PT Kobexindo Tractors Tbk (KOBX), a heavy equipment distributor and service management, announces its plan to distribute cash dividends of USD 1.43 million or equivalent to IDR 20.45 billion.

Said plan had been approved during the Annual General Shareholders Meeting of KOBX, which took place earlier last week. The shareholders who were present at said meeting gave their consent regarding the allocation of 10.6% of the 2021 net profit as cash dividends. Then, another USD 27,685 will be stored as reserve funds, while the rest of it is being added to its retained earnings.

The cash dividend will be channelled out to shareholders of KOBX whose names have entered the official list by June 27, 2022, the recording fate. Then, each share will be granted IDR 9 in return as dividend, which will be sent out on July 12, 2022.

According to idnfinancials.com data, KOBX recorded a net profit of USD 13.52 million in the fiscal year 2021. The company also managed to keep its retained earnings of USD 2.62 million at the end of the year, while posting total equity of USD 25.44 million.

At the end of the first quarter of 2022, KOBX scored revenue of USD 46.52 million and net profit of USD 3.96 million. Most of revenue in Q1 2022 came from the heavy equipment sales, which contributed 81.99% to the total revenue. Then, the spare part sales backed it up with 10.24% contribution, followed by the repair and mining contractor service of 4.52%, and lease sales of 3.25%.

Source: https://www.idnfinancials.com/news/43459/kobexindo-tractors-pay-cash-dividends