CITA Booked Rp 4.34 Trillion Net Earnings in 2020
Jakarta, April 21, 2021 – PT Cita Mineral Investindo Tbk (“CITA”), a publicly listed company in the field of Bauxite mining and the first producer of Smelter Grade Alumina (SGA) in Indonesia through its associated entity PT Well Harvest Winning Alumina Refinery (“WHW”), recorded positive performance in 2020, despite being impacted by the Covid-19 pandemic. Throughout 2020 CITA booked a net earning of Rp 4.34 trillion. This realization is a 11.55% increase compared to CITA’s net earnings in 2019 of only Rp 3.89 trillion.
Yusak Lumba Pardede, as the Director of CITA divulged that, despite being impacted by the Covid-19 pandemic, all through 2020 CITA has managed to strengthen the financial position of the Company. This is demonstrated by the increase in equity value and significant decrease of liability components.
“The Company is optimistic about its 2021 performance with the recovering global economy bringing positive impact to commodity prices, and the still relatively high demand for Metallurgical Grade Bauxite (MGB) especially for the export market. It is also still possible for The Company and WHW to expand their market share and diversify sale of SGA and MGB, to gain promising sales expansion opportunities.”
In 2020, CITA managed to sell 7.95 million DMT MGB where 85.49% of it or around 6.79 million DMT were export sales and the remaining 1.16 million DMT was sold domestically to the associated entity WHW. The number of sales volumes increased 8.37% compared to 2019. Meanwhil SGA sales volume has been stable at around 1.06 million tons from 2019. The Company also received export quotas from the Government which were 4.03 million tons on April 2020 and 4.26 milllion tons on October 2020 which would be valid for 1 year until 2021.
Yusak continued, “The Company’s performance this year is also expected to increase in line with the plans to build the second phase of the SGA refinery facility which will increase the Company’s local sales capacity.
Hidayat Sugiarto, Deputy Finance and Accounting Department Head of WHW emphasized, with the improving conditions for mobility at the end of 2020, it is expected that the second phase of the WHW refinery facility to be completed by the end of 2021 at the latest. Upon its completion and reaching optimum production, WHW will be able to increase its production capacity to two million tons of SGA per year.”
Aside from recording positive performance, CITA recently held its Annual General Meeting of Stakeholders (AGMS) for the 2020 fiscal year which was held today in Jakarta. In the AGMS the Company has decided to distribute at total of Rp 360.39 billion of dividend from the 2020 net profit which was recorded as Rp 649.92 billion.
Yusak adds, “At this year’s AGMS the management has received approval to distribute dividends from the 2020 net profit at Rp 91 per share. This is a gesture of our appreciation to shareholders for their support and we will strive to continue this gesture in the future.” Yusak concluded.