In accordance with Indonesian law and the Company's articles of association, decision of dividend distribution is made based on shareholder approval at the GMS on the recommendation of the Company's Board of Directors. Dividend payments may only be made if the Company has a positive net profit.
Recommendations regarding determination of the amount, and the distribution of dividends are proposed by the Board of Directors and approved by shareholders at their discretion and will depend on a number of factors including but not limited to the Company’s revenue, cash flow, liabilities, financial condition, investment plans and growth opportunities. Based on these factors, the Company targets a dividend distribution of at least 35% of the Company's net profit. This dividend policy applies to the Company's net profit after tax starting from the financial year ending on December 31, 2023 which will be distributed in 2024.
However, there is no guarantee that the Company will declare and distribute dividends, and the Board of Directors has the authority to adjust the Company's dividend policy at any time to ensure that dividends are paid in a balanced manner so that the Company can continue to grow.