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OIL AND GAS - JAKARTA. PT Perusahaan Gas Negara Tbk (PGAS), a leading Indonesian gas company, has announced plans to distribute dividends amounting to US$ 222.43 million from its 2023 fiscal year. This decision was approved by shareholders at the Annual General Meeting of Shareholders for the 2023 Fiscal Year (RUPST) held on Thursday, May 30.
The RUPST agenda included seven items, including the approval of the Company's Annual Report and the Supervisory Duties Report of the Board of Commissioners, the ratification of the Annual Financial Report and the Micro and Small Business Funding Program Financial Report, the determination of the use of net income, the determination of management salaries and honorariums, the appointment of a public accountant office, approval of special assignments, and changes to the Company's management.
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The agenda was in line with the Call for the General Meeting of Shareholders (RUPS) submitted to the Indonesia Stock Exchange on the PGN Information Disclosure dated May 8, 2024.
The RUPST approved the Company's Annual Report, including the Board of Commissioners' Duties Report, and granted full acquittal and release of responsibility as long as the actions did not constitute a criminal act and were reflected in the Company's report books.
Approval was also given for the audited Consolidated Financial Report and the audited Micro and Small Business Funding Program Financial Report of the Company.
For context, PGAS recorded a profit of US$ 278.09 million in 2023, a decrease of 14.75% from the previous year's US$ 326.23 million.
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In the agenda for the Determination of the Use of Net Income for the 2023 Fiscal Year, shareholders decided to distribute dividends amounting to US$ 222.43 million.
The dividends will be distributed according to the proportion of share ownership in the Company or about Rp 148 per share, an increase from the previous year's Rp 141 per share.
“Then, US$ 55.62 million will be used as retained earnings for business development activities,” said PGN Company Secretary, Rachmat Hutama, in an official statement on Thursday, May 30.
Furthermore, shareholders agreed to grant authority and power to PT Pertamina (Persero) as the Majority Series B Shareholder to determine the amount of tandem/performance incentives/special incentives for the 2023 Fiscal Year performance, and to determine salaries/ honorariums, allowances, and facilities for members of the Board of Directors and the Board of Commissioners of the Company for the 2024 Fiscal Year after first consulting with the Ministry of State-Owned Enterprises as the Series A Dwiwarna Shareholder institution.
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Subsequently, shareholders appointed the Public Accountant Office of Purwantono, Sungkoro & Surja (a member of Ernst & Young) to conduct the Audit of the Consolidated Financial Report for the 2024 Fiscal Year, PSA 62 Compliance Audit, Audit of the Micro and Small Business Funding Financial Report related to the Social and Environmental Responsibility Program, and the Implementation of Agreed Procedures for the Evaluation Performance Report of Corporate KPI and Individual KPI for the 2024 Fiscal Year.
Shareholders also approved the special assignment given to the Company to carry out the construction of the Gas Network Project in the Nusantara Capital following the Decision of the Minister of Energy and Mineral Resources No. 36.K/HK.02/MEM.S/2023 dated February 23, 2023, regarding the Assignment of Electricity and Natural Gas Infrastructure Development for the Core Area of the Nusantara Capital Government Center.
“In addition, shareholders approved the assignment to the Company and PGN to provide natural gas networks for households, small customers, and the use of Gas Fuel (BBG) for road transportation,” he said.
