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Buyung Poetra Sembada to distribute dividends of Rp 11 per share

17 June 2019 13:31

JAKARTA - PT Buyung Poetra Sembada Tbk (HOKI) will distribute dividends of Rp 26.16 billion or Rp 11 per share for the 2018 fiscal year. The amount is 29% of the company's 2018 net profit of Rp 90.2 billion.

In the first quarter of 2018, HOKI recorded sales increase to Rp 398.62 billion. Based on the company's public expose sheet, rice distribution through traditional markets still dominated sales at 49.87%, while distribution through modern markets was recorded at 41.83% and others at 8.39%.

However, HOKI's Q1 profit was slightly corrected to Rp 25.48 billion. According to HOKI Investor Relations F. Dion Surijata, the drop was caused by a shift in the harvest period from March to April this year.

"It (the shift) was not significant, because it's normal [due to] the weather and other factors," said Mr Surijata in a public expose at the Indonesia Stock Exchange (IDX) Building, Monday (17/6).

For 2019, Mr Surijata added, HOKI has budgeted capital expenditure (capex) of Rp 100 billion. The capex is sourced from a combination of the company's internal cash and bank loans.

"This year we have started developing a new factory in South Sumatra, so around Rp 70 billion will be allocated for building infrastructure... The remaining will be allocated to increase the [production] capacity of our Subang factory at Rp 20 billion, and Rp 10 billion for our power plant," said Mr Surijata.

Currently HOKI is developing a new factory in Palembang, South Sumatra with a targeted production capacity of 20 tonnes per hour by 2020 and 40 tonnes per hour by 2021, as well as increasing the production capacity of its Subang factory from 30 tonnes to 50 tonnes per hour. The company is also developing a rice waste power plant in Palembang as part of its efforts to implement the zero waste concept. (MS)

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