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Chemical firm DPM to pay 30% dividend

The Saigon Times

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HCMC – Petrovietnam Fertilizer & Chemicals Corporation has announced to pay a 30% cash dividend to shareholders as it closes its books for the second tranche of dividend payment for 2022.

The company, which trades its shares on the Hochiminh Stock Exchange under the code DPM, will pay its shareholders VND3,000 per share.

With a total of over 391 million shares in circulation, the dividend payout will amount to around VND1.2 trillion. The company has set August 31 as the expected dividend payment date.

In a prior instance at the end of March 2023, DPM paid a dividend of 40% in cash for the first tranche for 2022. This cumulative dividend distribution for the year 2022 across both tranches now stands at 70%, surpassing the original plan of 50% as endorsed at an extraordinary general meeting in December 2022.

The firm attributed the substantial dividend distribution to its robust financial performance in 2022. The company recorded a post-tax profit of nearly VND5.6 trillion, up 45% year-on-year.

However, its recent business operations show some declines. At the end of the second quarter this year, DPM reported revenue of VND3.7 trillion, down a steep 26% over the same period last year.

Its net profit plummeted by 92% versus the second quarter of 2022 to a mere VND101 billion. These results were largely influenced by decreased revenue and increased cost of goods sold.

In the first half of 2023, the firm’s net revenue reached nearly VND7 trillion, dipping 35.7% compared to the same period last year. Its post-tax profit from January to June was VND367.5 billion, a year-on-year plunge of 89.39%.

Its DPM shares extended its winning streak to the fourth straight session with a 1.22% rise to VND41,500 per share today, August 15, with a trading volume of 2.7 million shares.

With 232 winners and 221 losers, the VN-Index of the Hochiminh Stock Exchange edged down 2.73 points, or 0.23%, to 1,234.05 points.

Trading volume and value slip 18% day-on-day to over 912 million shares and VND19.2 trillion, with 61.7 million shares being transacted in block deals contributing VND1.5 trillion to the overall value.

Vingroup’s VIC and VRE shares were in the spotlight among the bluechips. Strong profit-taking pressure sent VIC down 3.5% to VND70,700 per share and VRE inched up 3.3% to VND31,300 per share.

The VN30 basket closed the day with 11 stocks rising and 17 others dipping, causing the VN30-Index to slide by 2.19 points to 1,241.24 points.

Notable price shifts were observed among other bluechip stocks. MSN, VPB, VHM, CTG, VJC, TPB and BVH made gains, whereas HPG, VNM, ACB, SSI, PLX, GAS, VCB, MBB and SHB stayed at their reference prices.

Housing developer NVL took the lead on the southern market with a matching volume of 49.3 million shares, but finished the day down 2.4% to VND20,750 per share.

On the other hand, the Hanoi Stock Exchange reported 98 advancers and 94 decliners at the close, leading to a positive shift for the HNX-Index by 1.01 points, or 0.4%, to reach 251.45 points.

There were 132.8 million shares worth more than VND2.1 trillion matched on the northern market.

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