Antam pays Rp47.77 billion in dividend

Antam pays Rp47.77 billion in dividend

ANTAM (ANTARA PHOTO/Sigid Kurniawan)

Jakarta (ANTARA News) - State-owned general mining company PT Antam Tbk paid Rp47.77 billion in dividend or 35 percent of its net profit of Rp136.51 billion in 2017.

"The dividend paid from the 2017 book year is equivalent to Rp1.99 per share," its Chief Executive Arie Prabowo Ariotedjo said here on Thursday.

Arie said the remaining Rp88 billion in net profit were retained to strengthen the capital of the company to support its business operation ahead.

The decision was made in an annual shareholders` meeting held here on Thursday.

The company reported Rp136.51 billion in net profit in 2017 , up 111 percent from Rp64 billion in the previous year.

In 2018, the company is committed to grow faster by accelerating work in its expansion projects and improve the quality of its mineral resources.

"Currently the company is building a new ferronickel factory in Halmahera Timur (P3FH), now 38 percent completed. P3FH would increase the company`s production capacity for ferronickel to 40,500 tons - 43,500 tons of nickel equivalent," Arie said.

The company also is busy with plan to build a Smelter Grade Alumina Refinery (SGAR) in cooperation with PT Inalum as a form of synergy with the mining holding company.

PT Inalum in North Sumatra, which has a large aluminum smelter, is the holding companies for state-owned general mining companies.

SGAR is a feed stock for aluminum industry and the SGAR factory would have production capacity of 1 million tons of alumina per year in the first phase of its operation, Arie said.

Antam has a fairly large bauxite reserve in West Kalimantan, therefore, the SGAR project is strategic for Inalum and Antam," he said.

He said this year Antam has set aside Rp3.3 trillion for capital expenditure.