KONTAN.CO.ID - JAKARTA. PT Japfa Comfeed Indonesia Tbk (JPFA) has agreed not to distribute dividends to its shareholders, a decision that aligns with the Annual General Meeting of Shareholders (AGM) held on Wednesday (3/4).

Erwin Djohan, Head of Financial Supervision Division at Japfa Comfeed, stated that the AGM approved the allocation of profits from the 2023 fiscal year for a reserve fund of IDR 10 billion.

"The remainder of the net profit, or IDR 930 billion, will be designated as retained earnings. This means that we will not distribute dividends from the 2023 fiscal year," he explained in a public presentation on Wednesday (3/4).

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JPFA recorded a net profit for the current year attributable to the parent entity of IDR 929.71 billion. This represents a year-on-year (YoY) decline of 34.52% from IDR 1.41 trillion in 2022.

Despite this, JPFA's net sales still managed to grow by 4.5% annually to IDR 51.17 trillion. Meanwhile, in 2022, Japfa netted revenue of IDR 48.97 trillion.

Last year, Japfa Comfeed allocated IDR 581 billion from net profit for earnings. At that time, each JPFA shareholder received IDR 50 per share as a dividend.

Editor: Khomarul Hidayat