Jakarta, Armfalcon.com —
PT Cikarang Listrindo Tbk (POWR) held an Annual General Meeting of Shareholders (GMS) at Gandaria, South Jakarta on Monday (8/5), with the theme ‘Powering the Future’ as an analogy to the spirit of a company that has been operating since 30 years ago to continue to transform through digitalization and integration of Information Technology, as well as developing renewable energy.
Through the GMS, six agenda items were approved, including approval of the Company’s Annual Report, determination of the use of the company’s net profit, and the transfer of treasury shares to pay part of the employee bonuses. Management agreed to use the company’s net profit and retained earnings to distribute dividends for the 2022 fiscal year in the amount of US$69,634,266, including the interim dividend that was distributed on December 21, 2022 in the amount of US$24,795,455.
The cash dividend that will still be paid to shareholders is US$44,838,811 or 64.4 percent of the total dividend according to the stipulation, taking into account the number of shares bought back by the company.
“This proves the company’s commitment to shareholders to consistently provide added value, one of which is through the distribution of regular dividends every year,” said the management statement.
On that occasion, management conveyed performance in 2022, recording electricity sales of 4,413 GWh, growing 4.8 percent from electricity sales volume in 2021 of 4,210 GWh.
“This growth was mainly influenced by an increase in electricity consumption by industrial customers of 8.3 percent, in line with the recovery of the Indonesian economy from the pandemic wave which was marked by an increase in GDP of 5.3 percent yoy (year-on-year) in 2022,” continued management statement.
At the same time, the company also managed to maintain financial performance. This is reflected in the capital structure through a Leverage Ratio of 0.9x and a Fixed-Charge Coverage Ratio of 7.2x, figures far above the provisions of the company’s international bondholders.
The company’s other achievements include realizing its commitment to prioritizing sustainability in business processes, which is shown through the increase in the ESG rating based on the assessment of a number of international institutions such as Sustainalytics, MSCi and S&P Global.
In the same year, for the first time the company won the Green PROPER award for PLTGU Jababeka from the Ministry of Environment and Forestry. Meanwhile on the capital market, the company won a number of awards, including the best issuer award in the utility sector through the Bisnis Indonesia Award 2022.
In addition, also the best stock award for the category big cap at the 2022 Best Stock Award, as well as the Top 50 Mid Capitalization Public Listed Company award with the best GCG practices and Best Disclosure Transparency from the Indonesian Institute for Corporate Directorship.
Management added, according to the Sustainability Roadmap, in 2023 the company will continue to develop renewable energy initiatives, especially PLTS Roof which has a target of installing up to 10 MWp per year, as well as the use of biofuels such as palm shells and wood chips for the co-firing process in CFB boilers.