PT Surya Citra Media Tbk (SCMA) completed a share buyback program of 2,132,177,090 shares or 14.43% of the company's paid-up capital.

Based on the disclosure of information on Monday (15/3), Surya Citra Media's Corporate Secretary, Gilang Iskandar said the company completed the share buyback program on March 10, 2021. The purchased shares were to be held as treasury shares regarding the applicable regulations.

"The corporate action was carried out because the latest stock market conditions have recovered with indications of a strengthening the Jakarta Composite Index, which has reached a better position than 6,200 in the last few days," he said.

As of Friday's trading (12/3), Surya Cipta's shares corrected to the level of Rp1,745 or down 25 points (1.41%). The PER is in the position of 21.16, and the market capitalization is Rp25.79 trillion.

Meanwhile, until the third quarter of 2020, Surya Citra Media posted a profit for the current period after adjusting for loss in merging entities of Rp911.14 billion. This value decreased slightly by 0.09%, compared to the third quarter of 2019, which reached Rp912.04 billion.

The decline in profit, in line with the fall in company revenue. The company's revenue was down 13.52% YoY to Rp3.58 trillion in the third quarter of 2020 from Rp4.14 trillion in the corresponding period in 2019.

Even though revenue and profits decreased, its assets still rose 2.68% YoY to Rp6.89 trillion in the third quarter of 2020 from Rp6.71 trillion at the end of 2019. Its current assets of Rp3.74 trillion and non-current assets of Rp3.14 trillion supported the increase.

The company's liabilities also increased to Rp1.32 trillion in the third quarter of 2020 from Rp1.22 trillion at the end of 2019. The long-term liabilities of Rp277.06 billion and short-term liabilities of Rp1.04 trillion contributed to the total liabilities.

Meanwhile, equity was at Rp. 5.57 trillion. Additional paid-in capital of Rp401.8 billion and a retained profit of Rp4.7 trillion supported the equity acquisition.