INOV Distributes 59,89% Profit for Dividends

PT Inocycle
Technology Group Tbk (“INOV”), as the only public company that recycles plastic bottle waste into recycled fiber, namely Recycled Polyester Staple Fiber (Re-PSF), distributed net profit from the 2019 financial year of IDR 13.5 billion or 59,89% as dividends to INOV shareholders. This is the result of the Annual General Meeting of Shareholders (AGMS) which was held on Wednesday, August 19, 2020, in Tangerang. INOV Director, Victor Choi said, “One of the results of the AGMS was to approve the use of INOV's net profit for the 2019 financial year
amounting to IDR13.5 billion or IDR7.50 per share as dividends to INOV shareholders. This is the first year INOV has held an AGMS and at the same time has distributed cash dividends to holders
shares after being officially listed on the Indonesia Stock Exchange last year. We hope that INOV's performance can continue to grow and continue to provide brilliant performance for shareholders and stakeholders. "
The AGMS also approved changes to INOV's board of directors by honorably dismissing Yang Seung Koo from the position of Director of INOV. So that the composition of the Board of Directors after the AGMS is President Director JaeHyuk Choi, Director Yoon Chong Hyun, Director WonHyuk Choi, Director Victor Choi, and Director Suhendra Setiadi. Meanwhile, the composition of the permanent Board of Commissioners is President Commissioner Jung Hyo Choi and Independent Commissioner Widhyawan Prawiraatmadja.

In the midst of the Covid-19 outbreak, INOV's performance in the first semester of 2020 was relatively stable, recording an income of Rp.235.2 billion, or corrected by 1% from the same period in the previous year. This is due to pressure from the global economy due to the pandemic, especially in the second quarter of 2020, which at the same time resulted in a decrease in net income so that INOV suffered losses due to foreign exchange differences.

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