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Sampoerna Agro pays US$1.93 million dividends
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Fresh fruit bunches of oil palm are arranged in several containers before being processed into palm oil. (Courtesy of http://www.sampoernastrategic.com//-)
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ublicly listed oil palm plantation company Sampoerna Agro is paying Rp 25.5 billion (US$1.93 million) in dividends this month, or 18 percent from last year’s net income of Rp 247.57 billion.
Sampoerna Agro head of investor relations Michael Kesuma said shareholders agreed during its annual general shareholders meeting in Jakarta on Thursday that the dividend cum date would be on June 16.
"The AGM has accepted the resignation of independent commissioner Phang Cheow Hock because he demands full retirement," he told thejakartapost.com, adding that no one would replace him, thus leaving only three commissioners in charge.
Michael Sampoerna still acts as president commissioner along with two other commissioners, namely Hendra Prasetya and RB Permana Agung Drajattun. Meanwhile, there has been no change on the board of directors.
In the first quarter of the year, Sampoerna Agro experienced deteriorated financial performance due to weak commodity prices. Despite the 37 percent year-on-year (yoy) increase in revenue to Rp 719.52 billion, the company saw a 15 percent yoy drop in net income to Rp 14.02 billion.
"It is mainly due to CPO [crude palm oil] price, which has plunged 17 percent yoy to Rp 6,547 per kilogram this quarter, wiping out the 66 percent increase in our sales volume," Michael said, explaining that CPO accounted for 83 percent of the company's sales.
Sampoerna Agro has 430,000 hectares of land concessions, of which 159,000 hectares have been planted. The company also manages 83,000 hectares of land concessions in Papua and Riau for sago plantations and 100,000 hectares of land concessions in Kalimantan for rubber plantations. (ags)
