Hoa Phat Group to pay 30% dividend

14:55 | 12/08/2016
Steelmaker Hoa Phat Group (HPG) will pay the dividend for 2015, half in cash and half in shares, on September 14.
Hoa Phat reports a net profit of more than VND3.5 trillion by the end of 2015.- Photo cafe.vn

Shareholders should register for the dividend by August 26, the Viet Nam Depository Centre said.

On August 12, each of the nearly 733 million HPG shares was listed at VND46,600 on the HCM Stock Exchange. Thus, apart from the issuance of 110 million new shares for the dividend, HPG will pay more than VND1 trillion in cash.

In the first half of the year, HPG saw a surge in revenue and profits, announcing a 12.4 per cent higher revenue of VND15.4 trillion (US$691 million) and net profit of VND3.05 trillion.

During the period, HPG sold 785,000 million tonnes of steel, accounting for 20.5 per cent of the domestic market share. Steel pipe sales reached 211,000 tonnes.

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

With capitalisation of more than VND33.7 trillion, the Hoa Phat Group was among the 10 largest listed firms on the HCM Stock Exchange. After the additional issue of nearly 110 million shares for dividends, its charter capital will touch VND8.43 trillion.

Along with increase 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.

According to the group, the decision to impose an anti-dumping tax on certain stainless steel products imported from China, Malaysia, Indonesia and Taiwan by the industry and trade ministry in May would be a huge boost for domestic steel makers as well as the shares of listed steel companies in the future.

VNS

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