On May 3, 2019, PT Bekasi Fajar Industrial Estate Tbk ("BeFa") convened an Annual General Meeting of Shareholders and an Extraordinary General Meeting of Shareholders at the MM2100 Bekasi Office. On the same occasion, the Company also held a Public Expose.
One of the results of the AGMS was the approval of a cash dividend of Rp 84,413,972,563 or Rp 8.75 per share with a dividend payout ratio of 20%. In addition, the AGMS also approved the appointment of the Company's management with a four-year term so that the composition of the Company's management become as follows:
President Commissioner and Independent Commissioner : Marzuki Usman
Vice President Commissioner : The Nicholas
Independent Commissioner : Herbudianto
Independent Commissioner : Wahyu Hidayat
Commissioner : Hartono
President Director : Yoshihiro Kobi
Vice President Director : Leo Yulianto Sutedja
Director : Wijaya Surya
Director : Daishi Asano
Director : Swan Mie Rudy Tanardi
During 2018, BeFa achieved the industrial land sales of 35 hectares in line with the 2018 target of 35-45 hectares. For 2019, the Company expects the growth of land sales to be 40 hectares. The company has not added the sales of industrial land in the first quarter of 2019 but targets to book more land sales, especially in the second semester of 2019.
In terms of finance, in 2018 the Company recorded a total revenue of Rp 963 billion, slightly decreasing compared to 2017 at Rp. 1 trillion, mainly due to the effect of the decline in industrial land sales in 2018.
For 2019, the Company targets 10-15% sales growth while maintaining an EBITDA margin of around 60% and a net profit margin of 40-50%. In the first quarter of 2019, the Company increased sales to Rp 247 billion, stabile EBITDA of Rp 127 billion and net profit of Rp 95 billion.
BeFa will continue to focus on the industrial estate business. Especially in MM2100 Bekasi area, BeFa will continue the development, including to develop the facilities and utilize the surrounding infrastructure development to increase its industrial estate value. As it is known, MM210 area will be passed by the JORR II Cibitung - Cilincing and the residents of the area will benefit from such additional access and connectivity in MM2100. In addition, MM2100 area will also benefit from the Jakarta-Cikampek flyover, the Jakarta-South Cikampek toll road, the Tanjung Priok expansion project and the construction of the Patimban Port.
To respond the industrial estate needs and as a sustainable growth strategy, BeFa will still follow up its plan to open a new industrial estate area with due observance to the prudential principle.