Publicly listed coal miner PT Indika Energy announced on Thursday that it would set aside US$40 million, 42.34 percent of its core profit in 2017, as dividends for its shareholders.

The company booked $94.4 million in profit last year, an increase or 318 percent from the figure in 2016.

The significant growth was particularly supported by the strong performances of its subsidiaries.

Meanwhile, Indika Energy president director Arsjad Rasid said after the company’s annual shareholders meeting on Thursday that the company had finished several projects, such as the expansion of the Tangguh liquefied natural gas (LNG) refinery in West Papua and the development of a gas refinery.

In 2017, Indika also issued $265 million in bonds. "The bonds improved our company's liquidity," he said.

Last December, the firm, through its subsidiary PT Indika Inti Corporindo, completed the $517 million acquisition of coal producer PT Kideco Jaya Agung, which is the third-largest coal producer in the country. With the acquisition of a 45 percent stake from South Korean resource and energy company Samtan Co. Ltd. and PT Muji Inti Utama, Indika now controls 91 percent of the company’s shares. Samtan holds the remaining 9 percent of Kideco. (bbn)