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 consisting of 180,000 MT Linear Alkylbenzene (LAB) and 90,000 MT Branched Alkylbenzene (BAB). 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 throughout 2021 increased dramatically compared to 2020. The sentiment that pushed the increase in world crude oil prices in 2021 was the global economic recovery from the previous year’s economic downturn due to the Covid-19 pandemic. In 2020, as a result of the Covid pandemic outbreak and strict mobility restrictions, crude oil prices fell sharply in March and April, then slowly recovered and rose in the following month until the end of 2020.In the midst of the ongoing Covid-19 pandemic, in 2021 the market demand for industrial and household cleaning products is still quite high, although not as high as the demand in the previous year when the Covid-19 pandemic began to spread throughout the world. The market demand for the above-mentioned consumer products have a positive 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 increased by 20.80% from USD 232.65 million in 2020 to USD 281.05 million in 2021. The increase in sales value mainly came from the increase in the selling price of the Company’s products.In 2021, the Company recorded a significant increase in gross profit of 8.69% from USD 43.48 million in 2020 to USD 76.91 million in 2021. The increase in gross profit was mainly due to the uptrend in selling prices throughout the year. 2021 while the Company has sufficient inventory.
Total operating expenses in 2021 increased by 27.01% compared to 2020, from previously recorded at USD 9.73 million to USD 12.35 million. This increase was mainly due to the net effect of a decrease in profit on operating exchange rates on net monetary assets denominated in Rupiah and an increase in freight and shipping expenses.
The increase in freight and shipping expenses mainly came from the increase in export freight rates and export sales volume.In 2021, UIC recorded an operating profit of USD 64.60 million, an increase of 91.37% compared to operating profit in 2020 which was recorded at USD 33.76 million.
UIC received dividends from its subsidiaries amounting to USD 3.18 million in 2021, while dividends received in 2020 amounted to USD 4.63 million so that profit before income tax increased by 73.48% from the recorded USD 39.73 million in 2020 to USD 68.92 million in 2021.Income tax expense increased by 37.77% from the recorded USD 9.73 million in 2020 to USD 13.40 million in 2021. Included in the income tax expense was the impact of changes in tax rates that will take effect in 2022 from the previously set down from 22% to 20%, but later re-arranged in Law no. 7 of 2021, regarding “Harmonization of Tax Regulations” still remain at 22%.
The change in tax rates resulted the Company recorded tax benefit from the adjustment of deferred tax assets amounting to USD 0.82 million which was recorded as a deduction from tax expense. Thus, profit for the year (net profit) in 2021 was recorded at USD 55.52 million, an increase of 85.06% compared to net profit in 2020 which was recorded at USD 30.0 million.Subsidiaries
PT Petrocentral (Petrocentral)
The Company has 61.72% shares ownership in Petrocentral.
Petrocentral is a subsidiary of the Company that operating in Gresik, East Java and the sole producer of Sodium Tripolyphosphate (STPP) 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.Petrocentral raw materials are supplied by the sole domestic supplier, PT Petrokimia Gresik. Petrocentral faces price competition with imported STPP products especially from China.In 2021, although Petrocentral’s selling price increased by 37.96%, the sales volume decreased significantly by 58.63% so that the sales value decreased by 42.93%, from USD 22.96 million in 2020 to USD 13.11 million in 2021. The gross profit recorded USD 0.96 million and operating profit recorded at USD 0.52 million in 2021.
Meanwhile in 2020 gross profit and operating profit were recorded at USD 1,06 million and USD 0,09 million, respevtively.Petrocentral recorded profit before tax of USD 0.33 million and net profit of USD 0.29 million in 2021. Meanwhile, in 2020, Petrocentral recorded loss before tax of USD 0.16 million and net loss of USD 0.26 million.
Petrocentral plans to diversify its products to Phosphoric Acid Food Grade. Besides 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 from
PT Petrokimia Gresik.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 30,000 MT per year.LABSA is a main cleaning component in detergent. While, SLES is a surfactant commonly used in cosmetic products and because of its cleaning and emulsifying properties, the properties of this surfactant are similar to soap. 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 2021, UICV’s production and sales volumes increased by 6.09% and 5.37% respectively compared to 2020. The sales value in 2021 was recorded at USD 38.93 million, an increase of 39.67% compared to the sales value in 2020 which was recorded amounting to USD 27.87 million.Gross profit margin in 2021 increased from 10.57% in 2020 to 14.60% in 2021. Gross profit in 2021 was recorded at USD 5.68 million, an increase of 92.89% compared to gross profit in 2020 which was recorded at USD 2.95 million. Thus, UICV recorded a net profit in 2021 of USD 3.85 million, an increase of 155.22%
compared to a net profit in 2020 which was recorded at USD 1.51 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. UICPL is the trading agent for chemical materials and spare parts for UIC Group. Since June 2020, UICPL has no longer conducts chemicaltrading business activities.In 2021, UICPL recorded net profit of USD 2.17 million while in 2020 recorded net profit of USD 1.57 million, an increase of USD 0.60 million, this increase in profit was mainly due to an increase in dividend income from Albright & Wilson (Australia) Limited.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, Perthand Sydney. AWAL also perform sales and marketing activities of Phosphate and other chemicals products.The sales value of AWAL in 2021 was recorded at USD 72.24 million, an increase of 17.21% compared to the sales value in 2020 which was recorded at USD 61.62 million. AWAL’s gross profit in 2021 increased by 31.40%, from USD 8.64 million in 2020 to USD 11.35 million. Gross profit margin in 2021 was 15.72% while gross profit margin in 2020 was 14.02%.Profit before tax increased by 53.15% from USD 2.97 million in 2020 to USD 4.55 million in 2021. Thus, AWAL’s net profit in 2021 was recorded at USD 3.20 million, an increase of 52.25% compared to the net profit recorded in 2020 which was USD 2.10 million. AWAL distribute dividend to UICPL amounted AUD 3,00 million in 2021 and AUD 2.24 million in 2020.
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.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. Pearl Garden Resort Apartment (PGRA) 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 high-rise building concept, which is planned to be develop in the coming year.WG aside of as of the developer of the PGRA, was also the building management of the PGRA until the establishment of the Association of Owners and Resident of Apartment Units (P3SRS) PGRA, whose its establishment has been ratified by the Head of the Public Housing and Residential Area Province of the Special
Capital Region of Jakarta on May 11, 2020.On July 30, 2020, WG has handed over the building management of the PGRA Apartment to P3SRS PGRA, as stated in the Deed of Handover of Building Management of PGRA No. 276 made before Notary Christina Dwi Utami, S.H., M.Hum, M.Kn,.
In connection with that, after handed over the building management WG not recorded revenue or costs from building management, while in 2020 WG still recorded revenue from building management of IDR 7.7 billion and costs of IDR 8.69 billion. Thus, gross profit in 2021 was recorded at zero, while in 2020 WG recorded a gross loss of IDR 986 million.
Operating expenses in 2021 was recorded at IDR 9.34 billion, a decrease of 5.21% compared to operating expenses in 2020 which was recorded at IDR 9.85 billion. These operating expenses mainly represent PropertyTax (PBB) expenses as well as service charge for apartment units that have not been sold. Thus, the loss before tax in 2021 was recorded at IDR 8.93 billion, a decrease of 9.35% from the loss before tax in 2020 of IDR 9.85 billion. The net loss for 2021 was IDR 8.84 billion, a decrease of 11.21% compared to the net loss in 2020 which was recorded at IDR 9.95 billion.
In 2021, the shareholders of WG increased their issued and fully paid capital with a total value of IDR 22 billion in accordance with the percentage of share ownership of each shareholder in WG. With this capital injection, the total issued and fully paid capital balance as at 31 December 2021 was recorded at IDR 302 billion, whereas the total from previously on December 31, 2020, which was recorded at IDR 280 billion. The funds obtained from this capital deposit will be used for operational costs for the next stage of office and apartment complexs development planning.
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income
World crude oil prices experienced a sharp increase throughout 2021. The fluctuations in crude oil prices was driven by increased demand in 2021 due to the global economic recovery and the relaxation of public mobility rules began to be implemented.In 2021, Covid-19 is still happening and the pandemic status is still continuing. Mobility restrictions will continue to be implemented throughout 2021. This is done to prevent the further spread of Covid-19 and will inevitably have an impact on the stifling of economic activity. However, the enormity of the impact is quite variable depending on the level of vaccination as well as consumer perceptions of fears of a further wave ofCovid-19.In 2021, the global economy began to perform quite good growth, but uncertainty in global financial markets continued as well as emerging risks, including anticipation of the possible spread of the Covid-19 variant, market anticipation of the Fed’s (tapering) monetary policy tightening, as well as global inflationary pressures that last longer due to supply constraints and limited energy.Indonesia’s economy in 2021 grew by 3.69%, higher than in 2020 which experienced a growth contraction of 2.07%. Positive growth has been seen since the second quarter to the fourth quarter of 2021, although it is still affected by the continuation of the Covid-19 pandemic, especially in the third quarter of 2021.Market demand for industrial and household cleaning products is still quite high throughout 2021 amidst the ongoing 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 2021, the selling price of products and raw materials for the Company and its subsidiaries will both experience an increase driven by the increase in world crude oil prices. The increase in the selling price of the Company’s products is the main influence on the increase in the value of consolidated revenues.In 2021, the Company recorded a consolidated revenues of USD 317.08 million, an increase of 14.19% or USD 46.12 million compared to the consolidated revenues in 2020 which was recorded at USD 324.96 million. Gross profit in 2021 was recorded at USD 93.96 million, an increase of 69.46% compared to that recorded in 2020 of USD 55.45 million. At the end of 2021, the Company recorded a gross profit margin of 25.32%, while the gross profit margin in 2020 was recorded at 17.06%.
In connection with the increase in gross profit above, the Company’s operating profit in 2021 increased by 94.69% from USD 37.35 million in 2020 to USD 72.72 million. Profit before tax in 2021 was recorded at USD 73.53 million, an increase of 92.14% from the previous year which was recorded at USD 38.27 million. In 2021, the Company recorded income tax expense of USD 15.48 million, an increase of 41.05% compared to income tax expense of USD 10.97 million in 2020.
Thus, in 2021, the Company recorded a profit for the year attributable to equity holders of the parent of USD 58.22 million, an increase of 110.15% compared to profit attributable to equity holders of the parent in 2020 which was recorded at USD 27.70 million. Meanwhile, the current year’s loss attributable to non-controlling interests decreased by 59.13% from the previous recorded loss in 2020 of USD 0.41 million to a loss of USD 0.17 million in 2021.
Consolidated EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) for 2021 was USD 75.36 million, while consolidated EBITDA for 2020 was USD 43.39 million, an increase of 73.68%. 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, 2021, 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, 2021, 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, 2021 were recorded at USD 235.49 million, an increase of 20.83% compared to consolidated current assets as of December 31, 2020 which was recorded at USD 183.17 million. The increase was mainly in the balance of cash and cash equivalents and inventories. Most of the Company’s current assets are cash and cash equivalents, inventories and trade receivables, which are 97.33% and 98.61% for 2021 and 2020. Meanwhile, non-current assets in 2020 were recorded at USD 57.23 million, a decrease by 3.14% compared to 2020 which was recorded at USD 59.09 million.
Liabilities
Total current liabilities in 2021 were recorded at USD 47.76 million, an increase of 27.88% from current liabilities in 2020 which was recorded at USD 37.34 million. The net increase occurred in other payables on dividends in connection with the announcement of the interim dividend for the year 2021 on December 21, 2021 with a payment schedule on January 27, 2022.Total long-term liabilities in 2021 decreased by 31.56% from previously recorded at USD 6.20 million in 2020, to USD 4.24 million in 2021. This decrease was mainly due to the re-calculation of employee benefits liabilities by actuarial in connection with the implementation of Government Regulation No. 35/2021 in 2021.Thus, the Company’s total consolidated liabilities as of December 31, 2021 were recorded at USD 52.00 million, an increase of 19.42% compared to total liabilities on December 31, 2020 which was recorded at USD 43.54 million.Equity
Retained earnings for 2021, after taking into account the profit for the year attributable to equity holders of the parent of USD 58.22 million, cash dividend of USD 15.98 million and profit on remeasurement of defined benefit plans of USD 0.33 million, was recorded at USD 160.10 million, an increase of USD 42.57 million or 36.22% compared to retained earnings in 2020 which was recorded at USD 117.53 million.Cash dividends distributed to shareholders in 2021 consist of final dividends for the year 2020 of USD 3.96 million (equivalent to IDR 57.12 billion or IDR 149 per share) distributed to shareholders on July 6, 2021 and interim dividends year 2021 amounting to USD 12.02 million (equivalent to IDR 172.50 billion or IDR 450 per share) which was distributed to shareholders in January 27, 2022.Non-controlling interests in 2021 were recorded at USD 8.86 million, an increase of 5.73% compared to the previous year which was recorded at USD 8.38 million. Thus, the total equity as of December 31, 2021 was recorded at USD 240.73 million, an increase of 21.14% from USD 198.71 million as of December 31, 2020. The increase in non-controlling interests mainly came
from capital injection in the subsidiary PT Wiranusa Grahatama.Consolidated Statement of Cash Flows
a. Cash flows from operating activities:
In 2021, net cash obtained from operations decreased by USD 39.42 million from 2020 which was recorded at USD 64.28 million to USD 24.86 million. The decrease in net cash derived from operating activities was mainly due to the increase in working capital requirements as a result of the increase in the purchase price of raw materials due to the increase in world crude oil prices, in addition to the increase in payment of corporate income tax.
In 2020, the installment of income tax article 25 received relaxation from the Government in the form of suspensions and discounts. Article 29 of 2020 income tax of USD 5.2 million paid in April 2021.
b. Cash flows from investing activities:
Net cash used for investing activities in 2021 was recorded at USD 0.06 million, decreased by USD 6.00 million compared to 2020 which was recorded at USD 6.06 million. The decrease in cash used for investment was mainly due in 2020 there were advance payments to suppliers and license providers.
c. Cash flows from financing activities:
Net cash used for financing activities in 2021 was recorded at USD 4.57 million, while in 2020 it was recorded at USD 10.96 million, a decrease of 58.32%.
The decrease in net cash activity used for financing was due to smaller net payments on short-term bank loans and cash dividends in 2021 compared to 2020.DEBT PAYING ABILITY
The Company and its subsidiaries 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 2021 and 2020. the Company met all the required ratio.
All bank creditors extended all matured credit facility.Ratio Analysis
For the year ended December 312021
%2020
%Current Ratio 4.93 4.90 Debt to Equity Ratio 0.22 0.22 Debt to Asset Ratio 0.18 0.18 RECEIVABLE COLLECTABILITY LEVEL
Based on the review at end of the year 2021, the management believed that the allowance for impairment of USD 42 thousand at the end of 2021 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.Trade Receivable Collectibility Level
for the year ended December 312021 USD 2021 % 2020 USD 2020 % Neither past due not impaired 32.74 86.09 31.62 87.16 Past due but not impaired 5.25 13.80 4.65 12.82 Past due and individually impaired 0.04 0.11 0.01 0.02 Total 38.03 100,00 36.25 100,00
CAPITAL STRUCTUREThe details of the Shareholders and their respective shareholdings as of December 31, 2021 and 2020, based on records performed by the stock administration bureaus are as follows:Shareholders Number of Shares% Amount
(USD)PT Aspirasi Luhur 139.351.604 36,35 32.789.588 PT Alas Pusaka 43.660.821 11,39 10.273.440 PT Salim Chemicals Corpora 39.635.036 10,34 9.326.168 PT Salim Chemicals Corpora 39.635.036 5,96 5.378.725 Publik dan lain-lain (kepemilikan <5%) 137.825.002 35,96 32.430.377 Total 383.331.363 100,00% 90.198.298 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, 2021 and 2020.SIGNIFICANT AGREEMENTS
There is no significant agreements other than those disclosed in note 34 to the consolidated financial statements, "Significant Agreements".
CAPITAL GOODS INVESTMENT
Investment of capital goods that realized in 2021 was USD 0.9 million, decreased from investments of capital goods in 2020 which reached USD 1.1 million. Investment of capital goods in 2021 mainly used for supply of machine and transportations equipment.SIGNIFICANT INFORMATION AND FACTS AFTER THE REPORTING DATE
There is no significant event occurred from end of reporting period until the date of financial statement was authorized for issue.
COMPANY TARGET
Description (in thousand of USD) Target 2022 Diff. % Actual 2021 Diff. % Target 2021 Revenues 387.795 0.05 371.081 14.85 323.108 Gross Profit 63.883 -32.01 93.961 58.69 59.209 Profit before Income Tax 41.900 -43.02 73.532 88.97 38.911 Profit for the year Attributable to Equity Holders of the Parents 33.071 -0.43 58.220 92.62 30.225 Target of 2021 consolidated revenue was USD 323.11 million with a gross profit margin of 18.32%. Profit before tax is expected to be 12.04% of revenue value or USD 38.91 million and profit for the year attributable to equity holders of the parent of USD 30.23 million.The realization achieved in 2021 showed that the revenue was recorded at USD 371.08 million, 14.85% higher than the 2021 target. Gross profit in 2021 was recorded at USD 93.96 million, an increase of 58.69% from the targeted gross profit of USD 59.21 million. Thus, profit before income tax increased by USD 34.62 million or 88.97% of the target, to USD 73.53 million and profit for the year attributable to equity holders of the parent
for 2021 increased 92.62% of the target 2021, from USD 30.23 million to USD 58.22 million. The achievement of realization in 2021 exceeded the target mainly from the uptrend in selling prices which was driven by the increase in crude oil prices, while the Company had a sufficient amount of inventory.The Company has set a consolidated revenue target for 2022 of USD 387.80 million, 0.05% higher than realized revenue in 2021. Gross profit in 2022 is targeted at USD 63.88 million, 32.01% lower than gross profit in 2021. Profit before income tax is
targeted at USD 41.90 million while profit for the year attributable to equity holders of the parent is targeted at USD 33.07 million.MARKETING ASPECTIndonesia 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 other 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 as well as sulphonation company such as Solvay Manyar and Indo Sukses Sentra Usaha (ISSU).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, and France.DIVIDEND POLICYThe 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.At the Annual General Shareholders Meeting (GSM) for the year 2020 that held on June 24, 2021, it was decided to distribute dividends for the year 2020 of USD 6.94 million, with a dividend payout ratio of 25% from profit for the year attributable to equity holders of the parent in 2020 which was recorded at USD 27.70 million.From the total dividends for the year 2020 that amounted USD 6.94 million, in accordance with the decision of the Directors of the Company No. 00180/1220/ UIC-DIR dated December 11, 2020 and the Board of Commissioners approval, the Company has been distributed as an interim dividend of USD 2.98 million.
The interim dividend is paid in Rupiah based on the Bank Indonesia middle rate on December 8, 2020, which is IDR 14,164 per USD with a total dividend value of IDR 42.17 billion. Dividends are distributed to 383,331,363 shares or equivalent to IDR 110 per share. The interim dividend has been paid on December 29, 2020.Thus, the final cash dividend value for the year 2020 is USD 3.96 million, dividends are paid in Rupiah currency based on the middle exchange rate of Bank Indonesia on June 22, 2021, which is IDR 14,421 per USD, with a total dividend value of IDR 57.12 billion or equivalent to IDR 149 per share for 383,331,363 shares. The resolution of the GSM has been stated in the Deed of Minutes of the Annual GSM No. 196 dated June 24, 2021 made by Notary Christina Dwi Utami, S.H., M.Hum., M.Kn. Final
Dividen for the year 2020 has been paid on July, 16 2021.As for 2019, based on the decision at the Annual GSM for the year 2019 which was held on July 29, 2020 and has been stated in the Company GSM Deed of Minutes No. 262 dated July 29, 2020 made by Notary Christina Dwi Utami, S.H., M.Hum., M.Kn., cash dividends distributed to shareholders amounted to USD 3.04 million with a Dividend Payout Ratio of 25% of profit
for the year attributable to the equity holders of the parent for the year 2019 which was recorded at USD 12.21 million. Dividends are paid in Rupiah based on the Bank Indonesia middle rate on July 27, 2020, which is IDR 14,605 per USD, with a total dividend value of IDR 44.47 billion or equivalent to IDR 116 per share for 383,331,363 shares. Dividend for the year 2019 has
been paid on September 2, 2020.-bt-
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Directors Report
Praise the Lord for His blessings that the Company achieved good result in the year 2021 even though the economic recovery after Covid-19 pandemic still continue to date. |
Management Discussion and Analysis