Review & Analysis of Financial Performance by Segment
Chemical Industry
Parent Company
PT Unggul Indah Cahaya Tbk (UIC)UIC has three production units of Alkylbenzene (AB) with a production capacity of 270,000 MT per year. AB is the active substance in detergents which is the basic ingredient of surfactants which functions to release dirt that sticks to the surface of the material.Production Process: Normal Paraffin converted to Olefin is reacted with benzene using HF Acid as catalyst.World crude oil prices during 2025 was lower than 2024. Although relatively strong at the beginning of the year, prices gradually weakened from the second quarter through year-end..In line with the movement of crude oil price trends, the Company’s average selling price in 2025 was lower compared to 2024. Nevertheless, the increase in sales volume, supported by increased market demand for the Company’s products can compensate even the Company recorded a higher sales value than the previous year.Although the Covid-19 pandemic has ended, it has impacted market demand for industrial and household cleaning products which is higher than previous year due to increased public awareness of cleanliness. This has impact to the Company’s performance, where the finished goods products of the Company is the raw materials for the manufacture of detergent products.
Sales value on 2025 increased by 13.09% from USD 262.08 million in 2024 to USD 296.38 million in 2025. The increased in sales value mainly came from the increase in the sales volume.In 2025, the Company recorded a gross profit margin of 16.99%, higher than the gross profit margin in 2024 which was 12.21%. Accordingly in 2025, the Company recorded an increase in gross profit of 57.36% from USD 32.00 million in 2024 to USD 50.35 million in 2025.Total operating expenses in 2025 decreased by 5.06% compared to 2024, from previously recorded at USD 12.06 million to USD 11.45 million. Throughout 2024, Rupiah weakened against US Dollar which opened at IDR 15,416 at the beginning of year and closed at IDR 16,162 at end of year 2024, throughout 2025 the Rupiah weakened by 3.84% and closed at IDR 16,782 at the end of 2025. The weakening of the Rupiah currency resulted the Company suffering an operating foreign exchange loss on monetary assets denominated in Rupiah of USD 1.02 million in 2025 and in 2024 of USD 1.17 million.In 2025, Company recorded an operating profit of USD 38.90 million, an increase of 95.13% compared to operating profit in 2024 which was recorded at USD 19.94 million. Profit before income tax increased by 82.71% from the recorded USD 24.98 million in 2024 to USD 45.64 million in 2025.Income tax expense increased by 99.25% from the recorded USD 4.41 million in 2024 to USD 8.78 million in 2025, in line with the increase of profit before income tax. Thus, profit for the year in 2025 was recorded at USD 36.86 million, an increase of 79.17% compared to net profit in 2024 which was recorded at USD 20.57 million.SubsidiariesPT Petrocentral (Petrocentral)The Company has 77.75% shares ownership in Ptreocentral.Petrocentral is a subsidiary of the Company that operating in Gresik, East Java and the sole producer of Phosphoric Acid Food Grade (PAFG) and Sodium Tripolyphosphate (STPP) and in Indonesia with an installed production capacity 40,000 MT per year. PAFG is mostly used as degumming in the crude oil palm refining process, while STPP is one of the raw materials of detergent, which functioned as water softener, thereby increasing the cleaning power of detergent.The sales value increased by 32.08%, from USD 12.52 million in 2024 to USD 16.54 million in 2025, which was mainly supported by the increase in PAFG sales volume.The increase of production volume in 2025 reduced production costs per unit so that even though the selling price was highly competitive with imported products, Petrocentral managed to record gross profit at USD 1.08 million and operating profit recorded at USD 0.26 million in 2025. Meanwhile in 2024 gross profit and operating profit were recorded at USD 1.09 million and USD 0.42 million, respectively.In running its business, Petrocentral obtains funding from banks and shareholders. Petrocentral’s financial costs are primarily consist of expenses related to this funding.Petrocentral recorded profit before tax of USD 10,546 and net profit of USD 12,567 in 2025. Meanwhile, in 2024, Petrocentral recorded loss before tax of USD 5,517 and net profit of USD 2,984.
Petrocentral continuing to improve efficiency, price and volume negotiations with both raw material suppliers and STPP customers. Petrocentral’s operations are highly dependent on the smooth supply and competitive prices of raw materials namely phosphoric acid from PT Petrokimia Gresik. Petrocentral faces price competition with imported PAFG and STPP products especially from China. The PAFG and STPP domestic market provides excellent opportunities for Petrocentral, which so far has been supplied 100% by imported products.Petrocentral has obtained the ISO 9001:2015 certification for the quality management system (Quality Management System) from Standard Assurance and Innovation (SAI) Global Limited since 2004. In addition, Petrocentral also has ISO 22000:2019 certification for the food safety management system issued by Standard Assurance and Innovation (SAI) Global Limited since 2016.UIC Vietnam Co., Ltd. (UICV)The Company has 100% shares ownership in UICV.UICV has a factory located in Dong Nai, Vietnam and engages in production and distribution of Linear Alkylbenzene Sulphonic Acid (LABSA), Sodium Lauryl Ether Sulphate (SLES), and Sodium Lauryl Sulfate (SLS) with installed production capacity of 47,500 MT per year, after the increasing of production capacity by 14,500 MT in 2025.LABSA is a main cleaning component in detergent. While, SLES is a surfactant commonly used in cosmetic products because of its cleaning and emulsifying properties. SLES is effective as a foaming agent.UICV’s commitment in customer satisfaction by providing high quality product is reflected in the renewal of the ISO 9001:2015.In 2025, UICV’s production and sales volumes increased by 79.91% and 76.19%, respectively compared to 2024. The sales value in 2025 was recorded at USD 45.32 million, an increase of 93.79% compared to the sales value in 2024 which was recorded amounting to USD 23.39 million.Gross profit margin increased from 6.13% in 2024 to 6.21% in 2025. Gross profit in 2025 was recorded at USD 2.81 million, an increase of 96.27% compared to gross profit in 2024 which was recorded at USD 1.43 million. Thus, UICV recorded a net profit in 2025 of USD 1.06 million, an increase of 521.46% compared to a net profit in 2024 which was recorded at USD 0.17 million.Universal Interchemicals Corp. Pte., Ltd. (UICPL)The Company has 100% shareholding in UICPL.UICPL is the Company’s subsidiary in Singapore with registered Company Number 199100093N. UICPL is a holding company that has 100% shareholding in AWAL, a Company’s subsidiary in Australia which involves in Surfactant manufacturing and Phosphate and other chemicals product trading. Since June 2020, UICPL has no longer conducts chemical trading business activities.In 2025, under cost method, UICPL recorded net profit of USD 938 thousand while in 2024 of USD 848 thousand. This net profit was mainly represented dividend income received from Albright & Wilson (Australia) Pty Ltd.Albright & Wilson (Australia) Limited (AWAL)AWAL is a manufacturer of Surfactant product line, raw material for detergent and indirect raw material for concrete and plasterboard additive. These products are applied in such industries such as personal care, paper, shampoo, mining and mineral processing, medicines, fertilizer, building and water treatment.AWAL owns 100% shares of Albright & Wilson New Zealand Limited, a trading company which provides marketing and warehouse facilities for AWAL products in New Zealand. Factory location of AWAL is in Wetherill Park, New South Wales and AWAL has achieved ISO 9001:2015 certification. Sales, marketing and warehouse facilities are located in Brisbane, Melbourne, Perth, Sydney and Auckland. AWAL also perform sales and marketing activities of Phosphate and other chemicals products.The sales value of AWAL in 2025 was recorded at USD 77.56 million, an increase of 8.95% compared to the sales value in 2024 which was recorded at USD 71.19 million. AWAL’s gross profit in 2025 decreased by 8.91%, from USD 10.45 million in 2024 to USD 9.52 million. Gross profit margin in 2025 was 12.27% while gross profit margin in 2024 was 14.68%.Profit before tax decreased by 40.38% from USD 4.31 million in 2024 to USD 2.57 million in 2025. Thus, AWAL’s net profit in 2025 was recorded at USD 1.79 million, a decrease of 40.51% compared to the net profit recorded in 2024 which was USD 3.01 million.Property IndustryIn addition to chemical industry, the Company also expands its business into property industry. The Company’s subsidiaries engaged in this field are as follows:PT Unggul Indah Investama (UII)The Company’s has 99.99% shares ownership in UII.UII is a holding company that was established in 1996 to accommodate the Company’s plan to participate in PT Wiranusa Grahatama (WG), a joint venture company in developing an office and apartment building complex. All UII shares, minus 1 (one) share, are owned by UIC. Since 2005, UII became a major Shareholders of WG with 55% share ownership.UII does not carry out business activities in 2025 and 2024.PT Wiranusa Grahatama (WG)UII has 55% of shares ownership in WG.WG is a subsidiary which develops office and apartment building complex on its 3.2 hectares of land located in the main business district of Jakarta in Jl. Jenderal. Gatot Subroto. The apartment complex that has been built is Pearl Garden Resort Apartment Complex has 235 units of apartment on 1.7 hectares land with low-rise apartment concept. WG still has 1.4 hectares land that will be built for office and residential complex development with highrise.WG is a subsidiary which develops office and apartment building complex on its 3.2 hectares of land located in the main business district of Jakarta in Jl. Jenderal. Gatot Subroto. The apartment complex that has been built is Pearl Garden Resort Apartment Complex has 235 units of apartment on 1.7 hectares land with low-rise apartment concept. WG has 1.4 hectares land that will be built for office and residential complex development with high-rise.WG planned to continue developing the office and residential complex development project on the remaining available land. In 2025, WG posted operating expenses of IDR 11.63 billion, a decrease of 22.89% compared to operating expenses in 2024 which was recorded at IDR 15.08 billion. The operational expenses are mainly from the property tax (PBB) expense on property owned by WG.Thus, the loss before tax in 2025 was recorded at IDR 6,07 billion, a decrease of 32.92% from the loss before tax in 2024 of IDR 9.05 billion. Net loss for 2025 was IDR 6.10 billion, a decrease of 32.35% compared to net loss in 2024 which was recorded at IDR 9.02 billion.Consolidated Financial StatementsConsolidated Statement of Comprehensive IncomeIn 2025, global crude oil prices were lower compared to 2024. Although relatively strong at the beginning of the year, prices gradually weakened from the second quarter through year-end.Global economic growth in 2025 is projected on moderating trend at around 3.3%, relatively stable compared to 2024. Persistently high global geopolitical tensions, including the unresolved Russia-Ukraine conflict in Europe and escalating tensions in the Middle East, along with the trade tensions initiated by the United States, have continued to increase uncertainty in global financial markets and prolong disruptions in global supply chains.Amid these conditions, Indonesia’s economy continued to demonstrate solid performance and strong resilience and recording growth of 5.11%, driven primarily by domestic demand and supported by sustained investment activity.In 2025, market demand for industrial and household cleaning products is increase compared to 2024. This has a positive impact on the performance of the Company and its subsidiaries which produce raw materials for cleaning products.In 2025, both the average selling price of products and raw materials for the Company and its subsidiaries experienced a decrease driven by the decrease in world crude oil prices. Nevertheless, the Company’s consolidated revenues still recorded an increase, along with the increase of sales volume.In 2025, the Company recorded a consolidated revenues of USD 400.56 million, an increase of 16.21% or USD 55.88 million compared to the consolidated revenues in 2024 which was recorded at USD 344.68 million. Gross profit in 2025 was recorded at USD 63.20 million, an increase of 41.77% compared to that recorded in 2024 of USD 44.58 million. At the end of 2025, the Company recorded a gross profit margin of 15.78%, while the gross profit margin in 2024 was recorded at 12.93%.In line with the increase in gross profit mentioned above, the Company’s operating profit in 2025 increased by 77.51% from USD 23.70 million in 2024 to USD 42.06 million. The Company recording net interest income of USD 4.43 million in 2025 and USD 3.23 million in 2024. Profit before tax in 2025 was recorded at USD 46.51 million, an increase of 78.58% from the previous year which was recorded at USD 26.05 million. In 2025, the Company recorded income tax expense of USD 9.70 million, an increase of 75.17% compared to income tax expense of USD 5.54 million in 2024.Thus, in 2025, the Company recorded a profit for the year attributable to equity holders of the parent of USD 36.98 million, an increase of 78.13% compared to profit attributable to equity holders of the parent in 2024 which was recorded at USD 20.76 million.The current year’s loss attributable to non-controlling interests decreased by 31.61% from the previous recorded loss in 2024 of USD 0.26 million to a loss of USD 0.17 million in 2025.The exchange difference from financial statements translation is mainly the difference in the exchange rate at the end of 2024 and 2025 which is used to translate the financial statements of the Company’s subsidiaries whose operating currency is not denominated in US dollars.In 2025, the Company recorded total comprehensive income for the year of USD 37.77 million, an increase of USD 20.91 million or 124.05% compared to total comprehensive income in 2024 which was recorded at USD 16.86 million.Consolidated EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) for 2025 was USD 44.70 million, while consolidated EBITDA for 2024 was USD 26.38 million, an increase of 69.44%The credit facilities provided by creditor banks require the Company to maintain a minimum financial ratio of EBITDA to net interest expense of 2:1 and a ratio of interest-bearing liabilities after deducting cash and cash equivalents to a maximum of 2.5:1.As of December 31, 2025, the Company has complied with the financial ratios required by creditor banks.Consolidated Statement of Financial PositionAssetsThe value of inventories decreased in line with increasing of sales volumes and a decrease in raw material prices in the last quarter of 2025 compared to the last quarter of 2024.Consolidated current assets as of December 31, 2025 were recorded at USD 302.49 million, an increase of 7.24% compared to consolidated current assets as of December 31, 2024 which was recorded at USD 282.07 million. The increase was mainly in cash and cash equivalent. Most of the Company’s current assets are cash and cash equivalents, inventories and trade receivables, which reflecting 99.01% and 97.82% of total current assets for 2025 and 2024, respectively. Meanwhile, noncurrent assets with the main components of fixed asset and investment property in 2025 were recorded at USD 64.45 million, an increased by 8.54% compared to 2024 which was recorded at USD 59.38 million.The Company’s total consolidated assets on 31 December 2025 were recorded at USD 366.95 million, an increase of 7.47% compared to the Company’s total consolidated assets on 31 December 2024 which were recorded at USD 341.45 million.
Liabilities
Total current liabilities in 2025 were recorded at USD 39.91 million, experienced increase by 8.70% compared to total current liabilities 2024 which was recorded at USD 36.71 million.Total long-term liabilities in 2025 decreased by 5.39% from previously recorded at USD 4.36 million in 2024, to USD 4.13 million in 2025. This decrease was mainly due to the decrease in employee benefits liability.Thus, the Company’s total consolidated liabilities as of December 31, 2025 were recorded at USD 44,04 million, an increase of 7.21% compared to total liabilities on December 31, 2024 which was recorded at USD 41.08 million.EquityRetained earnings for 2025, after taking into account the profit for the year attributable to equity holders of the parent of USD 36.98 million, cash dividend of USD 15.40 million and profit on remeasurement of defined benefit plans of USD 0.41 million, was recorded at USD 245.79 million, an increase of USD 21.98 million or 9.82% compared to retained earnings in 2024 which was recorded at USD 223.81 million.Cash dividends distributed to shareholders in 2025 represent final dividends for the year 2024 and interim dividends for the year 2025 of USD 10.39 million and USD 5.01 million, respectively (equivalent to IDR 171.73 billion or IDR 448 per share and IDR 82.42 billion or IDR 215 per share) distributed to shareholders on June 12, 2025 and October 21, 2025.Non-controlling interests in 2025 were recorded at USD 10.89 million, an increase of 0.51% compared to the previous year which was recorded at USD 10.83 million. This decline was mainly due to the weakening of the Rupiah currency, resulting to a decrease in the recorded net asset value of WG in the Company’s consolidated statement of financial position statement in the US Dollar currency. Thus, the total equity as of December 31, 2025 was recorded at USD 322.91 million, an increase of 7.50% from USD 300.37 million as of December 31, 2024.Consolidated Statement of Cash Flowsa. Cash flows from operating activities:In 2025, net cash obtained from operations increased by USD 37.85 million from 2024 which was recorded at USD 42.55 million to USD 80.40 million. The increase in net cash derived from operating activities was mainly due to the increase from cash generated from operations mainly from the increase of receipts from customers.b. Cash flows from investing activities:Net cash used for investing activities in 2025 was recorded at USD 6.27 million, increased by USD 2.78 million compared to 2024 which was recorded at USD 3.50 million. The use of funds for investment activities is mainly to finance the additions to fixed assets.
c. Cash flows from financing activities:Net cash used for financing activities in 2025 was recorded at USD 15.91 million, while in 2024 it was recorded at USD 8.78 million, an increase of 81.14%. Increase in net cash activity used for financing was due to increase of payments of dividends.DEBT PAYING ABILITYThe Company received working capital credit facilities from bank creditors in order to support working capital needs. Bank creditors required requirement financial ratios are fully complied at the end of 2025 and 2024, the Company met all the required ratio. All bank creditors extended all matured credit facility.
RECEIVABLE COLLECTABILITY LEVELBased on the review at end of the year 2025, the management believed that the allowance for impairment of USD 6 thousand at the end of 2025 is adequate to cover any possible losses on uncollectible trade receivables. There is no indications of impairment in the value of other receivables, thus no allowance for impairment in value pf other receivables necessary.
CAPITAL STRUCTUREThe details of the Shareholders and their respective shareholdings as of December 31, 2025 and 2024, based on records performed by the stock administration bureaus are as follows:
Capital ManagementThe primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize Shareholders value. In addition, the Company is also required by the Corporate Law No. 40 year 2007 to set aside a portion of net profit each year for mandatory reserves that are only used to cover losses. Reserves must be made until the reserves reach at least 20% of the issued and fully paid share capital. This externally imposed capital requirements are considered by the Company at the Annual General Shareholders Meeting (GSM).The Company manages its capital structure and makes adjustments to it, in light of changes in economic condition. To maintain or adjust the capital structure, the Company may adjust the dividend payment to Shareholders, issue new shares or raise debt financing.The Company’s policy is to maintain working capital ratio and a healthy capital structure in order to secure access to finance at a reasonable cost. No changes were made in the objectives, policies or processes as of December 31, 2025 and 2024.SIGNIFICANT AGREEMENTSThere is no significant agreements other than those disclosed in note 34 to the consolidated financial statements, "Significant Agreements".INVESTMENT OF CAPITAL GOODSInvestment of capital goods that was realized in 2025 was USD 6.12 million, increased from investments of capital goods in 2024 which reached USD 3.24 million. Investment of capital goods in 2025 mainly used for supply of machines and equipment.SIGNIFICANT INFORMATION AND FACTS AFTER THE ACCOUNTANT’S REPORT DATE
The following is material information and facts that occurred from end of reporting period until the issued date of financial statement:Subsequent to the reporting date, geopolitical tensions in the Middle East escalated following military actions in the region at the end of February 2026. These developments have resulted in heightened geopolitical uncertainty and increased volatility in global financial and energy markets.The Company assesses the potential implications on the results of the Company’s operations, financial position and the Company’s performance which may arise through several factors, including:- volatility in raw material, supplies and energy prices
- disruptions in global supply chains and logistics
- broader macroeconomic uncertainty affecting customer demand
- volatility in foreign exchange and financial markets
The Company will continue to monitor developments relating to the conflict and assess potential implications in future reporting periods.BUSINESS PROSPECT AND STRATEGYIndonesia is a good potential market for the growth of detergent industry. Its total population of around 288 million people in 2025 and with level of detergent usage per capita relatively lower than develop countries. Can provide high potential market for the growth of UIC and its subsidiaries in the future.However, the huge potential of domestic market has drawn attention of international players to enter domestic Alkylbenzene market, with the entry of Alkylbenzene and its derivatives products. Another challenge for the Company is the fluctuation of world crude oil prices which greatly affect the price of raw materials and also the Company’s selling price, besides supply and demand factor.Besides that, the reduction in the price of natural-based surfactants (palm oil) as ingredients that can be used as alternative raw materials for producing detergents is another challenge.Facing these challenges, the Company implemented the following strategies:- Growing together with customers by being a reliable business partners;
- Improving customer satisfaction by providing a commitment to quality, quantity and competitive prices while maintaining the Company’s profitability;
- Improving the business synergies with subsidiaries;
- Maintaining the stability of plant utilization that allows the Company to reduce overall production costs, to increase the efficiency of raw materials, fuel and electricity consumption. This will be developed through the optimization of plant operation and implementation of production process modifications along with technical know-how of license owners and the Company’s inhouse engineers.
Storage warehouses which are located in Merak, Banten and Gresik, Jawa Timur, are ready to serve clients all over Indonesia. The availability of 16 MT up to 27 MT fleet ready to deliver goods on time is one of the Company’s competitive advantage to expedite the customers production process and to reduce their storage costs.In the property sector, land available for development with area of 1.4 hectares is strategically located in Jakarta central business district.With the bright business prospects, business strategies, competitive advantages and long experiences, we are confident in facing challenges in the future and deliver satisfactory results for stakeholders.COMPETITIVE ADVANTAGEUIC is a sole producer of Alkylbenzene in Indonesia, supported by its experience almost forty years. The Company competes with overseas producers in setting competitive selling price. The Company’s credibility to keep its products quality has been recognized through the certification of international quality ISO 9001:2015 that were obtained since 2003. Moreover, the Company also obtained certifications of ISO 14001:2015 since 2004 for its commitments in preserving its environments. In 2023, the Company also obtained ISO 45001:2018 international quality standard certification for Occupational Health and Safety Management System (SMK3) from the accreditation agency AMTIVO.The just-in-time delivery system implemented by the Company has allowed the Company to supply the customers punctually. The ability to implement this delivery service enables our customers to reduce their storage cost and manage their stock.COMPANY TARGET
Target of 2025 consolidated revenue was USD 371.82 million with a gross profit margin of 12.61%. Profit before tax is expected to be 7.52% of revenue value or USD 27.95 million and profit for the year attributable to equity holders of the parent of USD 22.13 million.The realization achieved in 2025 showed that the revenue was recorded at USD 400.56 million, 7.73% higher than the 2025 target. Gross profit in 2025 was recorded at USD 63.20 million, an increase of 34.73% from the targeted gross profit of USD 46.91 million. Thus, profit before income tax increased by USD 18.56 million or 66.39% of the target, to USD 46.51 million and profit for the year attributable to equity holders of the parent for 2025 increased 67.12% of the target 2025, from USD 22.13 million to USD 36.98 million. The achievement of realization in 2025 above the target mainly from the increase in market demand.With the assumption an increase in sales volume of 2.54%, stable exchange rate and good economic growth, the Company has set a consolidated revenue target for 2026 of USD 400.84 million, 0.07% higher than realized revenue in 2025. Gross profit in 2026 is targeted at USD 67.29 million, 6.49% higher than gross profit in 2025. Profit before income tax is targeted at USD 49.22 million while profit for the year attributable to equity holders of the parent is targeted at USD 39.11 million.For 2026 the Company has no plans to make changes to its capital structure. The Company plans internal financing to fund the capacity increase of the PACOL plant in 2026. For dividend policy, the Company plans a dividend for the 2025 book year which will be paid ± 50% of the Company’s net profit.MARKETING ASPECTIndonesia is a potential market for the growth of detergent industry with large population and level of detergent usage per capita which is relatively lower than developed countries. As the sole producer of Alkylbenzene in Indonesia and one of the the largest Alkylbenzene producer in single location in the Asia-Pacific region, The Company focuses on domestic market potential and dominates almost all domestic market shares. Most of the Company’s customers are prominent detergent producers, including Wings Group, Unilever, Kao, Sinar Antjol, as well as sulfonation companies Indo Sukses Sentra Usaha (ISSU) and Syensqo Manyar.The Company endeavors to achieve a strong position in the international market, by continuing to expand and explore every export opportunity, The Company exports its product to several countries such as Vietnam, Malaysia, Thailand, Australia, Pakistan, Bangladesh, Japan, China and France.The Company’s subsidiaries in Vietnam and Australia also market its products to leading customers such as Net (Masan Group), Lix, Unilever, My Hao, Colgate, Jalco dan Pax Group. Likewise, PT Petrocentral’s products, namely Phosphoric Acid Food Grade which are used in the production process of PT Petrocentral’s leading customers which are consumed by leading customers such as PT Cheil Jedang Indonesia, Sinar Mas Group, Musim Mas Group, Wilmar Group, PT Daesang Ingredient Indonesia and PT Karya Indah Alam Sejahtera.DIVIDEND POLICYThe Company’s Dividend Policy is to provide an attractive rate of return where the amount of dividends is adjusted to the Company’s profits in the relevant financial year, without neglecting the needs and financial soundness of the Company and without prejudice to the rights of the General Meeting of Shareholders to determine otherwise in accordance with the provisions of the Company’s Articles of Association.The Annual General Shareholders Meeting (GSM) for the year 2024 that held on May 20, 2025, was decided to distribute dividends for the year 2024 of USD 10.39 million, with a dividend payout ratio of 50% from profit for the year attributable to equity holders of the parent for the year 2024 which was recorded at USD 20.76 million. The dividend was paid in Rupiah currency based on Bank Indonesia’s middle rate on May 16, 2025, which was IDR 16,535 per USD or equivalent to IDR 171.73 billion. Dividends were distributed to 383,331,363 shares or equivalent to IDR 448 per share and has been paid on June 12, 2025. The decision of this GSM has been stated in the Deed of Minutes of the Annual GSM No. 116 dated May 20, 2025 made by Notary Christina Dwi Utami, S.H., M.Hum., M.Kn.In the year 2025, based on the decision of the Company’s Directors Meeting No. 01178/0925/UIC-DIR dated September 8, 2025 which has been approved by the Board of Commissioners of the Company in decision No. 01179/0925/UIC-KOM dated September 26, 2025, it was decided that the Company will distribute interim dividends for the year 2025 amounted USD 5.01 million. The dividend was paid in Rupiah currency based on Bank Indonesia’s middle rate on September 8, 2025, which was IDR 16,438 per USD or equivalent to IDR 82.42 billion which was distributed to 383,331,363 shares or equivalent to IDR 215 per share. The interim dividend has been paid on October 21, 2025.-bt26-
Management Discussion and Analysis