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TOTO Indonesia subsidiary PT Surya TOTO Indonesia Tbk (TOTO) has declared a cash dividend of Rp6 per share for 2019 earnings. The company paid an interim dividend of Rp3 per share in December 2019. As a result, the remaining dividend balance per IDR 3 will be paid in August 2020.
The total dividend to be distributed this year amounts to Rp 61.92 billion ($29.35 million), and the realization of this figure is equivalent to 44% of the 2019 net income.
According to the company’s 2019 financial report released on April 13, 2019 profit was Rp 140.59 billion, a 59.44% decrease in profit.
Setia Budi Purwadi, finance director and company secretary of Surya TOTO Indonesia, said it was difficult for him to predict the overall performance revenue growth and net profit for 2020. He had said on March 8: “At least (our profit) is not negative and subsequent results will be seen in the third quarter, but it all depends on the degree of Covid-19 impact.”
In the current situation, he said, the company’s budgeted capital expenditure is only Rp 50 billion for day-to-day management and maintenance. If the economic situation improves, the company will review its investment plans for factories or products.
Hanafi Atmadiredja, president director of Surya TOTO Indonesia, said the company’s target market remained the low and mid-range market due to people’s purchasing power and weak exports. “We are committed to mitigating the impact of Covid-19 on our business and, like the government, we are promoting hygiene and clean living. Innovations in sales are selling products through online channels such as whatsapp, which is a safe option for buying current products.” According to Hanafi, the company’s current capacity is only 60 percent of its maximum capacity, a measure that is consistent with the company’s new coronary pneumonia outbreak preparedness.
According to public information, Surya TOTO’s three largest shareholders are TOTO with 3.91 billion shares or 37.9%; Multifortuna Asindo with 3.04 billion shares or 29.51%; and Suryaparamitra Abadi with 2.58 billion shares or 25.05%.