Jakarta, CNBC Indonesia – Management of toll road and infrastructure issuers, PT Citra Marga Nusaphala homeland Tbk (CMNP) provide answers to questions from the Indonesia Stock Exchange (IDX) regarding the reason the company has never distributed dividends in the last 10 years, even though it always records a net profit every year.
In CMNP’s answer document to the IDX, Indah Dahlia Lavie, Corporate Secretary CMNP, explained the reason the company has never distributed dividends in the last few years.
The company, he said, is engaged in the toll road industry which requires a large enough investment and a long rate of return.
“In the past few years, the company is developing several toll road projects such as the Desari Toll Road, the Soreang – Pasir Koja Toll Road, and the Cisumdawu and HBR2 Toll Roads, which require quite a large investment fund,” said Indah, in her letter, quoted Friday (18/9/2020).
He explained that the toll road development is expected to increase added value and provide welfare stakeholders or shareholders.
Photo: CMNP dividend
Based on the data presented in the document, the last time the issuer, led by businessman and socialite Fitria Yusuf, was recorded to distribute dividends in 2016 amounting to 595,831,946 shares with a dividend payout ratio of 9: 2.
In 2013, CMNP also distributed cash dividends, which amounted to Rp 22 billion with a dividend payout ratio of 5.47% and 2012 worth Rp 22 billion with a ratio of 5.17%.
The dividend ratio was the highest ever, namely in 1994 amounting to Rp. 26.25 billion or 43.17% of net income.
The shareholders of this company owned by the Yusuf Hamka family, currently namely BP2S Singapore / BNP Paribas Singapore Branch Wealth Management 54.75%, Fitria Yusuf 4.425%, Feisal Hamka 4.97%, Farid Hamka 4.97%, and 30 public investors, 89%.
Indah said that the Covid-19 pandemic had a very significant impact on the company’s toll revenues. Toll revenue in the first quarter fell 10.21% compared to the company’s target in Q1-2020, likewise, toll revenue in Q2-2020 also fell 31.21% from the target.
“Currently, the company is in fifth position in the toll road business industry, this can be seen from the company’s total toll roads of 142.95 km,” said Indah.
He said, compared to other companies, the company has the advantage of having experienced experts in the toll road sector.
Not only that, the company also has experience in operating toll roads in metropolitan areas such as Greater Jakarta, Greater Bandung and Greater Surabaya.
The company is also in the process of increasing capital via the issuance of new shares with pre-emptive rights (HMETD) or rights issue and the issuance of series I warrants. The funds targeted from this corporate action to increase capital reached Rp.