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In the AGMS of PT Cikarang Listrindo Tbk, POWR Approved the Dividend Distribution
Public News|June 16, 2022
Jakarta, 16 June 2022 - PT Cikarang Listrindo Tbk (IDX: POWR) held the Annual General Meeting of Shareholders (AGMS) 2021 and the Extraordinary General Meeting of Shareholders (EGMS) 2022 located at the Four Seasons Hotel, Jakarta, Thursday (16/6/2022).
In the AGMS held today, it was agreed to determine the cash dividends paid to the shareholders in the amount of US$43,077,671 or the equivalent to Rp 40 per share. This dividend distribution completed the previous interim dividend distributed last December 2021.
In the EGMS, it was also approved the plan to buy back the Company's shares that have been issued and listed on the Indonesia Stock Exchange in an amount equivalent to a maximum of US$10,000,000, which will be carried out in stages within a maximum period of 18 (eighteen) months after the GMS’ approval.
The management of PT Cikarang Listrindo Tbk led by Andrew Labbaika conveys an overview of the Company's performance in the financial year 2021 and expansion plans 2022 through an overview of the Company's growth potential. The Company's electricity sales in 2021 reached 4,210 GWh, a strong growth of 11.4% compared to 2020 of 3,779 GWh. This increase was mainly due to an increase in electricity consumption by industrial customers.
Despite being hit by the second year of the pandemic wave in Indonesia, industrial customers' electricity consumption increased by 16.4% in 2021, which compared to 2020 decreased by 15.6%.
The Company also managed to maintain the capital structure through the Leverage Ratio of 1.3x and the Fixed-Charge Coverage Ratio (FCCR) of 7.1x, each of it has experiencing an improvement from the previous year for 1.4x and 6.5x, respectively.
One of the important highlights in 2021, the Company has set a target of reducing GHG emissions by 20% in 2030, in line with the commitment of the Indonesian Government's national contribution to reducing emissions for the energy sector (Nationally Determined Contribution/NDC) of 19%. The Company carries out various innovations to achieve this target, including the use of environmentally friendly power plants.
One of the initiatives is to carry out co-firing of biomass in 2021, which the Company has successfully completed the commissioning of the biomass handling system, that allows the Company to be able to increase the use of biomass fuel to partially replace the coal.
Another initiative in 2021, the Company succeeded in achieving the addition of Rooftop Solar Power (PLTS) at customer rooftop of 10.9 MWp or greater than the Company's target of 10 MWp per year. As of May 2022, the operated Rooftop Solar Power has reached 5.8 MWp, and 10.1 MWp is under construction.
With a target of adding 10 MWp per year, the Company targets the Rooftop Solar Power capacity to reach 21.3 MWp in 2022.
"In building a resilient recovery, Cikarang Listrindo places environmental management as an integral part of the Company's business processes in providing electricity," quoted from the Company's press release in Jakarta, Thursday (16/6).
"Environmental management is carried out by ensuring the Company's operations remain clean, sustainable and can continue to improve standards to provide positive benefits not only for today's stakeholders, but also for the future," he concluded.
Source: Warta Ekonomi