BDNI Capital expects robust growth

JAKARTA (JP): The publicly listed PT BDNI Capital Corporation expects a 180.3 percent rise in its consolidated net profit this year to Rp 185 billion (US$75.81 million) from Rp 66.01 billion last year.

BDNI Capital's president, Sujitno Siswowidagdo, said yesterday he was optimistic that the targeted amount would be achieved because of the expected profit increase of its recently acquired subsidiary, Bank Dagang Nasional Indonesia (BDNI).

"Last year our net profit rose by 123.3 percent from Rp 29.56 billion in 1995, and a large part of it came from only a month's contribution from BDNI," Sujitno said after the company's joint annual and extraordinary shareholders meeting.

He said BDNI Capital, a financial services holding company for the Gajah Tunggal Group, had already booked Rp 61 billion in consolidated net profit during the first quarter of this year.

"The amount is already almost as high as last year's net profit," he said. Most of the increase came from the banking sector, namely BDNI, he added.

Last year BDNI Capital bought a 51.8 percent stake in Bank Dagang Nasional Indonesia, thus making the bank the ninth company whose majority stake is owned by BDNI Capital.

The acquisition raised the company's assets to Rp 17.63 trillion last year from Rp 770.1 billion in 1995, he said.

The company's equity also jumped by 289.9 percent last year to Rp 1.05 trillion, he said.

Sujitno said the equity rise came from an increase in the company's paid-up capital to Rp 720.72 billion from Rp 160.16 billion, some of which came from the proceeds of its third rights issue last year, he said.

Its shareholders approved yesterday to distribute a dividend of Rp 36.03 billion or 54.6 percent of its net profit. Shareholders are to receive Rp 50 per share.

Separately Asuransi Dayin Mitra, an insurance arm of the company, announced yesterday it booked Rp 12.33 billion in net profit last year, up 48.1 percent from Rp 8.33 billion in 1995.

Dayin said its premium income rose to Rp 18.86 billion last year from Rp 14.52 billion in the previous year.

Dayin's shareholders agreed yesterday to distribute Rp 2.70 billion, or Rp 135 a share, in dividends.

At both companies' meetings, shareholders also agreed on the proposals to split the nominal price of their companies' shares to Rp 500 from Rp 1,000.

The stock split would double the number of BDNI Corp's shares to 1.44 billion shares and Dayin Mitra's to 40 million shares. (das)