AGMS Approves PGN Distributes Dividends Of Up To IDR 3.42 Trillion

JAKARTA - The Annual General Meeting of Shareholders (AGMS) of PT Perusahaan Gas Negara Tbk (PGAS) decided to distribute dividends to shareholders of 70 percent of the company's net profit in 2022.

From a net profit of US$326.2 million, PGN will distribute dividends of US$228.3 million or IDR 3.42 trillion (exchange rate of IDR 14,985 per US dollar). It is known that the nominal dividend is IDR 141 per share, up 10 percent from the previous year.

"We have calculated the dividend distribution of 70 percent of the profit with the liability management that we carried out and indeed we saw free cash flow. This dividend distribution still provides room for investment development in 2023 and working capital needs," said Fadjar Harianto Widodo, Director of Finance and Risk Management in a press conference, Tuesday 30 May.

Fadjar added that the dividend will be paid in cash in rupiah at the Bank Indonesia exchange rate according to the date of the 2022 Annual General Meeting of Shareholders no later than 30 days after it is determined at the Company's Annual General Meeting of Shareholders.

He continued, the remaining profit of US$97.87 million would be used as a reserve, including to support the Company's operational and development activities.

The AGMS also agreed to grant authority and power of attorney to the Most Series B Shareholders to determine the amount of Tantiem/special incentives for 2022 performance, as well as to determine the salary/honorarium, benefits and facilities for members for the Board of Directors and Board of Commissioners of the Company for the 2023 Financial Year after prior previously consulted with the Ministry of SOEs as the Dwiwarna Series A Shareholder institution.