JAKARTA – PT Cita Mineral Investindo Tbk (CITA), a bauxite mining company under the Harita Group, is set to distribute a jumbo dividend of up to IDR 1.3 trillion, or IDR 328 per share, for the 2024 financial year.

According to CITA’s official statement released yesterday (16/5), the dividend—representing 52% of the 2024 net profit—has been approved by the Annual General Meeting of Shareholders held on the same day.

The 2024 dividend marks the largest payout in CITA’s history since its listing on the Indonesia Stock Exchange (IDX) in 2002.

CITA reported a significant jump in net profit in 2024, soaring 246.4% year-on-year to IDR 2.5 trillion, despite a 27.5% decline in sales to IDR 2.4 trillion.

In its 2025 Public Expose document, management attributed the profit surge to CITA’s share of earnings from its associate, PT Well Harvest Winning Alumina (WHW), which produces Smelter-Grade Alumina (SGA).

However, CITA’s shares closed 3.6% lower at IDR 4,050 on Friday (16/5), giving the company an implied dividend yield of 8.1%.

As of April 2025, 60.6% of CITA’s shares remain held by PT Harita Jayaraya, followed by Glencore International Investments Ltd with 31.7%, and public shareholders at 7.5%. (ZH)