EXCL - AGM agrees to disburse IDR551.7 bn in dividends

Annual AGM of XL Axiata (EXCL) has approved dividend disbursement amounting IDR551.7 bn for 2022 or IDR42/ share. The figure is equal to 50% of EXCL’s net profit last year. (Source : Kontan) Comment : EXCL’s dividend to net profit ratio is same as last year. Management’s policy on dividend seems to convey confidence about its profit stability. We believe that dividend amount will not disrupt EXCL’s planned capex that earmarked at IDR8 tn, lower yoy.