Apr 27, 2011

Harum to pay Rp244/share dividend

Indonesian coal miner PT Harum Energy Tbk (HRUM) today was agreed by annual of shareholders general meeting to distribute 80% of its net income last year as dividend or Rp244 per share or Rp659 billion.
"It is right Rp244 per share [dividend]," said Harum President Director Ray A. Gunara to Insider Stories today.
Harum posted Rp822.94 billion net income last year from Rp767.47 billion in 2009. 
In a note distributed by Mandiri Sekuritas today, the dividend payout ratio is above the brokerage expectations, using assumption of 40% payout ratio or Rp330 billion cash dividend for FY2010.
"We currently have buy rating on the stock. Harum is traded at 13.1x adjusted PER11F," the note said.
As mentioned in the financial statement, Harum recorded Rp131.91 billion net income from two associated companies namely coal miner PT Santan Batubara and PT Lotus Coalindo Marine.
Income from operations fell 6.56% to Rp1.14 trillion from Rp1.22 trillion, sending its operating margin lowered to 25.39% from 26.52%. Harum Energy's gross profit was also in a slight decline to Rp1.58 trillion from Rp1.66 trillion. Revenue recorded Rp4.49 trillion, a slight decrease of 2.39% from Rp4.60 trillion.
Associated companies 
Harum Energy booked Rp131.91 billion net income contributions from Santan Batubara, with 50% shareholding, and Lotus Coalindo. PT Petrosea Tbk (PTRO), wholly owned subsidiary of PT Indika Energy Tbk (INDY) owns 50% shareholding in Santan Batubara.
Santan batubara contributed Rp125.41 billion net income to both Harum Energy and Petrosea, while Lotus Coalindo contributed Rp6.49 billion net income to Harum Energy.
PT Karunia Bara Perkasa controls 79.72% shareholding in Harum Energy and PT Bara Sejahtera Abadi owns 0.09% shareholding in Harum Energy. Kiki Barki and his son Lawrence Barki are controlling shareholders in Karunia Perkasa and Bara Abadi.

Disclosure: No position at the stock mentioned above.

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