JAKARTA - The producer of Cimory milk and yogurt belonging to conglomerate Bambang Sutantio, PT Cisarua Mountain Dairy (CMRY) plans to hold an Annual General Meeting of Shareholders (AGM) on June 9, 2022.
The AGMS will be held offline at the Grand Hyatt Hotel, Jakarta and discuss a number of agenda items, including the use of the company's net profit for the 2021 financial year.
"The meeting will be held using the KSEI Electronic General Meeting System application provided by PT Kustodian Sentral Efek Indonesia and with restrictions on the physical presence of shareholders," Cimory management wrote in an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted Thursday, May 19.
Shareholders who are entitled to attend physically, electronically, or represented are those whose names are recorded in the company's shareholder register as of May 17, 2022 until 16.00 WIB.
For information, Cimory recorded significant net profit growth for the current year throughout 2021. Based on the company's financial statements, net profit rose 346.44% from IDR 177 billion in 2020 to IDR 790.19 billion in 2021.
The increase in CMRY's net profit was also followed by a 120 percent increase in sales, from IDR 1.86 trillion in 2020 to IDR 4.09 trillion in 2021. Seeing the company's positive performance throughout 2021, Cimory Chief Financial Officer Bharat Joshi in early April 2022 said the company has always been committed pay dividends to shareholders.
Cimory has at least set a policy of allocating a minimum of 30 percent of income for dividend payments.
"As a consumer company we get income every year. This cash flow will be used for dividends. We at Cimory have a policy of 30 percent of the earnings we earn, a minimum of 30 percent for dividends. With more income, we may pay more and this will announced in June," Bharat said in a virtual discussion.
With a dividend ratio of 30 percent as per company policy, the total dividends that Cimory will potentially distribute will reach IDR 1.68 trillion.
In addition to discussing the distribution of dividends, the AGMS of Cimory will also discuss changes in the composition of the board of directors, following the resignation of Yerki Teguh from his position as director of Cimory. CMRY will also seek approval from the meeting to determine the salary/honorarium and allowances for members of the board of commissioners and directors of the company for the fiscal year 2022.
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