Dividend Payout Policy Trend Analysis of PT Perusahaan Gas Negara (Persero) Tbk for the 2021–2025 Period
DOI:
https://doi.org/10.3333/yt8vvb33Keywords:
Dividend Per Share, Dividend Payout Ratio, Earning Per Share, Dividend Policy, State Owned EnterpriseAbstract
This study aims to analyze the relationship between Earnings Per Share (EPS) and Dividends Per Share (DPS) in relation to the Dividend Payout Ratio (DPR) in order to identify the dividend policy adopted by PT Perusahaan Gas Negara (Persero) Tbk. The analysis is conducted by examining time-series trends over a five-year period from 2021 to 2025. The study utilizes secondary data obtained from the company’s official financial reports available on its official website, www.pgn.co.id. A trend analysis method is employed to assess the extent to which the company's dividend distribution practices align with the four dividend policy alternatives proposed in financial theory. The findings indicate that the company follows a Constant Payout Ratio Policy, whereby dividends are distributed at a relatively stable percentage of earnings per share (EPS), with a payout ratio of approximately 80%. Although this attractive level of dividend certainty is generally sufficient to retain long-term investors, particularly retail investors, the company must remain cautious regarding its investment and business expansion requirements. A consistently high DPR should not diminish the company’s ability to finance long-term growth through retained earnings. Otherwise, it may adversely affect cash flow management and capital expenditure spending. This consideration is particularly important for energy companies, which are characterized by substantial capital expenditure requirements and whose operations are heavily influenced by global energy prices and the need for long-term infrastructure investments
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