NIKL - PT. Pelat Timah Nusantara Tbk

Rp 380

-12 (-3,00%)

JAKARTA – Although PT Pelat Timah Nusantara Tbk (NIKL), popularly known as Latinusa, managed to score double-digit growth in both profit and revenue in 2022, the company decided not to disburse dividend this year to stabilise its financial condition.

According to Abdul Haris Suhadak, Director of Finance of Latinusa, the company’s sales in 2022 shifted 21.17% year-on-year (yoy) to USD 255.3 million from USD 210.7 million. The increase drove the steady growth of net profit, up by 21.57% yoy from USD 5.86 million to USD 7.12 million in 2022.

In 2022, Latinusa’s sales were mostly supported by snack and milk packaging, while paint and chemical tins declined approximately 3% yoy each. “This year, we will try to enter the ready-to-drink beverages segment,” as revealed by Jetrinaldi, President Director of Latinusa, during the Public Expose of Latinusa in 2023 today (6/4). “Our reason behind the focus in food and beverage segment is because it is a stable segment. Thus, in order to create sustainable growth, we will continue to focus in this segment,” Herman Arifin, Director of Commercial of Latinusa, mentioned.

This year, the management, with the approval of shareholders, decided not to distribute dividend. “Approximately USD 3 million, or 42% of the 2022 net profit, will be allocated as mandatory reserves as required by the company’s regulation. Then, 58% of the portion will be allocated as retained earnings,” Suhadak added.

This decision was made given the amount of short-term outstanding bank debts of over USD 95 million. Said debt is categorised as a working capital credit, which was taken to cover higher operational needs due to the ever-increasing steel price in 2023. “Last year (2021), we distributed dividend. However, it does not continue in 2022 to solidify our financial structure,” Jetrinaldi mentioned.

Aligning with the financial improvement scheme, the management of Latinusa claimed that the company has yet to plan any corporate actions, acquisition, diversification, and new unit establishment. “After our profit stabilises, these actions may start to take place after 2023,” Jetrinaldi stated. (ZH)