JAKARTA – PT Famon Awal Bros Sedaya Tbk (PRAY) will not distribute dividends to shareholders for the 2024 financial year. This marks the third consecutive year the company has withheld dividends since its debut on the stock exchange on 8 November 2022.

According to a disclosure on Tuesday (3/6), Leona Agustine Karnali, Director & Chief Executive Officer (CEO) of PRAY, said the decision was approved at the Annual General Meeting of Shareholders (AGMS) held on Wednesday (28/5).

“The allocation of net profit for the 2024 financial year totalling IDR 193.50 billion will be used to set aside IDR 50 billion for reserves, with the remainder to be retained earnings,” she stated in the AGMS minutes.

The AGMS had a quorum attendance of 91.77%, representing 12.81 billion shares. The agenda to allocate net profit was approved by 99.99% of shareholders present.

According to IDNFinancials.com data, PRAY has not distributed dividends for the financial years 2022 through 2024, despite posting profits.

In 2024, the operator of the Primaya Hospital network posted a 7.15% year-on-year decline in profit to IDR 201.44 billion. On the other hand, its retained earnings rose 13.10% to IDR 1.37 trillion.

The company’s shares opened at IDR 615 per share at 9:00 AM WIB on Tuesday (3/6). Over the past week, the price has slipped 1.60%, though it has grown 1.65% over the past month. (LK/ZH)