Waskita Beton Won’t Pay Dividends despite Profit Hike
Jakarta. Precast concrete builder Waskita Beton Precast decided on Wednesday not to pay dividends despite having its net profit more than doubled last year.
The company reported a 134 percent rise in net profit to Rp 675 billion ($45 million) last year compared to the previous year.
But the recent shareholders’ meeting decided to keep the entire profit as retained earnings to “strengthen the capital base and accelerate recovery post-financial restructuring program”, Corporate Secretary Fandy Dewanto said in a public filing.
The shareholders appointed Agus Budiman Manalu as the chief commissioner and Fathur Rokhman as an independent commissioner to fill in the post vacated by the former.
Founded in October 2014, Waskita Beton Precast is a subsidiary of state-owned construction company Waskita Karya.
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