May 28, 2011

Indofood to spend Rp5.2 trio capex

Indonesia's largest instant noodle maker PT Indofood Sukses Makmur Tbk (INDF), that is controlled by Anthony Salim via First Pacific Company Limited, is poised to spend Rp5.2 trillion capital expenditure (capex) this year in a bid to underpin business development.
Following challenges, business has dynamically changed. Hence, Indofood is ready to spend the capex, said CEO and President Director Anthony Salim said on Friday.
"We keep striving to set strategic directions in precisely and prudent in a bid to yield good and sustainable performances," he said after shareholders' meeting.
The company will spend Rp2.2 trillion of the capex to support agribusiness expansion, mostly for new planting of Rp1.7 trillion and Rp500 billion is set to accomplish the second stage of refinery mills.
The meeting also approved a Rp133 per share dividend or 40% payout ratio of Indofood's net profit last year of Rp2.95 trillion.
2011 Target 
Director Thomas Tjhie said Indofood is scouting Rp44.39 trillion net sales this year, representing a 15.6% increase from Rp38.4 trillion last year.
To reach the target, Indofood tried to boost net sales in the first quarter of this year. In fact, 1Q 2011 saw Rp10.76 trillion net sales or 15.6% increase from Rp9.3 trillion in 1Q 2010.
At the same occasion,  Indofood's subsidiary PT Indofood CBP Sukses Makmur Tbk (ICBP) was also approved by the shareholders meeting to distribute Rp116 per share dividend, a 40% of last year net profit of Rp1.70 trillion.

Disclosure: No position at the stock mentioned above.

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