JAKARTA - Producer of polyester staple fiber made from recycled raw materials, PT Inocycle Technology Group Tbk (“INOV”) to distribute total dividend amounting to IDR 5.42 billion or 19.85% of its net profit in 2021. The Company's Annual General Meeting of Shareholders (AGMS) was held in Jakarta on July 19, 2022, thereby deciding that each share will receive a cash dividend of IDR 3.00.
In addition to dividends, the Company's net profit in 2021, which is worth IDR 27.3 billion, will also be allocated as reserve funds and retained earnings. The allocation for reserve funds is IDR 5.46 billion. The rest will be recorded as retained earnings to increase the Company's working capital.
The company is actively carrying out business expansion to reduce plastic waste in Indonesia. This year, INOV allocated capital expenditure of IDR 80 billion. The funds will be used to increase the capacity of bottle washing facilities, factory production capacity in several cities, as well as the opening of new factories.
The company aims to have 800 units of Plasticpay Dropbox by the end of this year, an increase from 238 units at the end of 2021. The Company’s Plasticpay Dropbox spreads in various cities in Indonesia, especially in Greater Jakarta. (LM)