JAKARTA - PT Habco Trans Maritima Tbk (HATM) will not distribute dividends from its net profit for the fiscal year 2024, as decided at its Annual General Meeting of Shareholders (AGM) on Tuesday (18/3) yesterday.

Andrew Kam, President Director of HATM, explained that this decision was made because the company needs a large capital expenditure (capex), reaching IDR 500 billion to support expansion. In addition, HATM is also running a rights issue process.

‘For this year, because we need a fairly large capex and are undergoing a rights issue process, we will not distribute dividends for the financial year 2024,’ said Andrew, after the AGM in Jakarta, Tuesday (18/3).

In the AGM, shareholders approved seven meeting agendas, including retaining the entire 2024 net profit, which reached IDR 141.53 billion, as retained earnings.

Andrew added that HATM allocated IDR 400 billion in 2024 to purchase two bulk carriers. ‘These two vessels will increase our transport capacity by around 90,000-100,000 tonnes,’ he said.

Meanwhile, in 2025, around IDR 100 billion of HATM's capex will be allocated for docking and ship maintenance.

According to IDNFinancials.com data, HATM was listed on the Indonesia Stock Exchange (IDX) in July 2022. A year after this corporate action, the company distributed dividends of IDR 4.07 per share in 2023. Then in 2024, the company distributed dividends of IDR 5.66 per share. (DK/KR/LM)