Annual General Meeting of Shareholders and Extraordinary General Meeting of Shareholders PT MD PICTURES Tbk
Jakarta, May 7, 2019. PT MD Pictures Tbk (IDX: FILM) holds an Annual General Meeting of Shareholders (AGMS) and Extraordinary Annual General Meeting of Shareholders (EGMS).
The AGMS includes approving the annual report, the use of funds from the initial public offering, the use of profits, the appointment of the Public Accountant and the Public Accountant Office and validating the honorarium for the Board of Commissioners and the Board of Directors.
In the AGMS, the Company’s performance was discussed where 2018 was a prosperous year for PT MD Pictures Tbk recording total revenues were Rp293.9 billion, up 91.2% year-on-year and divided into four streams, with the greatest contributors being widescreen and digital revenues. Gross Profit of Rp221.5 billion, an increase of 106.3% year-on-year ensuing Net Profits of Rp109.1 billion, rising 79.1% year-on-year. In total, FILM released 11 movies including Danur 2 and Asih, with almost 10 million viewers, for all movies
Total assets and equity greatly increased while liabilities decreased in comparison with 2017. Total assets increased by 585.7% yoy, from Rp201.3 billion to Rp1.4 trillion. Liabilities decreased from Rp55.1 billion to 36,9 billion a decrease of 32.9% yoy. Equity also increased from Rp146.3 billion to Rp1.3 trillion an increase of 818.4% yoy.
Meanwhile, the EGMS approved the change in the plan to use funds from the Initial Public Offering (IPO), which will be used for the working capital of the Company and investments in Studio 7, PT Mixx Entertainment and PT Paw Pic Indonesia. Studio 7 is a subsidiary of the Company, PT Mixx Entertainment is a joint venture with international corporations and PT Paw Pic Indonesia is a local joint venture.
“With this being the first AGMS as a publicly listed company, 2018 was a monumental year for PT MD Pictures Tbk. We would like to thank all our shareholders and stakeholders for their dedication and support shown towards FILM. With our commitment as one of the leading Indonesian film companies within the industry, producing a wide range of movies produced locally which we are proud to say as ‘karya anak bangsa’. Our strong financial result in 2018 shows our dedication to continuously produce box office hits that not only entertain but also enhance the community. We are dedicated to build on our continued success in 2019” said Manoj Punjabi, FILM President Director.
The Company was represented by the Board of Commissioners, Dhamoo Punjabi as President Commissioner, Sanjeva Advani as Commissioner and Bachtiar Effendi as Independent Commissioner, and Board of Directors namely Manoj Punjabi as President Director, Directors Shania Punjabi, Venkatachari Soundararajan and Sanjay Mulani as Independent Director.