Holding Shareholders' Meeting, Medco Energi, Owned By The Late Conglomerate Arifin Panigoro, Agrees To Divide Rp525 Billion Dividend

JAKARTA - The Annual General Meeting of Shareholders (AGMS) of PT Medco Energi Internasional Tbk (MEDC) decided to distribute a dividend of 35 million US dollars or around Rp. 525 billion from the 2021 financial year profit.

Dividend distribution will be carried out at the end of August, which is slightly higher than the company's guidance of Rp15-20 per share.

Medco Energi President Director Hilmi Panigoro said he was pleased with MEDC's strong operational and financial performance in 2021, and the bright prospects for the next few years.

"This allows us to distribute dividends as a form of appreciation for the ongoing support from our shareholders," he said in an official statement, Wednesday, July 27.

In addition, the AGMS also approved the appointment of the Auditor for 2022, the Annual Report and Audited Financial Statements for the period ending December 31, 2021 and approved the remuneration of the Board of Commissioners and Board of Directors.

For information, throughout 2021, Medco managed to record a net profit of 47.01 million US dollars after previously in 2020 it still recorded a net loss of 192.82 million US dollars.

Meanwhile, the company's EBITDA rose 44 percent year on year to US$714 million.

Management revealed that the net profit was in line with the recovery of the previously low level of energy demand due to Covid-19 in 2020.

The net profit was boosted by the three business segments of oil and gas (oil and gas), electricity, and mining.