Cikarang Listrindo to Distribute Final Dividend of US$69.9 Million

Public News|May 09, 2023

PT Cikarang Listrindo Tbk (POWR) held its Annual General Meeting of Shareholders (AGMS) in Gandaria, South Jakarta on Monday (8/5), with the theme 'Powering the Future' as an analogy to the Company's spirit of operation for 30 years to continuously transforming through digitalization and the integration of Information Technology, as well as renewable energy development.
 
During the AGMS, six agenda items were approved, including the approval of the Company's Annual Report, the determination of the use of the Company's net profit, and the transfer of treasury shares for the partial payment of employee bonuses. The management agreed on the use of the Company's net profit and retained earnings for the distribution of dividends for the 2022 fiscal year amounting to US$69,634,266, including the interim dividend that was distributed on December 21, 2022, amounting to US$24,795,455.
 
The remaining cash dividend to be paid to shareholders is US$44,838,811 or 64.4 percent of the total dividend as determined, taking into account the number of shares repurchased by the company.
 
"This demonstrates the Company's commitment to provide consistent value to shareholders, including regular dividend distributions every year," stated the management.
 
During the event, the management presented the performance of 2022, with electricity sales reaching 4,413 GWh, a growth of 4.8 percent compared to the electricity sales volume of 4,210 GWh in 2021.
 
"This growth is mainly influenced by the increased electricity consumption by the industrial customers by 8.3 percent, in line with the Indonesia's economic recovery from the pandemic, marked by a 5.3 percent year-on-year increase in GDP in 2022," continued the management statement.
 
At the same time, the Company also managed to maintain its financial performance. This is reflected in the capital structure through a Leverage Ratio of 0.9x and a Fixed-Charge Coverage Ratio of 7.2x, figures that are well above the requirements set by the Company's international bondholders.
 
Among the Company’s achievements is its success in realizing its commitment to prioritizing sustainability in its business process, as evidenced by the improvement in the ESG rating based on assessments by international institutions such as Sustainalytics, MSCI, and S&P Global.
 
In the same year, for the first time, the Company received the Green-rating PROPER certificate for the GSPP Jababeka from the Ministry of Environment and Forestry. Meanwhile, in the capital market, the Company also won several awards, including the Best Issuer Award in the utilities sector at the Bisnis Indonesia Award 2022.
 
Furthermore, the Company received the Best Stock Award in the big-cap category at the Best Stock Awards 2022 event, as well as the Top 50 Mid Capitalization Public Listed Company with the best GCG practices and Best Disclosure Transparency from the Indonesian Institute for Corporate Directorship.
 
The management added that, in line with the Sustainability Roadmap, in 2023, the Company will continue to develop renewable energy initiatives, particularly the rooftop solar power (PLTS Atap), with a target of installation up to 10 MWp per year, as well as the use of biofuels such as palm shell and wood chips for co-firing processes in CFB boilers.
 
Source: CNN Indonesia (English version translated by the Company)