Matahari Department Store (LPPF) Set to Distribute Dividends of Rp 200 Per Share

DIVIDEND DISTRIBUTION - JAKARTA. PT Matahari Department Store Tbk (LPPF) plans to distribute dividends from the net profit of the 2023 fiscal year amounting to Rp 200 per share. 

Matahari's Director & Chief Financial Officer Niraj Jain said, LPPF strives to maintain a dividend policy with a minimum dividend payout ratio (DPR) of 50% of net profit. 

"We propose a dividend payment of Rp 200 per share, which must be approved at the General Meeting of Shareholders (RUPS)," said Niraj in an earnings call, Monday (26/2). 

Niraj said, the dividend payout ratio from the 2023 fiscal year of LPPF reached 67%. This means, the value is higher than the minimum policy set by LPPF. 

As of the end of trading on Monday (26/2), LPPF parked at the level of Rp 1,835 per share or down 3.42%. If using the closing price, the LPPF dividend yield reached 10.89%. 

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As an illustration, LPPF recorded a profit attributed to the parent entity of Rp 675.36 billion in 2023. Profits fell 51.17% annually or Year on Year (YoY) from Rp 1.38 trillion in 2022.

In line with the decline in financial performance, the amount of cash dividends to be distributed by LPPF also fell. Last year, LPPF distributed dividends of Rp 525 per share. 

Overall, LPPF distributed Rp 1.24 trillion as dividends. Meanwhile, in the 2022 fiscal year, LPPF pocketed a net profit of Rp 1.38 trillion or up 51.5% YoY from Rp 913 billion.