JAKARTA. PT Bank Rakyat Indonesia Agroniaga Tbk (AGRO) or BRI Agroniaga would not distribute the cash dividend from the fiscal year 2020 following the decreasing net profit by 38.8% year-on-year (yoy).
The decision was made during the Annual General Shareholders Meeting held several days ago. During the meeting, the shareholders agreed to allocate the net profit of the fiscal year 2020 to reserve funds and retained earnings.
To provide more details, AGRO scored a profit of IDR 31.26 billion in 2020. Then, 5% of it, equivalent to IDR 1.56 billion, would be allotted to reserve funds, while the remaining 95%, or IDR 29.7 billion, would become retained earnings.
According to idnfinancials.com, as of December 31, 2020, 87.09% of AGRO shares were controlled by PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). Another 5% belonged to Plantation Pension Fund (lit. Dana Pensiunan Perkebunan), while the remaining 7.9% went to public investors. (KR/ZH)