Vietnam Engine and Agricultural Machinery Corporation - JSC (VEAM, code VEA) has just announced a resolution to pay dividends for 2022 at a rate of 41.869% (each share will receive 4,186.9 VND). The record date for the last registered shareholders to receive dividends is November 20. The expected payment date for this dividend is December 20.
With 1.33 billion shares outstanding, VEAM plans to spend nearly VND5,570 billion on this dividend payment.
According to the shareholder list, the Ministry of Industry and Trade is holding 1.175 billion shares, accounting for 88.47%. Thus, the Ministry of Industry and Trade will receive more than VND4,900 billion in dividends from VEAM.
According to the parent company's separate financial report in the third quarter of 2023, VEAM's profit after corporate income tax reached VND 1,116 billion, an increase of 31% over the same period due to financial revenue including dividends, profits distributed from capital-contributing units, and interest on deposits.
Accumulated profit after corporate income tax in the first 9 months of the year reached VND7,743 billion, up 33%. Of which, the profit of more than VND1,929 billion was recorded from dividends, profits distributed from units with capital contributions, and interest on deposits.
VEAM is a business operating mainly in the fields of automobile manufacturing, assembly and trading, trading, and investing capital in businesses operating in the fields of engines and agriculture, supporting industries, and automobiles and motorbikes. The group of 4 companies with large revenue contributing 80% to VEAM are Disoco, Sveam, Futu1, and Fomeco.
VEAM pays cash dividends at a rate of 40 - 50%/year. With a large number of shares held, the Ministry of Industry and Trade receives thousands of billions of VND in dividends each year from VEAM.
In 2023, VEAM sets the parent company's revenue target at VND1,187 billion, more than double that of 2022. After-tax profit increased slightly by 1% to VND5,694 billion.
On the stock market, VEA shares increased in price for two consecutive sessions and closed on November 3 at VND 37,400/share.
Recently, many leaders and former leaders of VEAM have been prosecuted and sentenced for violations. In September 2023, Mr. Ho Manh Tuan, who held the position of Deputy General Director, was prosecuted. In early October, former director Mr. Nguyen Thanh Giang continued to be prosecuted.
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