JAKARTA – Annual General Meeting of Shareholders (AGMS) of PT Adi Sarana Armada Tbk (ASSA) decided to distribute cash dividend for the fiscal year (FY) 2023 of IDR 20 per share after years retaining its earnings.

It is worth mentioning that ASSA’s last dividend distribution was recorded in FY 2017, in which the company set out to give IDR 12 per share to shareholders on May 31, 2018.

With the number of shares listed of 3.69 billion as of May 2024, total dividend for FY 2023 will reach IDR 73.8 billion or equal to 71.1% of net profit attributable to the parent entity of 2023.

In fact, Jerry F. Tunjungan, Director of Finance of ASSA, even admitted that the current profit trend could be said as stagnant.

In 2023, ASSA reported net profit attributable to the parent entity of IDR 103.8 billion, only increasing 0.7% year-on-year (yoy) from IDR 103 billion in 2022.

“We experienced a pressure in our second business pillar, logistics services and AnterAja,” said Tunjungan during the 2024 Annual Public Expose of ASSA held online today (26/6).

In FY 2017, ASSA’s dividend yield peaked at roughly 4%. Now, referring to ASSA’s today’s (26/6) closing price at IDR 630, the dividend yield for the upcoming 2023 dividend only reaches 3.17%. (ZH)