State-owned cement producer PT Semen Indonesia (SIG) has appointed Indrieffouny Indra as its new President Director, while approving a substantial dividend payout of up to Rp648.75 billion (about US$40 million) from the company’s 2024 net income during its Annual General Meeting of Shareholders (AGMS) on Friday, May 23, 2025.

The shareholders approved the allocation of Rp719.76 billion in 2024 net profit attributable to the parent entity, designating 90.13 percent (Rp648.75 billion) for cash dividends and 9.87 percent (Rp71.02 billion) as other reserves. The dividend decision reflects the company’s commitment to delivering consistent returns to shareholders, while maintaining a sound capital structure amid a volatile market environment.

“SIG managed to sustain its performance throughout 2024, despite industry headwinds such as oversupply, weakening purchasing power, and sluggish infrastructure development,” SIG Corporate Secretary, Vita Mahreyni, said as quoted in a statement.

“We applied a micro-market strategy to retain our retail market dominance and infrastructure project leadership, supported by efficiency programs and sustainability initiatives,” she added.

Expansion

The AGMS also approved SIG’s plan to commercialize precision interlock bricks, a low-carbon, earthquake-resistant building solution derived from green cement. This new business segment, already deemed feasible by an independent evaluator, aligns with the government’s 3 million affordable homes initiative and SIG’s efforts to revitalize the construction materials sector.

“The introduction of this product will enhance SIG’s competitiveness and long-term performance, reinforcing our value proposition to shareholders,” Vita cited.

The meeting also ratified massive changes in SIG leadership:

Outgoing Executives: Budi Waseso (President Commissioner), Sony Subrata, Yustinus Prastowo (Commissioners), Donny Arsal (President Director), Yosviandri (Director of Supply Chain), Agung Wiharto (Director of HR and General Affairs), and Subhan (Director of Business and Marketing)

Newly Appointed Executives: President Commissioner and Independent Commissioner, Sigit Widyawan

Commissioners: Christina Aryani, Satya Bhakti Parikesit, Agung Budi Mulyanto (Independent), among others

President Director: Indrieffouny Indra

Vice President Director: Andriano Hosny Panangian

Directors: Dicky Saelan (Sales and Marketing), Dennis Pratistha (Business Development and Strategy), Sigit Prastowo (Finance and Risk), Hadi Setiadi (Human Capital), and Reni Wulandari (Operations)

SIG also revised its board structure by renaming several director positions and creating a Vice President Director role.

Background

Indrieffouny Indra, known as name Arif, born in Sawahlunto, West Sumatra, in 1967, earned his mechanical engineering degree from Sriwijaya University in 1991. A longtime figure in SIG's ecosystem, Indrieffouny previously served as President Director of PT Semen Padang and as Independent Commissioner at PT Wijaya Karya Beton.

Meanwhile, Sigit Widyawan, the newly appointed President Commissioner. Sigit is the brother-in-law of the 7th president, Joko “Jokowi” Widodo.

Sigit brings with him extensive experience in finance and state-owned enterprises, having held commissioner roles at BNI and Jasa Marga. His educational background includes a bachelor's degree in economics from Sebelas Maret University and a master’s degree in accounting from the University of Indonesia.