PT Pelita Samudera Shipping Tbk (PSSI) will distribute Rp8 per share from last year's profit.

This dividend payment is the fifth since PSSI listed its initial shares in December 2017. The total dividend of Rp8 per share represents 35% of 2020 net profit amounting to US$ 2.97 million (equivalent to Rp43.3 billion).

Meanwhile, US$421,000 (equivalent to Rp6.1 billion) or 5% was set aside for reserve funds. The remaining net profit for the year of US$5.04 million or 60%, was recorded as retained earnings.

Shareholders approved this profit allocation at the annual general meeting of shareholders (AGMS) on June 17, 2021. In addition to supporting the use of profits, the AGMS also approved the buyback or buyback of PSSI shares with a maximum amount of 300 million shares or 5.5% of the issued capital and fully paid.

President Director of Pelita Samudera Iriawan Alex Ibarat said the buyback was based on cash flow that exceeded the amount needed to