JAKARTA, NNC - PT Citra Marga Nusaphala Persada Tbk (CMNP) is planning to distribute dividend of book year 2017 in the form of shares. The plan is to distribute the stock dividend as a form of corporate commitment to its shareholders.
Shadik Wahono, President Director of CMNP, said that since last two years, the company has chosen to distribute dividend in the form of shares rather than cash to shareholders.
According to him, all profits earned will be optimized for use in the framework of the development of toll road projects undertaken by the company. In 2017, the company's unaudited net profit reached IDR677 billion, supported by tariff increases and efficiency programs. Meanwhile, for this year net profit is expected to reach IDR725 billion.
"For the fiscal year 2017, we will again pay dividends in the form of stock bonuses because we consider the funding needs for Tier I, Tier II and Tier III projects to be done until 2019," he said in a public expose in Jakarta on Wednesday (1/31/2018).
He explained that one of the toll road projects currently being worked on is the Depok-Antasari segment. This year, the company will continue carry-over projects from 2017 into the Tier I group, such as the Brigif-Sawangan, Sawangan-Bojonggede, Bojonggede-Salabenda, Yasmin-Semplak and Cileunyi-Sumedang-Dawuan Toll Roads.
He explained that the total value of Tier I projects reached IDR13.57 trillion. Funding needs are met from bank loans amounting to IDR9.2 trillion and corporate equity of IDR4 trillion.
"The remaining funding requirement of IDR2.11 trillion will be met from the issuance of project bonds in the capital market," he said.
Meanwhile, the project in Tier II will begin to be done this year with funding needs reaching IDR17.3 trillion. Much of the funding has been secured from bank loans, and IDR5.46 trillion is derived from equity. The remaining funding requirement is IDR5.19 trillion.
The Tier III project requires a total of IDR7.8 trillion, to be financed by bank loan and another derived from the capital market.