Avian Paint Company Owned By Conglomerate Hermanto Tanoko Will Distribute Dividends Of IDR 1.3 Trillion

Photo: Doc. Avia Brands

JAKARTA - The paint company owned by conglomerate Hermanto Tanoko, PT Avia Avian Tbk (AVIA) will distribute cash dividends of IDR 1.3 trillion equivalent to 88.6 million US dollars or 92.9 percent of the 2022 net profit.

The decision was based on the Annual General Meeting of Shareholders (AGMS) which was held on Thursday, April 13. The total dividend of IDR 1.3 trillion includes an interim dividend of IDR 619.5 billion which has been distributed to shareholders on December 6, 2022.

AVIA recorded a net profit performance of IDR 1.4 trillion in 2022, so that the dividend distributed by AVIA reached a dividend payment ratio of 92.9 percent of the 2022 net profit.

Solid and strong financial performance and position in 2022, as also reflected in the AVIA liquidity level which reached 786.6 percent on December 31, 2022, providing the ability for AVIA to continue to provide returns and added value to shareholders.

AVIA management said the dividend payout rate, which reached 92.9 percent for the 2022 financial year, was 42.9 percent above the general policy of AVIA's dividend, which is at least 50 percent of the net profit distributed to shareholders as special dividends for the 2022 financial year.

"This decision is after considering the budget for working capital needs, capital expenditure (capex), business development and other related matters," wrote AVIA management.

AVIA posted a slight decrease in net income from IDR 6.77 trillion to IDR 6.69 trillion in 2022. Likewise, profit for the parent entity fell from IDR 1.43 trillion to IDR 1.4 trillion.

AVIA's basic expenses were recorded at IDR 3.97 trillion, a slight increase of 0.51 percent compared to the previous year which was recorded at IDR 3.95 trillion.

The largest burden comes from operating and raw material costs of IDR 2.14 trillion. That way, the gross profit obtained by the company decreased by IDR 2.71 trillion from the previous IDR 2.82 trillion.