Tifa Finance pays Rp 7.56 billion in dividends

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Tifa Finance pays Rp 7.56 billion in dividends

Anton Hermansyah
The Jakarta Post

Jakarta | Fri, June 17 2016 | 09:37 pm

The trading floor at the Indonesia Stock Exchange (IDX) displays a declined Jakarta Composite Index (JCI). On Feb. 19, the IDX recorded foreign investor net sells of banking stocks worth nearly 500 million rupiah in one day, after the State-Owned Enterprises Ministry said it would create a deposit interest rate cap for state-owned lenders.(thejakartapost.com/Wienda Parwitasari)

Multifinance company Tifa Finance is set to distribute Rp 7.56 billion [US$ 563,000] in dividends, or Rp 7 per share. The dividends represent 38 percent of its 2015 net income of Rp 19.55 billion. However, the dividends are smaller than the company’s 2015 payout of Rp 10.79 billion, or Rp 10 per share.

"The dividend information will be submitted to the Financial Service Authority (OJK) first and will be paid in one month," President Director Bernard Thien Ted Nam told thejakartapost.com after the annual general meeting (AGM) on Friday.

In the first quarter of 2016, the company’s revenue increased by 5.18 percent to Rp 35.24 billion despite currency fluctuations as well as higher allocations for loss. Core company loans in the heavy equipment sector were also hit by weak commodity prices.

“We are trying to provide financing for the logistics sector, and currently it’s working well. There is [also] some investment in infrastructure that started this year," Bernard said.

Previously the company received an Rp 250 billion loan commitment, consisting of Rp 50 billion from Rabobank in April and Rp 150 billion from Bank Mandiri in May. However according to Bernard, the loan has been converted into financing yet. (dan)