Pabrik Kertas Tjiwi Kimia (IDX: TKIM): Distributes Cash Dividend in September 2021

Photo: APP Sinar Mas

PT Pabrik Kertas Tjiwi Kimia Tbk. (IDX: TKIM), part of Sinar Mas Group announced to distribute cash dividends of USD5.37 million or equivalent to IDR77.83 billion for the Book Year of 2020. Therefore, each shareholder will get a dividend of IDR25 per share. The dividend distribution has been approved in the Annual General Meeting of Shareholders (AGMS) held in Jakarta on 26 August 2021.

During 2020, the Company recorded a 17.25% decrease in its revenue from USD1.05 billion to USD866.45 million. The net income also decreased 10.92% yoy from USD166.52 million to USD148.33 million.  

Based on the AGMS document, the Company will use its net income of 2020 as reserve funds of USD10 million and distribute USD5.37 million as dividends. The remaining amount will be retained as retained earnings.

The schedule for dividends' distribution are as follows:

1. Cum dividend for regular and negotiation market: 3 September 2021;
2. Ex-dividend date for regular and negotiation market: 6 September 2021;
3. Cum dividend for cash market: 7 September 2021;
4. Ex-dividend date for cash market: 8 September 2021;
5. Recording date for those entitled to the dividend: 7 September 2021; and
6. Dividend payment date: 29 September 2021.

For information, PT Indah Kiat Pulp & Paper (IDX: INKP), another part of Sinar Mas Group with the same business with the Company also distribute cash dividend for the Book Year of 2020. The amount of dividend that will be distributed reaches USD18.8 million or equivalent to IDR273.55 billion. Therefore, each shareholder will get a dividend of IDR50 per share.    

During the first quarter of 2021, the Company still recorded a decrease both in its revenue and net income. The revenue decreased 0.20% yoy from USD267.31 million to USD266.78 million. Overall, the Company recorded a net income of USD75 million from USD156.24 million in the same period last year, representing a decrease of 52.00%. 

On the trading session on Monday, 30 August 2021, TKIM share was closed at a level of IDR7,125 per share, representing an increase of 5.95%. Using this price, the dividend yield ratio is about 0.35%. During this year, the share price has decreased 33.26% YTD.