Southern Seed (SSC) first quarter profit decreased by 77%, interim dividend payment of 15%

Southern Seed Corporation (Code SSC) has just announced the closing of the right to pay the first cash dividend of 2022 at a rate of 15%. The ex-right date is June 27, 2023. Correspondingly, each shareholder owning 01 share will receive a dividend of VND 1,500.

Thus, with 13.2 million shares in circulation and 1.7 million treasury shares, it is expected that Southern Seed will have to spend about 20 billion VND to pay dividends.

Southern Seed Corporation's (SSC) first quarter profit decreased by 77% (Photo TL)

Regarding business performance, in the first quarter of 2023, Southern Seeds recorded revenue of VND 52 billion, an increase of 18% over the same period. However, due to high cost of goods sold, the company's gross profit only reached nearly VND 13 billion, and after-tax profit reached VND 5 billion, down nearly half compared to the same period.

Comparing over the past year, it can be seen that the company's revenue and profit are both on the decline. From the second quarter of 2022 to now, SSC's revenue has decreased from 140 billion VND to 52 billion VND, and after-tax profit has also decreased from 22 billion VND to only nearly 5 billion VND, equivalent to a decrease of 77%.

The company's total assets at the end of the first quarter of 2023 reached VND 526 billion. Of which, liabilities accounted for only VND 142 billion, showing that the company has not really made good use of financial leverage.

In the shareholder structure of SSC, as of the end of March 2023, the largest shareholder is Vietnam Seed Group Corporation (Code NSC) with 12.8 million shares, equivalent to 96.41%. Thus, with the issuance plan mentioned above, NSC is expected to receive about 19 billion VND in dividends from SSC.

Source: https://www.congluan.vn/giong-cay-trong-mien-nam-ssc-loi-nhuan-quy-1-giam-77-tam-ung-co-tuc-15-post252021.html