Next we will look into retained earnings. Total equity of ACES is around Rp 5.9 T as of 2022. And inside of those equity, there is only 171 M + 440 M = Rp 611 M capital. So, it means (5.9 T - 611 M) Rp 5,3 T which is 90% comes from profit that has been collected for a period of time. Dividend is excluded from those numbers. If we count dividend as well, the result will be much higher.

Every Rp 1 become Rp 9.6 (dividend excluded). Or their capital has increased 965% from their inital capital.

ACES' profit on full year 2022 is Rp 705 M. This number is even already higher than their initial capital Rp 611 M.