PGEO Make Sure To Spread Dividends This Year

Indonesian capital market (Photo: dock. Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) has confirmed that it will distribute dividends to its shareholders this year.

Finance Director of PGEO Yurizki Rio said the dividends to be distributed came from a net tube in 2023. Meanwhile, regarding the amount of dividends to be distributed, he said he would wait for the shareholder's decision through the Annual General Meeting of Shareholders (AGMS).

"For dividends, what we will do this year is to refer to what was conveyed in the prospectus, but for dividends to what level the dividend must be discussed internally not only at PGE level but stakeholders," he said in Media Briefing quoted Friday, March 15.

Just so you know, in the company's prospectus, it is stated that the company plans to propose the distribution of cash dividends to all shareholders based on a maximum dividend payment ratio of 50 percent of the net profit after setting aside sufficient reserves, by not reducing the rights of the Company's General Meeting of Shareholders to determine others in accordance with the Company's Articles of Association.

For information, PGE posted a net profit of 163.57 million US dollars throughout 2023, or an increase of 28.47 percent year on year (yoy) compared to 127.32 million US dollars in 2022.

Net profit was supported by revenues recorded at US$406.29 million in 2023, or grew from the previous US$386.07 million in 2022.

In the midst of profit and revenue growth, the company's selling expenses only rose 3.33 percent (yoy) to 178.98 million US dollars in 2023, from the previous 173.21 million US dollars in 2022.