TOBA AGMS Decides Not To Distribute Dividends. Here's The Reason!

Photo: (Maria Trisnawati/VOI)

JAKARTA - The annual General Meeting of Shareholders (AGMS) of PT TBS Energi Utama Tbk (TOBA) decided not to distribute dividends to shareholders.

As for 2023, FFB recorded a net profit of US$20.8 million or Rp337.7 billion (assuming an exchange rate of Rp16,237).

Director of TBS, Juli Oktarina said that a total of 790,651 US dollars or Rp12,83 billion will be set aside as reserve funds, while the remaining net profit of 7,115,865 US dollars or Rp115.5 billion will be recorded as retained earnings to strengthen long-term capital and support the Company's business and investment growth plan.

Juli explained that the allocation of net profit is also to support the diversification of the Company's business, including investment in the electricity sector which focuses on new and renewable energy, electric vehicles, and waste management.

"The reason is why this year there are no dividends, because indeed from our company we have seen that we will hold this profit as our capital to accelerate the business development that we are doing in the EBT sector and in the electric vehicle and also in the waste management," he said at a press conference in Jakarta, Friday, April 26.

SVP Corporate Strategy & Investor Relations TBS Nafi Sentua expressed optimism about the company's prospects for 2024, referring to the positive results of the acquisition and expansion of new businesses that began to appear at the beginning of the year.

"From the waste management sector, the acquisition of AMES which controls 75 percent of the medical waste market share in Singapore, and DIRECTION with a processing capacity of more than 38 tons of waste per day, to the launch of the Electrum H5 motorcycle and the development of the Mini Hydro project in Lampung and the Tembesi Reservoir PLTS, give us confidence to look at 2024 with high optimism," said Nafi.

Just so you know, throughout 2023 TOBA recorded an increase in total assets of US$947.8 million or equivalent to Rp15.37 trillion, up 5.4 percent from the previous year.

Then in terms of income, TOBA posted a total revenue of 501.3 million US dollars or Rp. 8.14 trillion.

This number increased 21.2 percent from the previous year.

"The company continues to show a strong commitment in the transition to greener business. Despite facing global economic slowdown and falling coal prices in 2023, the Company has succeeded in strengthening its business fundamentals and accelerating the development of green business portfolios," said the Director of FFB. Mufti.