Chandra Asri, A Petrochemical Company Owned By The Prajogo Pangestu Conglomerate Distributes Dividends Of Rp560 Billion

Prajogo Pangestu Conglomerate together with Indonesian President Joko Widodo (Jokowi). (Photo: Doc. Antara)

JAKARTA - A petrochemical company, PT Chandra Asri Petrochemical Tbk, will distribute dividends to its shareholders. The issuer coded TPIA shares decided to distribute dividends of US $ 38.5 million or around Rp.560 billion from the proceeds of the 2020 financial year.

This was decided at the Annual General Meeting of Shareholders (AGMS) of the company owned by the Prajogo Pangestu conglomerate which was held on Friday, April 16. Meanwhile, the amount of dividends is equivalent to 75 percent of the profit for the year attributable to the parent entity amounting to US $ 51.5 million in 2020.

For information, the 2020 profit jumped 124.4 percent compared to 2019's acquisition of US $ 22.88 million. By distributing the company's total outstanding shares of 17,833,520,260, the company's dividend per share will be around 0.0021589 dollars per share.

Previously, Director of Chandra Asri Petrochemical Suryandi said that the recovery in demand for chemicals increased in the fourth quarter of 2020 in line with the economy slowly improving from the lockdown. Meanwhile, the strong rebound in consumption came mainly from China and Northeast Asia.

"The positive trend that occurred in the fourth quarter of 2020 can continue until 2021. We are prudent, but we are optimistic about sustainable resilience and growth in demand," said Suryandi, quoted from the information disclosure page of the Indonesia Stock Exchange (IDX), Wednesday, March 3.

Chandra Asri's profit achievement soared 124.4 percent when compared to net profit in 2019 which was only 22.88 million US dollars. Basic earnings per share (in full value) of the issuer coded as TPIA shares rose to US $ 0.0029 from the previous US $ 0.0013.

However, Chandra Asri's net income fell. The company posted net income of US $ 1.80 billion, or a decrease of 3.9 percent compared to 2019 revenue of US $ 1.88 billion.