Kencana Energi Lestari Distributes Dividends Of IDR 27.68 Billion

PT Kencana Energi Lestari Tbk (KEEN) decided to distribute a dividend of 2023 of IDR 27.68 billion or IDR 7.55 per share, at the annual general meeting of shareholders (AGMS).

"The results of the AGMS are to approve and ratify the 2023 Annual Report, approve and stipulate the use of profits for the 2023 Fiscal Year, including dividend distribution," said KEY President Director Wilson Meaningwi quoting Antara.

Last year, the company managed to score revenues of 48.02 million US dollars, up 14.79 percent from 2022 of 41.83 million US dollars. A total of 62.63 percent of revenue was contributed by concession project revenues, 31.95 percent of concession interest, and 5.27 percent of new and renewable energy electricity sales (EBT).

For 2023 net profit, KEN posted 14.82 million US dollars, up 2.36 percent from 2022 profit of 14.48 million US dollars.

Looking at the operational side, KEEN produced 277.89 Gigawatt Hours (GWH) in 2023, down from 311.93 GWh in 2022.

Wilson said the decline was due to El Nino, which reduced rainfall, resulting in an impact on the hydroelectric power plant project, especially the Madong Micro-hydro Power Plant (PLTM).

"Due to the very dry climate, TEN experienced a decline in production of around 10.91 percent. However, the company still managed to meet the quota according to the PPA (Power Purchase Agreement) and was not hit by a single penalty for 2023 production," he said.

During the first quarter of 2024, the company achieved a net profit of 3.81 million US dollars, a decrease of 32.89 percent from the first quarter of 2023 worth 5.67 million US dollars. This decrease in net profit was in line with KEY revenue which was corrected by 25.86 percent to 9.76 million US dollars in the first quarter of 2024 from the first quarter of 2023 of 13.17 million US dollars.

In 2024, the company pursues the electricity production target of 324.1 GWh, as well as the company's highest record. This is in line with the company's capacity increase by starting the operation of PLTM Ordi Hulu in April 2024," said Wilson.