Garudafood Owned By Conglomerate Sudhamek Agoeng Waspodo Will Share IDR 6 Dividend Per Share

Photo: Doc. Garudafood

JAKARTA - PT Garudafood Putra Putri Jaya Tbk (GOOD) owned by conglomerate Sudhamek Agoeng Waspodo received approval from shareholders to use part of its 2021 net profit as dividends. The value is IDR 219.2 billion.

The decision was stated in the Garudafood Annual General Meeting of Shareholders (AGMS) which took place Thursday, March 31.

"From the profit attributable to the owners of the parent entity, 51.6 percent is determined to be used as cash dividends for the 2021 financial year, which is IDR 6 per share," said Garudafood Director Paulus Tedjosutikno in a statement.

Paulus said that the dividend distribution must have taken into account the company's business growth projections as well as anticipating risks that might occur in the future. In addition, the company's earnings per share also rose by 64.8 percent to IDR 11.6 per share.

"This is inseparable from the positive impact of the stock split at the Company's June 2021 AGM with a ratio of 1:5 so that the nominal value per share becomes IDR 20," said Paulus.

Throughout 2021, Garudafood managed to record a net profit attributable to owners of the parent company of IDR 424.8 billion, up 63.8 percent from last year's IDR 259.4 billion. The net profit growth was supported by an increase in net sales of IDR 8.8 trillion, an increase of 14 percent from 2020 of IDR 7.7 trillion.

With international restrictions still in place in anticipation of the outbreak of the new COVID-19 variant, the majority of sales were still dominated by the domestic segment, which amounted to IDR 8.4 trillion or grew by 14.3 percent compared to the same period in the previous year, while export sales grew by 7.1 percent of IDR 390.7 billion.

Paulus also emphasized that the company will remain cautious and selective in dealing with future business uncertainty situations due to the pandemic and exacerbated by the crisis in Ukraine which has multiplier effects on the company's business operations.

"The company prioritizes capital expenditures for infrastructure maintenance and increasing several production capacities for its superior products. And most importantly, preparing a mitigation plan for rising raw material prices, which are increasingly soaring," Paulus added.