited since 2004. In addition, Petrocentral also has ISO 22000:2019 certification for the food safety management system issued by Standard Assurance and Innovation (SAI) Global Limited since 2016.


    UIC Vietnam Co., Ltd. (UICV) 

    The Company has 100% shares ownership in UICV.

    UICV has a factory located in Dong Nai, Vietnam and engages in production and distribution of Linear Alkylbenzene Sulphonic Acid (LABSA) and Sodium Lauryl Ether Sulphate (SLES) with installed production capacity of 33,000 MT per year. Currently, UICV is in the stage of increasing its production capacity to become 62,000 MT per year.

    LABSA is a main cleaning component in detergent. While, SLES is a surfactant commonly used in cosmetic products because of its cleaning and emulsifying properties. SLES is effective as a foaming agent.

    UICV’s commitment in customer satisfaction by providing high quality product is reflected in the renewal of the ISO 9001:2015.

    In 2023, UICV’s production and sales volumes decreased by 28.44% and 16.77%, respectively compared to 2022. The sales value in 2023 was recorded at USD 25.99 million, a decrease of 31.61% compared to the sales value in 2022 which was recorded amounting to USD 38.00 million.

    Gross profit margin in 2023 decreased from 8.17% in 2022 to 5.86% in 2023. Gross profit in 2023 was recorded at USD 1.52 million, a decrease of 50.91% compared to gross profit in 2022 which was recorded at USD 3.10 million. Thus, UICV recorded a net profit in 2023 of USD 0.30 million, a decrease of 77.60% compared to a net profit in 2022 which was recorded at USD 1.36 million.


    Universal Interchemicals Corp. Pte., Ltd. (UICPL) 

    The Company has 100% shareholding in UICPL.

    UICPL is the Company’s subsidiary in Singapore with registered Company Number 199100093N. UICPL is a holding company that has 100% shareholding in AWAL, a Company’s subsidiary in Australia which involves in Surfactant manufacturing and Phosphate and other chemicals product trading. Since June 2020, UICPL has no longer conducts chemical trading business activities.

    In 2023, UICPL recorded net profit of USD 830 thousand while in 2022 recorded net loss of USD 4 thousand. This increase was mainly due to dividend income received from Albright & Wilson (Australia) Limited in 2023.

    Albright & Wilson (Australia) Limited (AWAL) 

    AWAL is a manufacturer of Surfactant product line, raw material for detergent and indirect raw material for concrete and plasterboard additive. These products are applied in such industries such as personal care, paper, shampoo, mining and mineral processing, medicines, fertilizer, building and water treatment. 

    AWAL owns 100% shares of Albright & Wilson New Zealand, a trading company which provides marketing and warehouse facilities for AWAL products in New Zealand. Factory location of AWAL is in Wetherill Park – New South Wales and AWAL has achieved ISO 9001:2015 certification. Sales, marketing and warehouse facilities are located in Brisbane, Melbourne, Perth and Sydney. AWAL also perform sales and marketing activities of Phosphate and other chemicals products.

    The sales value of AWAL in 2023 was recorded at USD 76.95 million, a decrease of 12.73% compared to the sales value in 2022 which was recorded at USD 88.17 million. AWAL’s gross profit in 2023 decreased by 2.03%, from USD 11.10 million in 2022 to USD 10.87 million. Gross profit margin in 2023 was 14.13% while gross profit margin in 2022 was 12.59%.

    Profit before tax increased by 9.79% from USD 3.66 million in 2022 to USD 4.02 million in 2023. Thus, AWAL’s net profit in 2023 was recorded at USD 2.83 million, an increase of 10.63% compared to the net profit recorded in 2022 which was USD 2.56 million. AWAL distribute dividend to UICPL amounted to AUD 1.25 million in 2023.


    Property Industry 

    In addition to chemical industry, the Company also expands its business into property industry. The Company’s subsidiaries engaged in this field are as follows:


    PT Unggul Indah Investama (UII) 

    The Company’s has 99.99% shares ownership in UII.

    UII is a holding company that was established in 1996 to accommodate the Company’s plan to participate in PT Wiranusa Grahatama (WG), a joint venture company in developing an office and apartment building complex. All UII shares, minus 1 (one) share, are owned by the Company. Since 2005, UII became a major Shareholders of WG with 55% share ownership. 

    Based on the shareholders’ circular decision of UII dated December 15, 2022 which were approved by the Minister of Law and Human Rights in Decision Letter No. AHU-0011172.AH.01.02. TAHUN 2023 dated February 17, 2023, the shareholder of UII agreed to the increase of authorized share capital from IDR 500 billion to IDR 1.3 trillion and the increase of the issued and fully paid share capital from IDR 250.5 billion to IDR 341.5 billion.

    PT Wiranusa Grahatama (WG) 

    UII has 55% of shares ownership in WG.

    WG is a subsidiary which develops office and apartment building complex on its 3.2 hectares of land located in the main business district of Jakarta in Jl. Jenderal. Gatot Subroto. The apartment complex that has been built is Pearl Garden Resort Apartment Complex has 235 units of apartment on 1.7 hectares land with low-rise apartment concept. WG still has 1.4 hectares land that will be built for office and residential complex development with highrise.

    WG planned to continue developing the office and residential complex development project on the remaining available land. In 2023, WG posted operating expenses of IDR 14.82 billion, a decrease of 13.24% compared to operating expenses in 2022 which was recorded at IDR 17.08 billion. This decrease mostly from decrease in repair and maintenance costs.

    Thus, the loss before tax in 2023 was recorded at IDR 9.46 billion, a decrease of 63.46% from the loss before tax in 2022 of IDR 15.13 billion. Net loss for 2023 was IDR 9.43 billion, a decrease of 37.79% compared to net loss in 2022 which was recorded at IDR 15.15 billion. 

    Based on the shareholders’ circular resolution of WG dated December 15, 2022 which were approved by the Minister of Law and Human Rights in Decision Letter No. AHU-0011170. AH.01.02 YEAR 2023 dated February 17, 2023, the shareholders of WG agreed to increase of the authorized share capital from IDR 400 billion to IDR 1.8 trillion and the increase of the issued and fully paid share capital from IDR 302 billion to IDR 467 billion, which were subscribed by all WG shareholders based on their respective percentage of ownership.

    Consolidated Financial Statements 

    Consolidated Statement of Comprehensive Income 

    World crude oil prices experienced a decrease throughout the first half of 2023, and tend to sideways until end of year.

    In 2023, Covid-19 pandemic was officially ended and the mobility restrictions has been removed. 

    In 2023, the global economy showed a slowdown in recovery, which is mainly due geopolitical-economic fragmentation which then caused supply chain disruption and widening growth divergences between countries. Global economic challenges are characterized by a slow decline in inflation, thus encouraging monetary tightening with high interest rates.

    However, the Indonesia’s economy was relatively more resilient with the growth recorded at 5.05%. This growth is mainly supported by domestic demand amidst the slowing external factors. 

    Although not as high as in 2022, market demand for industrial and household cleaning products is still quite high throughout 2023 amidst the end of Covid-19 pandemic. This has a positive impact on the performance of the Company and its subsidiaries which produce raw materials for cleaning products.

    In 2023, the selling price of products and raw materials for the Company and its subsidiaries will both experience a decrease driven by the decrease in world crude oil prices. The decrease in the selling price of the Company’s products is the main influence on the decrease in the value of consolidated revenues, along with the decrease of demand.

    In 2023, the Company recorded a consolidated revenues of USD 339.30 million, a decrease of 17.66% or USD 72.77 million compared to the consolidated revenues in 2022 which was recorded at USD 412.08 million. Gross profit in 2023 was recorded at USD 45.57 million, a decrease of 37.98% compared to that recorded in 2022 of USD 73.47 million. At the end of 2023, the Company recorded a gross profit margin of 13.43%, while the gross profit margin in 2022 was recorded at 17.83%.

    In connection with the decrease in gross profit above, the Company’s operating profit in 2023 decreased by 46.27% from USD 48.49 million in 2022 to USD 26.05 million. Profit before tax in 2023 was recorded at USD 27.86 million, a decrease of 42.84% from the previous year which was recorded at USD 48.74 million. In 2023, the Company recorded income tax expense of USD 6.47 million, a decrease of 40.29% compared to income tax expense of USD 10.84 million in 2022.

    Thus, in 2023, the Company recorded a profit for the year attributable to equity holders of the parent of USD 22.43 million, a decrease of 41.58% compared to profit attributable to equity holders of the parent in 2022 which was recorded at USD 38.41 million. Meanwhile, the current year’s loss attributable to non-controlling interests increased by 108.36% from the previous recorded loss in 2022 of USD 0.50 million to a loss of USD 1.05 million in 2023.

    In 2023, the Company recorded total comprehensive income for the year of USD 21.83 million, a decrease of USD 13.09 million or 37.48% compared to total comprehensive income in 2022 which was recorded at USD 34.91 million.

    Consolidated EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) for 2023 was USD 28.74 million, while consolidated EBITDA for 2022 was USD 51.24 million, a decrease of 43.91%. 

    The credit facilities provided by creditor banks require the Company to maintain a minimum financial ratio of EBITDA to net interest expense of 2:1 and a ratio of interest-bearing liabilities after deducting cash and cash equivalents to a maximum of 2.5:1.

    As of December 31, 2023, the Company’s consolidated interest income exceeds interest expense, as well as cash and cash equivalents in excess of interest-bearing liabilities. Thus, as of December 31, 2023, the Company has complied with the financial ratios required by creditor banks.

    Consolidated Statement of Financial Position 

    Assets 

    Consolidated current assets as of December 31, 2023 were recorded at USD 274.19 million, an increase of 5.29% compared to consolidated current assets as of December 31, 2022 which was recorded at USD 260.42 million. The increase was mainly in inventories. Most of the Company’s current assets are cash and cash equivalents, inventories and trade receivables, which reflecting 98.48% and 97.91% of total current assets for 2023 and 2022, respectively. Meanwhile, non-current assets in 2023 were recorded at USD 61.02 million, an increase by 6.75% compared to 2022 which was recorded at USD 57.16 million.

    The Company’s total consolidated assets on 31 December 2023 were recorded at USD 335.21 million, an increase of 5.55% compared to the Company’s total consolidated assets on 31 December 2022 which were recorded at USD 317.58 million.


    Liabilities 

    Total current liabilities in 2023 were recorded at USD 39.63 million, similar to 2022 which was recorded at USD 39.89 million.

    Total long-term liabilities in 2023 increased by 90.76% from previously recorded at USD 2.73 million in 2022, to USD 5.21 million in 2023. This increase was mainly due to the increase in lease liabilities.

    Thus, the Company’s total consolidated liabilities as of December 31, 2023 were recorded at USD 44.84 million, an increase of 5.20% compared to total liabilities on December 31, 2022 which was recorded at USD 42.62 million.


    Equity 

    Retained earnings for 2023, after taking into account the profit for the year attributable to equity holders of the parent of USD 22.43 million, cash dividend of USD 9.26 million and profit on remeasurement of defined benefit plans of USD 0.14 million, was recorded at USD 209.53 million, an increase of USD 13.32 million or 6.79% compared to retained earnings in 2022 which was recorded at USD 196.21 million.

    Cash dividends distributed to shareholders in 2023 represent final dividends for the year 2022 of USD 9.26 million (equivalent to IDR 138 billion or IDR 360 per share) distributed to shareholders on July 12, 2023. 

    Non-controlling interests in 2023 were recorded at USD 11.56 million, an increase of 21.53% compared to the previous year which was recorded at USD 9.51 million. Thus, the total equity as of December 31, 2023 was recorded at USD 290.37 million, an increase of 5.61% from USD 274.95 million as of December 31, 2022. The increase in non-controlling interests mainly came from capital injection from non-controlling interests in the subsidiary PT Wiranusa Grahatama. 



    Consolidated Statement of Cash Flows 

    a. Cash flows from operating activities: 
    In 2023, net cash obtained from operations decreased by USD 4.86 million from 2022 which was recorded at USD 20.10 million to USD 15.24 million. The decrease in net cash derived from operating activities was mainly due to the decrease from operating inline with the decrease of sales.

    b. Cash flows from investing activities: 
    Net cash used for investing activities in 2023 was recorded at USD 3.95 million, increased by USD 1.92 million compared to 2022 which was recorded at USD 2.03 million. The increase in cash used for investment was mainly due in 2023 there were increase in capital expenditure

    c. Cash flows from financing activities: 
    Net cash used for financing activities in 2023 was recorded at USD 7.81 million, while in 2022 it was recorded at USD 12.73 million, a decrease of 38.67%. The decrease in net cash activity used for financing was due to lower cash dividends paid in 2023 compared to 2022.



    DEBT PAYING ABILITY 

    The Company received working capital credit facilities from bank creditors in order to support working capital needs. Bank creditors required requirement financial ratios are fully complied at the end of 2023 and 2022, the Company met all the required ratio. All bank creditors extended all matured credit facility.




    RECEIVABLE COLLECTABILITY LEVEL 

    Based on the review at end of the year 2023, the management believed that the allowance for impairment of USD 46 thousand at the end of 2023 is adequate to cover any possible losses on uncollectible trade receivables and there were no indications of impairment in the value of other receivables, thus no allowance for impairment in value pf other receivables necessary.




    CAPITAL STRUCTURE 

    The details of the Shareholders and their respective shareholdings as of December 31, 2023 and 2022, based on records performed by the stock administration bureaus are as follows:



    Capital Management 

    The primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize Shareholders value. In addition, the Company is also required by the Corporate Law No. 40 year 2007 to set aside a portion of net profit each year for mandatory reserves that are only used to cover losses. Reserves
    must be made until the reserves reach at least 20% of the issued and fully paid share capital. This externally imposed capital requirements are considered by the Company at the Annual General Shareholders Meeting (GSM).

    The Company manages its capital structure and makes adjustments to it, in light of changes in economic condition. To maintain or adjust the capital structure, the Company may adjust the dividend payment to Shareholders, issue new shares or raise debt financing.

    The Company’s policy is to maintain working capital ratio and a healthy capital structure in order to secure access to finance at a reasonable cost. No changes were made in the objectives, policies or processes as of December 31, 2023 and 2022.


    SIGNIFICANT AGREEMENTS 

    There is no significant agreements other than those disclosed in note 34 to the consolidated financial statements, "Significant Agreements". 


    INVESTMENT OF CAPITAL GOODS 

    Investment of capital goods that realized in 2023 was USD 3.0 million, increased from investments of capital goods in 2022 which reached USD 1.3 million. Investment of capital goods in 2023 mainly used for supply of machine and equipment.

    SIGNIFICANT INFORMATION AND FACTS AFTER THE ACCOUNTANT’S REPORT DATE 

    There is no significant event occurred from end of reporting period until the date of financial statement was authorized for issue. 


    BUSINESS PROSPECT AND STRATEGY

    Indonesia is a good potential market for the growth of detergent industry. Its total population of around 281 million people in 2023 and with level of detergent usage per capita relatively lower than other countries. Can provide high potential market for the growth of UIC and its subsidiaries in the future.

    The huge potential of domestic market has drawn attention of international players to enter domestic Alkylbenzene market. The import of Alkylbenzene and its derivatives products mostly are subject to 0 (zero)% import duty. Other challenge for the Company is the fluctuation of world crude oil prices which greatly affect the price of raw materials and also the Company’s selling price.

    Another challenge is the reduction in the price of natural-based surfactants (palm oil) as ingredients that can be used as alternative raw materials for producing detergents.

    Facing these challenges, the Company implemented the following strategies:
    • Growing together with customers by being a reliable business partners;
    • Improving customer satisfaction by providing a commitment to quality, quantity and competitive prices while maintaining the Company’s profitability;
    • Improving the business synergies with subsidiaries;
    • Conducting integration into upstream industry, NormalParaffin to maintain the availability of raw materials at a competitive cost;
    • Maintaining the stability of plant utilization that allows the Company to reduce overall production costs, to increase the efficiency of raw materials, fuel and electricity consumption. This will be developed through the optimization of plant operation and implementation of production process modifications along with technical know-how of license owners and the Company’s inhouse engineers.

    Despite focusing on domestic market potential, the Company endeavour to achieve a strong position in the international market, by continuing to expand and explore every export opportunity.

    Storage warehouses which are located in Merak, Banten and Gresik, Jawa Timur, are ready to serve clients all over Indonesia. The availability of 16 MT up to 27 MT fleet ready to deliver goods on time is one of the Company’s competitive advantage to expedite the customers production process and to reduce their storage costs. 

    In property sector, land available for development with area of 1.4 hectares is strategically located in Jakarta central business district.

    With the bright business prospects, business strategies, competitive advantages and long experiences, we are confident in facing challenges in the future. and deliver satisfactory results for stakeholders.


    COMPETITIVE ADVANTAGE

    UIC is a sole producer of Alkylbenzene in Indonesia, supported by its experience of more than thirty years in the industry and modern technology used in its operations. The Company competes with overseas producers in setting competitive selling price. The Company’s credibility to keep its products quality has
    been recognized through the certification of international quality ISO 9001:2015 that were obtained since 2003. Moreover, the Company also obtained certifications of ISO 14001:2015 since 2004 for its commitments in preserving its environments. In 2023, the Company also obtained ISO 45001:2018 international quality standard certification for Occupational Health and Safety Management System (SMK3) from the accreditation agency AMTIVO.

    The just-in-time delivery system implemented by the Company has allowed the Company to supply the customers punctually. The ability to implement this delivery service enables our customers to reduce their storage cost and manage their stock.


    COMPANY TARGET 



    Target of 2023 consolidated revenue was USD 414.62 million with a gross profit margin of 14.10%. Profit before tax is expected to be 8.70% of revenue value or USD 36.08 million and profit for the year attributable to equity holders of the parent of USD 27.83 million.

    The realization achieved in 2023 showed that the revenue was recorded at USD 339.30 million, 18.16% lower than the 2023 target. Gross profit in 2023 was recorded at USD 45.57 million, a decrease of 22.06% from the targeted gross profit of USD 58.46 million. Thus, profit before income tax decreased by USD 8.22 million or 22.79% of the target, to USD 27.86 million and profit for the year attributable to equity holders of the parent for 2023 decreased 19.39% of the target 2023, from USD 27.83 million to USD 22.44 million. The achievement of realization in 2023 missed the target mainly from the downtrend in selling prices which was driven by the decrease in crude oil prices.

    The Company has set a consolidated revenue target for 2024 of USD 374.02 million, 10.23% higher than realized revenue in 2023. Gross profit in 2024 is targeted at USD 50.20 million, 10.17% higher than gross profit in 2023. Profit before income tax is targeted at USD 29.97 million while profit for the year attributable to equity holders of the parent is targeted at USD 23.40 million.

    For 2024 the Company has no plans to make changes to its capital structure. The capital structure for 2024 is targeted to be the same as 2023, where in 2023 the Company have bank loan amounted USD 2.75 million. For the 2024 dividend policy, the Company has set a dividend target for the 2023 book year which will be paid in 2024 at 25% of the Company’s net profit for the year 2023.



    MARKETING ASPECT 

    Indonesia is a potential market for the growth of detergent industry with large population and level of detergent usage per capita which is relatively lower than developed countries. As an Alkylbenzene sole manufacturer, The Company focuses on domestic market potential and dominates almost all domestic market shares. Most of the Company’s customers are prominent detergent producers, including Wings Group, Unillver, Kao, Sinar Antjol and Indo Sukses Sentra Usaha (ISSU) as well as sulphonation company such as Solvay Manyar.

    The Company endeavours to achieve a strong position in the international market, by continuing to expand and explore every export opportunity, The Company exports its product to several countries such as Vietnam, Malaysia, Thailand, Australia, Japan, China, Netherland, United States of America and France.


    DIVIDEND POLICY 

    The Company’s Dividend Policy is to provide an attractive rate of return where the amount of dividends is adjusted to the Company’s profits in the relevant financial year, without neglecting the needs and financial soundness of the Company and without prejudice to the rights of the General Meeting of Shareholders to determine otherwise in accordance with the provisions of the Company’s Articles of Association.

    The Annual General Shareholders Meeting (GSM) for the year 2022 that held on June 13, 2023, was decided to distribute dividends for the year 2022 of USD 9.26 million, with a dividend payout ratio of 24% from profit for the year attributable to equity holders of the parent for the year 2022 which was recorded at USD 38.41 million. The dividend was paid in Rupiah currency based on Bank Indonesia’s middle rate on June 9, 2023, which was IDR 14.903 per USD or equivalent to IDR 138 billion. Dividends were distributed to 383.331.363 shares or equivalent to IDR 360 per share and has been paid on July 12, 2023. The decision of this GSM has been stated in the Deed of Minutes of the Annual GSM No. 114 dated June 13, 2023 made by Notary Christina Dwi Utami, S.H., M.Hum., M.Kn.

    As for the year 2021, based on the Annual GSM for book year 2021 which was held on June 28, 2022 and has been stated in the Deed of Minutes of Annual GSM No. 249 dated June 28, 2022 made by Notary Christina Dwi Utami, S.H., M.Hum., M.Kn., it was decided that the dividend for the year 2021 was USD 14.61 million with a dividend payout ratio of 25% from profit for the year attributable to equity holders of the parent for the year 2021 which was recorded at USD 58.22 million. Of the total dividend, it has been distributed as interim dividends of USD 12.02 million or equivalent to IDR 172.50 billion. 
    The interim dividend has been paid to the shareholders on January 27, 2022. The final dividend for the year 2021 was USD 2.58 million, the dividend was paid in Rupiah currency based on the middle rate of Bank Indonesia on June 24, 2022, which was IDR 14,835 per USD, with a total dividend value of IDR 38.33 billion or equivalent to IDR 100 per share for 383,331,363 shares. The final dividend for the year 2021 has been paid on July 18, 2022.

    -bt24-
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