Hoa Phat Group pays $100 million for dividends in September

09:07 | 28/07/2016
Steelmaker Hoa Phat Group (HPG) has declared a big dividend payout in September which is worth VND2.2 trillion (US$100 million), a move that shows the company's confidence in its bright business prospects this year.
Hoa Phat Group posts a revenue of VND15.4 trillion in the first sixth months. - File Photo

The steel making giant offers a 30-per-cent dividend for last year's profits, with 15 per cent to be paid in cash and another 15 per cent in shares. Payments would be made in the next two months, the company announced.

This decision was made right after the firm disclosed a surge in revenue and profits in the first half of this year on Tuesday.

Hoa Phat Group posted a revenue of VND15.4 trillion ($691 million) in the first six months, up 12.4 per cent over the same period of last year and a completion of 55 per cent of the firm's yearly plan. It earned a net profit of VND3.05 trillion ($137 million).

The steelmaker sold 785,000 million tonnes of steel during January-June, accounting for 20.5 per cent of the domestic market shares. Steel pipe sales reached 211,000 tonnes.

The company reported a net profit of more than VND3.5 trillion ($157 million). Its undistributed profits have accrued VND5.5 trillion ($247 million) by the end of 2015.

Hoa Phat Group is among top 10 listed companies on the HCM Stock Exchange with a capitalisation of over $1.4 billion. After the issue of nearly 110 million shares to pay dividends in September, its charter capital will touch VND8.43 trillion ($378 million).

Along with rises in global steel prices, its share price has climbed almost 48 per cent since the beginning of the year, hitting VNDD43,200 ($1.94) a share on July 27.

The decision to impose anti-dumping tax on certain stainless steel product imported from China, Malaysia, Indonesia and Taiwan by the Ministry of Industry and Trade in May is considered a big support to domestic steel makers as well as shares of listed steel companies in the future.

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