SRTG - PT. Saratoga Investama Sedaya Tbk

Rp 1.425

+10 (+1,00%)

JAKARTA – PT Saratoga Investama Sedaya Tbk (SRTG), the investment company founded by Erwin Soeryadjaya and Sandiaga Uno, announced the dividend distribution of IDR 22 per share. 

With total listed shares of over 13 billion shares as of March 2024, the total dividend for the fiscal year (FY) 2023 clocked up to IDR 298.43 billion.

In other words, referring to SRTG's stock price as of 1.30 PM on Thursday (16/5) of approximately IDR 1,550 per share, the dividend yield for FY 2023 only reached 1.4%.

For the record, the dividend per share in FY 2023 shrinks far from IDR 75 per share recorded in FY 2022. This allocation is in line with SRTG's net loss that swelled to IDR 10.2 trillion at the end of December 2023 from IDR 4.6 trillion of net profit in 2022.

"It is caused by corrections in ADRO and MDKA's prices amidst the volatility of commodity market," added Ryan Sual, Investor Relation of Saratoga, in the Public Expose of SRTG.

In contrast with the minimally distributed dividend, Saratoga's dividend income in 2023 was soaring, hitting its all-time high at IDR 2.8 billion. Nearly 80% of said dividend income came from PT Adaro Energy Indonesia Tbk (ADRO), which contributed IDR 2.1 billion.

It is worth mentioning that this allocation is made following the Annual General Meeting of Shareholders of the company on Thursday (16/5). Aside from dividend distribution, the meeting also discussed the plan of buyback of 75 million shares of SRTG.

However, surprisingly, the management claimed to not proceed with the buyback plan. "The decision is made following a discussion with OJK," added Devin Wirawan, Director of Investment of SRTG, firmly, without revealing any further reason. (ZH)