PT Fore Kopi Indonesia Tbk (FORE) has decided not to distribute dividends for the fiscal year 2024, despite recording a 4,900% surge in profit throughout the year, reaching IDR 58.2 billion.

FORE’s Director of Strategy and Corporate Development, Mohammad Fahmi, explained that the company is currently prioritizing strengthening its equity position before eventually disbursing dividends to shareholders.

"We are in the process of building a stronger equity base, and we are also working to improve our retained earnings. This is due to regulations requiring us to meet certain thresholds by a specific period. So, we must first achieve those targets before we are able to pay dividends," Fahmi told reporters, quoted on Sunday (June 29, 2025).

At the same time, FORE's Investor Relations officer, Robertus Hardy, noted that the management believes the company’s equity in fiscal year 2024 is still not robust enough to support dividend distribution.

"Although our net profit turned positive in 2024, all of it still needs to be allocated to increase retained earnings. Once it’s solid enough, we may also begin accumulating statutory reserves," said Robertus.

Based on the 2024 financial report, FORE recorded a profit growth of 4,750% to IDR 58.2 billion, compared to just IDR 1.1 billion in 2023. In terms of top line performance, FORE saw a 115% increase in sales during 2024, reaching IDR 482.1 billion, compared to the previous year’s IDR 1.03 trillion.

FORE's total sales in 2024 were mainly driven by beverage sales totaling IDR 1.1 trillion, followed by the food sales segment with IDR 109.1 billion, and other revenues amounting to IDR 4.69 billion. Meanwhile, sales discounts and other reductions were recorded at IDR 175.4 billion.

FORE's cost of goods sold also rose significantly by 124.4% year-on-year to IDR 403.7 billion, up from IDR 179.8 billion the previous year. This comprised IDR 343 billion in food and beverage inventory costs and IDR 60.7 billion in direct and indirect expenses.

Following the increase in profits, FORE’s total assets also grew by 88.7% by the end of December 2024, reaching IDR 640.7 billion, compared to IDR 339.4 billion at the end of 2023.

The company's liabilities also rose in 2024, totaling IDR 387.6 billion, consisting of IDR 273.3 billion in short-term liabilities and IDR 114.3 billion in long-term liabilities. Meanwhile, its equity rose year-on-year to IDR 253.1 billion from IDR 77.4 billion at the end of 2023.