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 consisting of 180,000 MT Linear Alkylbenzene (LAB) and 90,000 MT Branched Alkylbenzene (BAB).

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

    Production of AB and its by product in 2018 increased by 8.69% compared to 2017, as well as sales volume in 2018 increased by 2.21% compared to previous year. The sales value in 2018 increased by 9.25%, which was recorded USD 247.84 million and in 2017 was recorded USD 226.86 million. The movement of crude oil prices were tended to increase throughout the first quarter to the third quarter of 2018, which makes the average selling prices of products and raw material prices in 2018 increased compared to 2017.

    In the fourth quarter of 2018, the crude oil price dropped dramatically from USD 71 to USD 46 per barrel, this decrease had an impact on the average selling price of our products so that the gross profit margin was under pressure. In addition, at the end of 2018, UIC has quite a lot of inventories whose acquisition prices are higher than the market prices that decline along with the

    declining in crude oil prices mentioned above. Based on accounting standard, inventories must be recorded at a lower value between the acquisition price and the net realizable value, so that at the end of 2018 UIC recorded a substantial allowance for losses on market value of inventories. This certainly add a burden on the cost of revenues and causes gross profit 2018 decrease by 13.93% from USD 25.50 million in 2017 to USD 21.95 million.

    Total operating expenses in 2018 also increased by 20.53% compared to 2017, from previously recorded USD 9.44 million to USD 11.38 million, an increase mainly derived from loss in operating foreign exchange due to the weakening of the Rupiah against the United States Dollar. The position of the net monetary assets in Rupiah has decreased in value in the recording of the company's financial statements, where the company recorded an increase in the operating foreign exchange loss. Thus in 2018, UIC recorded an operating profit of USD 10.57 million, a decrease of 34.18% compared to operating income in 2017 which was recorded at USD 16.06 million. Profit before income tax also decreased by 32.58% from the recorded amount of USD 16.9 million in 2017 to USD 11.43 million in 2018.

    In 2018, UIC as a Public Company has fulfilled the requirements to get a 5% incentive of corporate income tax rate in accordance with the regulations required in Government Regulation (PP) No. 56 year 2015 concerning the Revision of PP No.77 Year 2013 about Decreasing of Income Tax Rates for Domestic Taxpayers in the Form of Public Company. So the tax rate imposed in 2018 is lower than in 2017.

    In connection with the decrease in profit before income tax and the corporate tax rate, the net income tax expense in 2018 decreased by 63.50% from that recorded in 2017 of USD 5.19 million to USD 1.89 million in 2018, thus profit for the year (net profit) in 2018 was recorded USD 9.54 million, a decrease of 18.93% compared to the net profit in 2017 which was recorded USD 11.76 million.


    PT Petrocentral (Petrocentral)

    The Company has 61.72% shares ownership in Petrocentral.

    Petrocentral is a subsidiary operating in Gresik, East Java and the sole producer of Sodium Tripolyphosphate (STPP) in Indonesia with an installed production capacity 50,000 MT per year. STPP is one of the raw materials of detergent, which functioned as water softener, thereby increasing the cleaning power of detergent.

    For its consistency in maintaining its product quality, Petrocentral has succeeded in achieving ISO 9001:2015 for Quality Management System issued by Standard Assurance and Innovation (SAI) Global Limited and The International Certification Network (IQNet) since 2004.

    The incentives provided by the Government of China to their domestic producers to export their products, had caused domestic market filled with products from China. The raw material prices that are relatively high and the lack of protection from Indonesian government to protect domestic producers, had caused Petrocentral's selling price can not compete with imported products.

    In 2018, Petrocentral managed to increase its production by 10.84% compared to production in 2017, while sales volume was increased by 2.99% compared to the previous year. Petrocentral sales value in 2018 was recorded USD 33.79 million, increase of 10.61% compared to sales value in 2017 which was recorded at USD 30.55 million.

    In 2018, Petrocentral was booked gross profit of USD 1.21 million decreased by 24.76% compared to gross profit in 2017 which was recorded at USD 1.21 million. Gross Profit Margin for the year 2018 was 3.58%, this decline was due to an increase in raw material prices.

    Petrocentral recorded profit before income tax of USD 0.04 million in 2018, a decrease of 83.51% compared to 2017 which was recorded USD 0.22 million. Thus in 2018, Petrocentral recorded a net profit of USD 0.03 million while in 2017 was recorded a net profit of USD 0.11 million.

    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 an active component in almost all powder and liquid detergent. LABSA is also a main component of shampoo and liquid soap, as well as a diluting material in pharmacy industry. UICV's commitment in customer satisfaction by providing high quality product is reflected in the renewal of the ISO 9001:2008.

    In 2018, production of UICV increased by 4.84% compared to production in 2017, so as sales volume of UICV increased by 12.55% compared to 2017. Sales value in 2018 was recorded at USD 24.29 million increased by 11.49% compared sales value in 2017 which was recorded USD 21.79 million.

    UICV's gross profit in 2018 was recorded USD 1.46 million, increased by 38.30% compared to 2017 gross profit of USD 1.05 million. This increase is in line with the increase in volume and value of sales in 2018. UICV posted gross profit margin of 6% in 2018 and amounted to 4.84% in 2017.

    Therefore, UICV recorded a net profit in 2018 of USD 0.23 million, an increase of 65.04% compared to 2017 net profit of USD 0.08 million.

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

    The Company has 100% shareholding in UICPL.

    UICPL is the Company's subsidiary located in Singapore with registered Company Number 199100093N. Currently, the main business of UICPL is investment. UICPL has 100% shareholding in AWAL, a Company's subsidiary located in Australia which involves in Surfactant manufacturing and Phosphate trading. UICP's other business activities is the trading agent for chemical materials and spare parts for UIC Group.

    In 2018, gross profit margin of UICPL stood at 0.97% lower than gross profit margin in 2017 which stood at 2.65%. In 2018, UICPL recorded net profit amounted USD 1.47 million, while in 2017 recorded a net profit amounted USD 0.12 million, experienced an increased USD 1.35 million, the increased in net profit was mainly due to in 2018 UICPL acquired other operating income in the form of dividend from its subsidiaries Albright & Wilson (Australia) Limited (AWAL).

    Albright & Wilson (Australia) Limited (AWAL)

    UICPL has 100% shares ownership in Albright & Wilson (Australia) Limited.

    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. Besides that, AWAL is also involved in chemical trading activities such as a series of Phosphate products.

    AWAL owns 100% shares of Albright & Wilson New Zealand, a trading company which provides marketing and warehouse facilities for AWAL products in New Zealand.

    AWAL owns a plant that producing Surfactant products in Wetherill Park New South Wales. The plant has achieved ISO 9001:2008 certification. Sales, marketing and warehouse facilities are located in Brisbane, Melbourne, Perth and Sydney. AWAL also doing sales and marketing activities of Phosphate products that meet AWAL's specifications, by collaborating with Petrocentral and also some other manufacturers.

    AWAL's sales value in 2018 was recorded at USD 62.27 million, increased by 10.66% compared to sales value in 2017 which was recorded at USD 55.37 million. Gross profit AWAL in 2018 was slightly decreased by 1.52%, from USD 7.96 million in 2017 to USD 7.83 million. Gross profit margin 2018 stood at 12.79% whereas gross profit margin 2017 was 14.37%.

    In 2018 AWAL conducts land sales transactions which is located in Yarraville, Australia with a value of AUD 24 million. The profit from the land sale was recorded as other operating income of USD 16.3 million. With that additional revenue, AWAL recorded a profit before income tax of USD 18.96 million, an increase of 830.24% from the previous year which was recorded at USD 1.75 million. AWAL's Net profit in 2018 was recorded at USD 13.45 million, an increase of 986.42% compared to net profit which was recorded in 2017 USD 1.24 million.

    Property Industry

    In addition to chemical industry, the Company also expands its business into property industry, which is managed by 2 (two) subsidiary companies:

    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. Since May 2012, UII is also acting as trader for UIC, if needed.

    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. Jend. Gatot Subroto. Pearl Garden Apartment Complex which was built since the end of 2004 has 235 units of apartment on 1.7 hectares land with low-rise apartment concept. WG still has 1.4 hectares land which is intended for future office and residential complex development with highrise building concept.

    In 2018 WG recorded revenues of IDR 12.67 billion, increased by of 9.01% compared to revenues in 2017 which was recorded at IDR 11.62 billion. WG recorded gross losses both in 2018 and 2017 respectively IDR 1.71 million and IDR 2.25 billion.

    Financial costs in 2018 decreased by 42.84% from which was recorded in 2017 IDR 14.15 billion to IDR 8.09 billion. This decrease was mainly due to a decrease in loan interest expense due to the repayment of all interest-bearing loans in 2018.

    Therefore, loss before tax in 2018 was recorded at IDR 14.14 billion, a decrease of 34.57% from the loss before tax 2017 of IDR 21.62 billion. The net loss for 2018 was IDR 14.12 billion, a decrease of 29.18% compared to the 2017 net loss of IDR 19.94 billion.

    In 2018, WG shareholders have increased the issued and fully paid capital with a total capital injection value of IDR 129.16 billion according with the percentage of share ownership of each shareholder in WG. With that capital injection, the issued and fully paid capital balance as of December 31, 2018 was IDR 265 billion compared to the previous December 31, 2017 which was IDR 135.84 billion. The funds obtained from the capital injection were mostly used for loan payments.

    Consolidated Financial Statements

    Consolidated Statement of Comprehensive Income

    In the midst of the uncertain global economic conditions and the movement of world crude oil prices which tend to increase in 2018, the Company's performance in 2018 can perform well.

    In 2018, the Company recorded consolidated sales value of USD 350.40 million, an increase of 9.31% or USD 29.85 million compared to the consolidated sales value of 2017 which was recorded at USD 320.55 million.

    The world crude oil price throughout 2018 was higher than in 2017, which had an impact on the increase in raw material prices. In the fourth quarter of 2018, the world crude oil price declined, where as the lowest price occurred at the end of 2018. The decline in crude oil prices caused the Company's gross profit margin to be eroded, and the Company must provide allowance

    for impairment of inventory value because the cost of inventories was recorded higher than the net realizable value. The above, causes the cost of revenues in 2018 increased, apart from the increased in volume of revenues and increased in tank rental costs and other related costs.

    The Company recorded gross profit 2018 of USD 32.55 million, a decrease of 16.67% compared to that recorded in 2017 of USD 39.06 million. At the end of 2018, the Company recorded gross margin stood at 9.29%, lower than the gross profit margin of 2017 that stood at 12.18%. In 2018, the Company recorded an increase in other operating income that derived from profits from the land sale of subsidiary in Australia. This caused the Company's operating income in 2018 increased by 61.42% from USD 18.43 million in 2017 to USD 29.75 million.

    Profit before tax in 2018 was recorded at USD 28.14 million, an increase of 59.41% from the previous year which was recorded at USD 17.65 million. At the end of 2018, the Company recorded a net deferred income tax expense of USD 10.86 million, an increase of 89.81% compared to the 2017 deferred income tax expense which was recorded at USD 5.72 million. This increase was mainly due to the tax expense on land sales profits from subsidiary in Australia.

    Thereby in 2018, the Company recorded profit for the year attributable to equity holders of the parent amounted to USD 17.72 million, an increase of 41.08% compared to profit for the year attributable to equity holders of the parent of 2017 which was recorded at USD 12.56 million.

    While loss for the year attributable to non controlling interests decreased by 30.36% from the previously in 2017 was recorded loss of USD 0.63 million to loss of USD 0.44 million in 2018.

    The consolidated EBITDA (Earning before Interest, Taxes, Depreciation and Amortization) for 2018 is USD 35.08 million, while consolidated EBITDA for the year 2017 was USD 23.91 million, an increase of 46.72%. As of December 31, 2018, the ratio of EBITDA to net interest expense ratio is 18.55:1, while the ratio of interest-bearing liabilities net of cash and cash equivalents to total equity is 0.03:1. The ratios meet the ratio required by the bank creditor of the Company. As of December 31, 2017, the Company was also in compliance to the ratios required by the bank creditor.

    Consolidated Statement of Financial Position


    Consolidated current assets as of December 31, 2018 amounted to USD 176.40 million, increased by 13.90% compared to consolidated current assets as at December 31, 2017 which was amounted USD 154.87 million. Most of current assets were cash and cash equivalents, inventories and accounts receivable, which were 93.61% and 92.93% for 2018 and 2017, respectively. Meanwhile, non-current assets in 2018 was recorded at USD 60.01 million, decreased by 12.88% compared to last year which stood at USD 68.88 million, the decrease was from depreciation of fixed assets and and another major decrease was from the recording of deferred tax liabilities for dividend receivables from subsidiaries.


    Total short-term liabilities in 2018 amounted to USD 66.56 million, an increase of 10.10% from short-term liabilities in 2017 which amounted at USD 60.46 million. The increase was mainly due to an increase in short-term bank loans.

    Total long-term liabilities in 2018 decreased by 27.95% from the previously in 2017 was recorded at USD 4.88 million to USD 3.51 million in 2018. The decline was mainly due to re-measurement of employee benefits liabilities by actuaries.

    Thereby, total liabilities of the Company as of December 31, 2018 amounted to USD 70.08 million, a decrease by 7.26% compared to total liabilities on 31 December 2017 which was recorded at USD 65.34 million.


    Retained earnings in 2018, after taking into account profit of the year attributable to equity holders of the parent amounted USD 17.72 million, cash dividends amounted USD 2.5 million, interim cash dividend amounted USD 9.07 million and loss of re-measurement of defined employee benefit program amounted USD 0.41 million, was recorded at USD 86.44 million increased by USD 6.56 million or 8.21% compared to retained earnings in 2017 which was recorded at USD 79.88 million.

    Non-controlling interests in 2018 was recorded at USD 8.94 million, increased by 59.33% compared to the previously year that recorded at USD 5.61 million. Therefore, total equity as of December 31, 2018 was recorded at USD 166.33 million, increased by 5% from USD 158.41 million as at December 31, 2017.

    Consolidated Statement of Cash Flows

    a. Cash flows from operating activities:

    In 2018, net cash derived from operations was decreased by USD 12.68 million from 2017 which was recorded at USD 18.62 million to USD 5.94 million. The decrease in net cash derived from operating activities was mainly from increase in purchases from suppliers due to increases of production volumes and raw material prices.

    b. Cash flows from investing activities:

    Net cash used for investment activities in 2018 was recorded at USD 19.39 million, increased by USD 19.40 million compared to the balance in 2017 which was recorded at USD 0.01 million. The increase in investment activities was mainly due to the receipt of proceeds from land sale of subsidiary (AWAL) in Australia. Net cash used in investment activities for capital expenditures in 2018 amounted to USD 1.76 million, decreased of 44.21% compared to 2016 which recorded at USD 3.16 million. The addition of assets in 2017 was mainly for construction of jetty expansion, whereas capital expenditure for 2018 was used for machine and transportation equipment.

    c. Cash flows from financing activities:

    Net cash used in financing activities in 2018 was recorded at USD 9.6 million, while in 2017 the net cash used in financing activities was recorded at USD 17.66 million, decreased by 45.59%. This decreased was due to an increased in proceeds of short-term bank loans and also a decreased in cash dividend payments, where in 2017 the Company distributed cash dividends of USD 20.93 million while in 2018 the cash dividends distributed amounted to USD 11.71 million which consisting of cash dividends of book year 2017 amounting to USD 2.5 million and cash interim dividends for book year 2018 amounting to USD 9.21 million.


    The Company and its subsidiaries received working capital loan facilities from bank creditors in order to support working capital needs. Bank creditors required certain ratios from the Company. Those requirement ratios are fully complied at the end of 2018 and 2017. All bank creditors' extended all matured short-term loan facility provided to the Company.

    Ratio Analysis
    For the year ended December 31
    Current Ratio
    Debt to Equity Ratio
    Debt to Asset Ratio


    Trade Receivable Collectibility Level
    for the year ended December 31
    2018 USD 2018 % 2017 USD 2017 %
    Neither past due not impaired 28.01 83.36 36.09 80.47
    Past due but not impaired 5.4316.168.5819.14
    Past due and individually impaired 0.160.480.180.39
    Total 33.60 100,00 44.85 100,00

    Based on the review at end of the year 2018, the management believed that the allowance for impairment of USD 160 thousand at the end of 2018 is adequate to cover any possible losses on uncollectible trade receivables and there were no indications of impairment in the value of the other receivables, thus no allowance for impairment in value necessary.


    As of December 31, 2018 and 2017, the details of the Shareholders and their respective shareholdings, based on records performed by the securities administration bureaus are as follows:

    As of December 31 , 2018

    ShareholdersNumber of Shares Issued and Fully Paid
    Ownership Percentage %Amount
    PT Aspirasi Luhur139,351,60436.3532,789,588
    PT Alas Pusaka43,660,82111.3910,273,440
    PT Salim Chemicals Corpora39,635,03610.349,326,168
    Public (ownership <5%)160,683,90241,9237,809.102
    On December 31, 2018 Hanny Sutanto, Vice President Commissioner
    owned 318,509 (0.08%) Company's share.

    As of December 31, 2017

    ShareholdersNumber of Shares Issued and Fully PaidOwnership Percentage %Amount
    PT Aspirasi Luhur181,351,60447.3142,672,235
    PT Alas Pusaka43,660,82111.310,273,440
    PT Salim Chemicals Corpora39,092,42010.29,198,490
    Public (ownership <5%)119,226,51831.1028,054,133

    On December 31, 2017 Hanny Sutanto, Vice President Commissioner
    owned 318,509 (0.08%) Company's share.

    Capital Management

    The primary objective of the Group'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 effective on August 16, 2007 to contribute to and maintain a non-distributable reserve fund until the said reserve reaches 20% of the issued and fully paid share capital. This externally imposed capital requirements are considered by the Group at the Annual General Shareholders Meeting (GSM).


    There is no significant agreements other than those disclosed in note 35 to the consolidated financial statements, "Significant Agreements".


    Investment of capital goods that realized in 2017 amounted USD 3.43 million. The majority of investment of capital goods amounted USD 2.55 million or 74.37% was used for development of the Company's jetty expansion project. The purpose of the expansion is to increase the delivery capacity of both raw materials and finished goods, thereby the Company will be able to improve its efficiency in shipping and also to reduce transportation costs which is expected to provide greater contribution to the Company's profit. Other capital goods investment of 25.63% or USD 0.88 million was used for the addition of assets such as machinery, transportation equipment and others to support the Company's operations.

    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 Group may adjust the dividend payment to Shareholders, issue new shares or raise debt financing. No changes were made in the objectives, policies or processes as of December 31, 2018 and 2017.

    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.


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


    Description (in thousand of USD) Target 2019 Diff. % Actual 2018 Diff. % Target 2018
    Revenues 390,794 11.53% 350,397 (3.66%) 363,702
    Gross Profit 37,83716.24%32,549(21.96%)41,708
    Profit before Income Tax 16,696(40.67%)28,14245.07%19,399
    Profit for the year Attributable to Equity Holders of the Parents 13,473(22.04%)17,28117.73%14,678

    The Company previously targeted consolidation sales value in 2018 amounted to USD 336.70 million with a gross profit margin of 11.48%. Profit before income tax expected to be at 5.33% of sales value or USD 19.40 million and net profit (profit for the year attributable to the parent) amounted to USD 14.68 million.

    Realization achieved in 2018 shows that the sales value was recorded at USD 350.40 million, lower than the 2018 target of 3.66% and recorded gross profit margin of 9.30% lower than that targeted. 2018 gross profit was recorded at USD 32.54 million or decreased by USD 9.16 million or 21.96% of the target. While profit before income tax increased by USD 8.74 million or 45.07% of the target, to USD 28.14 million. Actual sales value in 2018 was lower than target 2018, this was mainly due to sales volume of Alkylbenzene was not reached targeted volume.

    Along with the decline in revenues and also the impact of the increase in raw material prices, in 2018 the Company recorded gross profit of USD 32.55 million lower than the 2018 target. Profit before income tax 2018 exceeded the 2018 target of 45.07%, due to in 2018 the Company posted income from land sale of subsidiary in Australia, which at the 2018 target has not been projected.

    Global economic growth in 2019 is projected to grow to 3.7%, lower than the achievement in 2018. This is a further impact of the global economic crisis in 2018. Indonesia's economic growth in 2019 is projected at 5.3% slightly lower than government targets in 2018. The Indonesian government expects consumption still be the main driving force for the economy. Based on the above conditions and the assumption of crude oil price movement which expected remains stable, the Company set a sales target of 2019 at USD 390.79 million, an increase of 11.53% compared to the actual sales in 2018. Gross profit in 2019 is targeted at USD 37.83 million, higher 16.24% than gross profit of 2018. Profit before income tax is targeted at USD 16.70 million while profit for the year attributable to equity holders of the parent are targeted at USD 13.47 million.


    Indonesia is a potential market for the growth of detergent industry, to has large population with level of detergent usage per capita which is relatively lower than other countries. As an Alkylbenzene (detergent raw material) 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, PT. Kao Indonesia Chemicals, PT. Sinar Antjol as well as several sulphonation companies such as PT. Solvay Manyar, PT. Findeco Jaya and PT. Catur Wangsa Indah. Local distribution is handled by PT Aspirasi Luhur as the Company's sole distributor.

    The Company endeavors 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, Australia, Japan, China, Korea, Netherlands, France, Italy and United States of America.


    In accordance with the decision in the Annual General Shareholders Meeting (GSM) held on June 26, 2018, which has been stated in notarial deed no. 95 made by Notary Ir. Irawan Soerodjo, S.H., M.Si., the GSM decided to distribute a cash dividend of USD 2.5 million to the shareholders which registered on July 6, 2018, the dividen was paid in Rupiah currency with exchange rate of IDR 14.102 to USD 1.00 (IDR 92 per share) based on the middle rate of exchange issued by Bank Indonesia on June 22, 2018.
    During the Board of Directors meeting, held on October 23, 2018, which minutes were covered by letter number 001/DIR-UIC/LGL/2018. The Directors, based on approval of the Board of Commissioners, agreed to distribute the cash interim dividends for the year 2018.

    The distribution of cash interim dividends amounting to USD 9.07 million was distributed to the registered shareholders as of November 2, 2018, which were paid in Rupiah currency using the average exchange rate issued by Bank Indonesia as of October 19, 2018 of IDR 15,221 for USD 1.00 (IDR 360 per share).

    Meanwhile, in the Annual GSM held on May 23, 2017, pursuant to notarial deed No. 159 made by Notary Ir. Irawan Soerodjo, S.H., M.Si., the GSM decided to distribute a cash dividend of USD 20.93 million to the shareholders which registered on June 6, 2017, the dividend was paid in Rupiah currency with exchange rate of IDR 13.410 to USD 1.00 (IDR 732 per share) based on the middle rate of exchange issued by Bank Indonesia on May 19, 2017.

    Corporate Dividend Policy is to provide an attractive rate of return in which the amount of cash dividends is adjusted along with the Company's profits in the related financial year without limiting the financial soundness of the Company and without prejudice to the right of the General Meeting of Shareholders to decide otherwise in accordance with the Articles of Association of the Company.

Investor Relations
  • Board of Commissioners Report
  • Directors Report
  • Management Discussion and Analysis
  • Consolidated Statements of Comprehensive Income
  • Consolidated Statements of Financial Position
  • Financial Highlights Graphics
  • Ratio Analysis
  • Business Prospect and Strategy
  • Competitive Advantage and Risk Management
  • Prospectus & Articles of Association
  • Shares, Dividends and Chronology of Company Listing
  • The Significant Laws and Regulations Changes
  • Annual Reports
  • Consolidated Financial Statements