JAKARTA - PT Mitrabara Adiperdana Tbk (MBAP) will distribute dividends of Rp 71.18 billion or Rp 58 per share for the 2018 fiscal year. The decision was made at the company’s Annual General Meeting of Shareholders (AGM) at the Holiday Inn Hotel & Suites Gajah Mada, West Jakarta on Wednesday (12/6).
In 2018, MBAP’s net profit fell 14.20% to US$ 50.31 million. The company’s revenue in the year also slightly dropped 0.17% to US$ 258.14 million, while its EBITDA fell 12.80% to US$ 73.54 million.
For 2019, the company eyes coal production of 4 million tonnes and as of May its coal production reached around 1.7 million tonnes. MBAP President Director Widada said that the company is confident it can achieve the target despite facing numerous challenges this year, including the domestic market obligation (DMO) policy.
“I think the DMO policy poses a challenge for all coal companies because we are expected to supply 25% of our total production [to the domestic market], while the market’s absorption is limited,” said Mr Widada in a public expose after the company’s AGM.
This year, MBAP has budgeted capital expenditure (capex) of US$ 4.97 million, slightly lower than last year’s capex realisation of US$ 5.59 million. “This is because we already completed most major projects in 2017 and 2018. Thus, our [capex] position [this year] is mostly for maintenance and rejuvenation in accordance with the usage of our equipment,” Mr Widada added. (MS)