JAKARTA - PT Shield-On Service Tbk (SOSS) or SOS managed to record net profit growth of 1.67% year on year (yoy) to Rp 9.6 billion in 2018. The outsourcing company also posted a revenue increase to Rp 897 billion in the year.
“Putting into consideration that the company still requires funds for business development, the company will not distribute dividends for the fiscal year that ended on December 31, 2018, and [the profit] will be used to increase the company’s capital structure in order to strengthen its activities and development in 2019,” wrote SOS Corporate Secretary Vanni Abundan in an official statement received by IDNFinancials.com, Wednesday (26/6).
In terms of revenue, SOS CFO Prasetyo Wibowo explained that the human resource services segment was still the largest contributor to the company’s’ revenue at 42% or Rp 372 billion, followed by cleaning services at 34% or Rp 311 billion, security services at 21% or Rp 190 billion, and parking services at 3% or Rp 23 billion. For 2019, the company targets 40% revenue growth to Rp 1.1 trillion.
At the company’s Annual General Meeting of Shareholders (AGM) at the Borobudur Hotel, Central Jakarta on Wednesday, SOS announced that the company had earned Rp 41.25 billion from its initial public offering (IPO) last year. In the IPO, SOS released 150 million shares or 23.08% of its placed and paid-up capital with a price range of Rp 250-275 per share.
71.23% of the IPO proceeds was used to repay the company’s principal debt and interest to PT AB Sinarmas Multifinance, and 20.61% was used for equity participation to PT Human Resources Provider with 8,500 shares or 51.52% of SOS’s placed and paid-up capital. The remaining 8.16% was allocated as working capital. (MS)