Good News, Dividend Rp4.3 Trillion Of Bayan Resources Company Owned By Conglomerate Low Tuck Kwong Soon Distributed

Illustration. (Photo: Doc. Antara)

JAKARTA - Shareholders of PT Bayan Resources Tbk (BYAN) will receive a 'reward' in the form of dividends. The reason is that this coal mining company will distribute dividends in fiscal year 2020 of 300 million or around Rp4.3 trillion.

Quoted from the information disclosure page of the Indonesia Stock Exchange, Monday, May 24, the dividend distribution was approved at the general meeting of shareholders held Wednesday, May 19. At the AGM of the company owned by the conglomerate Low Tuck Kwong, one of the agendas was the use of net profit.

"Approved the distribution of a cash dividend of 300 million US dollars or equivalent to 0.09 US dollars per share derived from retained earnings reserved until the end of 2020," explained Bayan Resources management.

Bayan Resources posted a net profit attributable to the parent entity of US$328.73 million in 2020. This realization increased 47.15 percent from the previous year's net profit of only 223.39 million U.S. dollars.

The increase in net profit was also accompanied by an increase in revenue. BYAN posted revenues of USD1.395 billion, an increase of 0.25 percent from the realization of 2019 revenue of USD1.391 billion.

This year, Bayan Resources is targeting revenue of $1.4 billion - 1.6 billion Dollars. This performance target increases in line with the increase in the average selling price (ASP) of coal, which is in the range of 46 - 48 US dollars per ton.

The ASP is based on Newcastle's average benchmark reference price which is estimated in the range between 80 - 85 US dollars per ton.