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Adaro diburses $250m in dividends, braces for pandemic-hit coal market
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PT Adaro Energy president director Garibaldi Thohir (right) at a shareholders meeting in Jakarta on Wednesday (20/5). (Adaro Energi/Adaro Energi)
C
oal mining giant PT Adaro Energi announced on Wednesday a plan to distribute US$250 million in dividends following a shareholders meeting the same day.
The dividends account for 62 percent of the company’s $404 million profit booked last year and are higher than last year’s $200 million.
The dividends will be divided between 31.98 billion shares with each valued at 0.78 US cents, up 24 percent from last year’s 0.63 US cents.
Going forward, Adaro Energi president director Garibaldi Thohir said in a statement, the company would focus on cost control measures “as we anticipate the difficult coal market condition to continue in 2020, exacerbated by the global pandemic.”
The company, which was last year’s most profitable publicly-listed coal miner, added that the remaining profits would be kept as retained earnings (37.3 percent) and as a reserve fund (0.7 percent), as required by Indonesian corporate law.
The price of Adaro shares, traded on the Indonesian Stock Exchange (IDX) as ADRO, had fallen 2.49 percent as of 12:30 p.m. Jakarta time on Friday against the benchmark Jakarta Composite Index (JCI) drop of 0.06 percent.
