JAKARTA. PT Bukit Asam Tbk (PTBA), a coal mining company under state-owned holding of mining companies, MIND ID, decided to only distribute IDR 4.57 trillion of cash dividend this year, or equal to 75% of 2023 net profit.

This allocation is in line with the result of Annual General Meeting of Shareholders of PTBA held last week, as said by Arsal Ismail, President Director of PTBA. Assuming that the number of listed shares reaches 11.52 billion, the dividend per share that will be received by investors will be set to IDR 397.7.

The decrease of PTBA’s dividend portion, Ismail added, is due to the plan of business development to improve operational and marketing performances in the future. “Therefore, we need internal cash to support said plan, in order to generate income in the next years,” he explained.

For the record, PTBA distributed IDR 12.56 billion of dividend in the last fiscal year (2022), with dividend per share reaching IDR 1,094. This cash dividend is equal to 100% of its net profit in 2022.

Despite the drop in dividend portion of PTBA, the investors still showed positive response, as indicated through the stock price that was closed 50 points or 1.74% higher to IDR 2,930 per share last Wednesday (8/5). Since the beginning of this year, the stock price has shifted 400 points or 15.81% upwards. (KR/ZH)