12 June 2024
Metland Holds AGM and EGM 2024
PT Metropolitan Land Tbk (Metland) held its Annual General Meeting of Shareholders (AGMS) and Extraordinary General Meeting of Shareholders (EGMS) (12/6) to report on the fiscal year ending December 31, 2023. The Board of Directors and Board of Commissioners also received a release and discharge (acquit et decharge) for their management and supervisory actions, as long as those actions are reflected in the Annual Report for the 2023 financial year.
Metland's AGMS & EGMS for the financial year 2023 was attended by the Company's Board of Commissioners and Board of Directors and included four AGMS agendas, namely, approval of the annual report including ratification of the financial statements and supervisory duty report of the Board of Commissioners for the financial year 2023, determination of the use of the Company's net profit for the financial year 2023, appointment of a public accountant to audit the financial statements for the financial year 2024; determination of salary, honorarium and other benefits for members of the Board of Commissioners and Board of Directors and confirmation of the composition of the Board of Directors.
While the Company's EGMS includes three agendas, namely, confirmation and restatement of the composition of the Company's shareholders, approval of the change in the type of Company from foreign investment to domestic investment and approval of amendments to article 17 paragraph 5 of the Company's articles of association in order to adjust the Financial Services Authority Regulation (POKJ) Number 14 / POJK.04 / 2022 concerning the submission of periodic financial reports of Issuers or Public Companies.
The AGMS approved approximately 20% of net profit or Rp83.52 billion, or Rp10.91 per share to be distributed as cash dividends to 7,655,126,330 shareholders in accordance with applicable laws and regulations. Funds were allocated as reserves amounting to Rp2 billion. While the rest was recorded as retained earnings to increase the Company's working capital.
In fiscal year 2023, the Company earned a net profit of Rp418 billion. The total value of the Company's revenue throughout 2023 amounted to Rp1,705 billion or grew 23.12% compared to the revenue in 2022 recorded by the Company of Rp1,385 billion. The increase in revenue was due to an increase in property sales of Rp1,190 billion, up 28.3% compared to Rp928 billion. All of the Company's projects contributed with: 70% from residential property sales business and strata title property sales, 30% from recurring income consisting of shopping center rental, hotel operations, recreation center operations and other income.
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