JAKARTA - In the Annual General Meeting of Shareholders (AGM) of PT Indika Energy Tbk., it was agreed to distribute cash dividends of US$ 30 million, taken from its retained earnings.
Through a press release on Wednesday (4/22/2020), Managing Director of Indika Energy Arsjad Rasjid said the decision to distribute cash dividends was made despite the fact that the company recorded a net loss of US$ 18.2 million in 2019.
In 2019, the company generated US$ 2.7 billion in revenue, 6.1% lower than its revenue in 2018 of US$ 2.9 billion. The condition was worsen by the fact that the company's expenses, including cost of goods sold, general and administrative expenses, and financial expenses all rose by 1.46%, 3%, and 10% respectively,
All of those caused the company's gross profit to fell by 33.5% from US$ 641.2 million in 2018 to US$ 426.7 million in 2019. The company also booked unrealised loss on derivative financial instrument, or hedging reserve, that shoot up for more than 14 folds, or more accurately 1416.97%, from US$ 1.43 million (2018) to US$ 21.75 million (2019). (ARM/AR)