JAKARTA – PT Bumi Resources Tbk (BUMI) will not distribute dividends for the 2024 financial year, despite posting a 517.7% year-on-year increase in profit.

The decision was approved at the Annual General Meeting of Shareholders (AGMS) held at the JS Luwansa Hotel, Jakarta, on Monday (2/6).

BUMI Director R.A. Sri Dharmayanti stated that in order to allocate dividends, the company must first record net profit that forms a positive retained earnings balance.

“At present, the company has just completed a quasi-reorganisation process. This process was aimed at restructuring the equity position and eliminating past losses. Following this process, the company has returned to recording retained earnings from zero,” Sri said.

On the other hand, Sri emphasised that BUMI remains committed to delivering added value to its shareholders.

According to data from IDNFinancials.com, BUMI recorded a 73.6% decline in net profit to USD 17.8 million in the first quarter of 2025, equivalent to IDR 297.9 billion (using the JISDOR exchange rate of IDR 16,679 per US dollar as of 30 April 2025).

BUMI’s drop in net profit occurred amid a 12.14% increase in revenue to USD 348.7 million, up from USD 311.01 million in the first quarter of 2023. (DK/ZH)