Gudang Garam, Owned By Conglomerate Susilo Wonowidjojo Wants AGMS On June 30, How Much Dividend Will Be Divided From Profit Of IDR 5.6 Trillion?

Gudang Garam Building in Kediri, East Java. (Photo: Doc. Wikimedia Commons)

JAKARTA - Cigarette producer belonging to conglomerate Susilo Wonowidjojo, PT Gudang Garam Tbk (GGRM) wants to hold an annual general meeting of shareholders (AGM) on Thursday, June 30, 2022. One of the agenda is to determine the use of net profit, which is expected to be a dividend.

Gudang Garam management said the AGMS would be held at the Grand Surya Hotel, Kediri, East Java. There are five agendas in the GMS, one of which is regarding the determination of the use of net profit.

The management of GGRM has not explained further regarding the agenda for the use of profits. However, what is certain, investors will be waiting for the dividend distribution from the cigarette company from the city of Kediri.

Last year, Gudang Garam distributed cash dividends of Rp. 5 trillion or equivalent to Rp. 2,600 per share from profit performance in 2020. In 2021, GGRM recorded revenues of Rp. 124.88 trillion, up 9.08 percent compared to 2020 which amounted to Rp. 114.47 trillion.

Although the company's revenue increased, GGRM recorded an operating profit which eroded to Rp7.36 trillion from Rp10.04 trillion. As a result, profit attributable to owners of the parent entity will be IDR 5.6 trillion in 2021, down 23.83 percent from IDR 7.64 trillion in 2020.

Meanwhile, GGRM's total assets recorded an increase to Rp. 89.96 trillion as of December 31, 2021 compared to Rp. 78.19 trillion in 2020. In detail, current assets rose to Rp. 59.31 trillion from Rp. 49.53 trillion with an increase in inventory to Rp. 47.45 trillion.

Meanwhile, non-current assets rose to Rp30.65 trillion from Rp28.65 trillion in line with the increase in net fixed assets to Rp29.78 trillion. On the other hand, GGRM's total liabilities rose to Rp30.67 trillion as of 2021 compared to Rp19.66 trillion in 2020.

The increase was mainly in current liabilities to Rp28.36 trillion from Rp17 trillion, this was due to an increase in excise duty, VAT and cigarette taxes to Rp16.1 trillion from only Rp9.05 trillion. Meanwhile, long-term liabilities decreased to Rp2.3 trillion from Rp2.65 trillion.

As of December 31, 2021, GGRM's equity position is IDR 59.28 trillion, up from 2020 of IDR 58.52 trillion. GGRM's year-end cash and cash equivalents decreased to Rp3.77 trillion as of 2021 compared to 2020 which was Rp4.76 trillion.