Combo Pack! Dividend plus Buyback of Cikarang Listrindo Shares (POWR)
6/19/2022
PT Cikarang Listrindo Tbk (POWR) has set a total dividend of US$ 66.01 million or Rp 979 billion. The dividend is equivalent to Rp 40 per share. In addition, the company will buy back 241.3 million shares with a budget of US$ 10 million (Rp 144.8 billion).
The corporate action plan was approved in the extraordinary general meeting of shareholders (EGMS) of Cikarang Listrindo recently.
The details of the company's cash dividends consist of an interim dividend of US$ 22.94 million (Rp 340 billion), which was distributed in December 2021, and a final dividend of US$ 43.07 million (Rp 638 billion).
Cikarang Listrindo's dividend distribution for the 2021 financial year is around 73% of last year's net profit of US$ 90.43 million (Rp 1.34 trillion). The profit increased by 20.98% compared to the previous year of US$ 74.75 million.
The growth in net profit is in line with the sale of the issuer codenamed POWR. Net sales in 2021 grew 10.5% to US$ 514.8 million compared to 2020 which was US$ 465.8 million.
In a written statement, the company said sales growth was triggered by an 11.4% increase in electricity sales to 4,210 Gwh from 3,779 Gwh. This is in line with electricity production which reached 97.4% or exceeded the target of 95%.
The increase was mainly influenced by the increase in electricity consumption of industrial customers. Despite being hit by the second wave of the pandemic, the electricity consumption of industrial customers increased by 16.4% in 2021 compared to 2020, which fell 15.6%.
Along with the increase in electricity sales volume, the connected power of industrial customers increased by 41 MVA from 1,140 MVA in 2020 to 1,181 MVA in 2021. The number of industrial customers last year also increased to 2,527 customers from 2,495 customers.
