Good News From Sinar Mas Agro, Producer Of Filma Cooking Oil Owned By Conglomerate Eka Tjipta Widjaja Distributes Dividend Rp460 Billion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Sinar Mas Agro Resources and Technology Tbk has approved the use of 30 percent of its 2020 net profit as dividends. The dividend to be distributed by the company from the late conglomerate Eka Tjipta Widjaja is Rp160 per share or almost Rp460 billion.

The decision was approved at the Annual General Meeting of Shareholders (AGM) of the issuer codenamed SMAR last Tuesday, June 15. In addition, the AGMS also approved and ratified the Company's Annual Report and the Supervisory Report of the Company's Board of Commissioners for the financial year ending December 31, 2020.

Just so you know, in the first quarter of 2021, this cooking oil producer Filma posted net sales of Rp11.10 trillion. This achievement grew by 15 percent compared to the previous period, which was due to an increase in the average selling price during the current period.

In line with this, Sinar Mas Agro's operating profit and EBITDA also increased significantly to Rp574 billion and Rp1.08 trillion, respectively. SMAR also managed to record a net profit of Rp250 billion from the previous position which experienced a net loss of Rp1.41 trillion.

President Director of PT Sinar Mas Agro Resources and Technology Tbk Jimmy Pramono in a virtual public presentation last Tuesday, June 15, said that regarding the industry's prospects, currently global oil supply is very limited, mainly influenced by dry weather conditions in South America and other parts of the world. As a result, it predicts that tight supply will continue throughout this year.

As of March 31, 2021, Sinar Mas Agro's planted area reached 137,600 hectares, consisting of 106,300 hectares of core area and 31,300 hectares of plasma area. Of the total planted area, about 95 percent have produced.

During the first quarter of 2021, SMAR's harvest of fresh fruit bunches (FFB) grew 12 percent to 670,000 tons compared to the harvest in the first quarter of 2020. The increase in harvest yields was supported by weather conditions which were considered quite good during the first three months of 2021.