Heaptalk, Jakarta — PT Cilacap Samudera Fishing Industry Tbk (ASHA) held an Annual General Meeting of Shareholders (RUPST) at Mandiri Tower, South Jakarta, on Friday (29/07). According to the annual report ending on 31 December 2021, William Sutioso, President Director of ASHA, revealed that ASHA had improved financial ratios in 2021 which was recorded at 1.05 compared to 2020 which attained 0.53.
Likewise, the debt to equity ratio (DER) demonstrates an improvement in 2021, from 0.43 in 2020 to 0.82 in 2021. The improvement of DER indicates the good company’s financial health as the amount of debt or the company’s obligation to pay off debts decreased from the previous year. The debt to asset ratio (DAR) also demonstrates positive progress, marked by 0.30 in 2021 compared to 0.45 in 2020. DAR value shows the extent to which debt can be covered by assets.
During the meeting, several critical points have been decided, one of which is the shareholders have approved the date for the annual report ending, namely on 31 December 2021. The shareholders also agreed that the Company does not distribute dividend distribution for the financial year ending on 31 December 2021. ASHA is going to use the retained earnings in 2021 for additional working capital.
On 27 May 2022, ASHA held Initial Public Offering (IPO). At the Annual General Meeting of Shareholders, PT Cilacap Samudera Fishing Industry Tbk reported the result of the IPO funds until 30 June 2022. Currently, the remaining IPO funds are Rp40,220,026,908 which will be utilized further.
According to the newest issue, the Marine and Fisheries Ministry announced the application of a measured fishing policy that will be piloted in August 2022. The policy regulates fishermen to record all catches upon arrival at the port. ASHA is ready to face the implementation of the quota as it has submitted the quota application letter in March 2022. With partnerships established with fishermen, the Entity will be able to fix and control upstream.
The other challenges faced by the current fishing industry are the high price of fuel and the uncertain seasons that impede fishermen from sailing. Further, these conditions lead to the supply rarity. However, ASHA claimed that these current issues do not affect the Company’s operation.
ASHA’s business activities continue to run normally, as previously indicated by the fishermen still at sea. This situation is a great opportunity since ASHA can buy fish from fishermen. This strong bond is expected to increase the switching costs of fishermen and build a good ecosystem in fisheries with strong associations. Hence the associations will have strong bargaining on government policies as of developed countries.
Although the current condition is conducive and favorable, particularly to the Company, building a fishing industry is ASHA’s main goal. One of the steps taken by ASHA is to improve the ability of fishermen through a school built on Lombok Island, West Nusa Tenggara Province.
Business transformation in ASHA is carried out with a focus on leading to partnerships to ensure supply. The Company develops platforms such as providing cold chains and improving upstream facilities. With 40 years of experience in the fisheries industry plus the role as an integrated fisheries company from upstream to downstream, all ingredients are readily available in ASHA’s business transformation.
