JAKARTA. PT Avia Avian Tbk (AVIA), a paint manufacturer under Tancorp Group, will distribute final dividend of IDR 681 billion that will be taken out of 2023 net profit.

It is in line with the decision made during the Annual General Meeting of Shareholders of AVIA for the fiscal year 2023. In said meeting, shareholders agreed to allocate 83% of 2023 net profit as cash dividend.

Throughout 2023, AVIA scored net profit of IDR 1.64 trillion, up 17.3% year-on-year (yoy). Prior to this, in October 2023, the company had distributed interim dividend of IDR 681.49 billion. Therefore, the total cash dividend allocated by the company is IDR 1.36 trillion.

“The dividend payout ratio that reaches 83% goes way beyond the general policy and dividend commitment of the company, which is a minimum 50% of the company’s net profit,” said Hera Septi Astuti, Corporate Secretary of AVIA, in the official disclosure.

However, Astuti said, the dividend payout ratio still considers the working capital budget, shares buyback, as well as capital expenditure (capex). “Be it routine capex or capex for expansion, which is directed to the company’s plant construction in Cirebon, as well as business expansion needs and other related projects,” she concluded. (KR/ZH)