JAKARTA. In the meeting of shareholders of PT Transcoal Pacific Tbk (TCPI), it was decided that the company will distribute cash dividends of Rp 25 billion, 9.28% of its net profit in 2019.

The value of dividends to be distributed by the company is smaller than last year, mainly due to the impact of COVID-19 on the company's performance.

According to idnfinancials.com data, TCPI's revenue and net profit in Q1 2020 were lower than in Q1 2019. The company's total revenue declined by 24.3% year on year (YoY) to Rp 449.56 billion in Q1 2020, while its net profit dropped significantly by 69.92% YoY to Rp 22.13 billion.

After distributing cash dividends, TCPI management will keep Rp 2 billion as a reserve fund. Then Rp 25 billion or 9.28% will be kept as retained earnings. (KR/AR)

TCPI performance 2019 to 2020 - Source: idnfinancials.com