JAKARTA – Although its performance has improved from last year, PT Adhi Karya (Persero) Tbk (ADHI) still allocates the entire net profit in 2022 as retained earnings. This marks the third year in which the shareholders of this state-owned enterprise (SOE) do not receive dividends.

According to Indonesia Stock Exchange (IDX) data received by IDNFinancials today (15/4), the Annual General Shareholders Meeting of ADHI that was held this week (11/4) decided to allocate 20% of the net profit of 2022 of IDR 81.24 billion to mandatory reserves, while securing another 80% to retained earnings.

Prior to this, the shareholders also agreed upon similar suggestion last year. On the shareholders meeting on April 7, 2022, the entire net profit of 2021 of IDR 55.18 billion was also channelled to the reserves. Taking it back further, on May 25, 2021, ADHI also channelled the entire net profit in 2020 of IDR 23.97 billion to the reserves.

Prior to the COVID-19 pandemic, this SOE is relentless in dividend distribution following its impressive performances. In 2019, the company scored IDR 663.80 billion of net profit. It then allocated 10% of it, equal to IDR 66.38 billion, as dividend, leaving another 90% or IDR 597.42 billion to retained earnings. Then, 51% of the dividend or IDR 33.85 billion went to the government, while public investors received the remaining 49% or IDR 32.52 billion.

Until March 2023, ADHI’s total shares reportedly reached 8.40 billion units, 64.33% of which was controlled by the Ministry of SOEs, leaving the remaining 35.67% to the public. (LK/ZH)