Duc Thanh Wood (GDT) profit decreased by 56%, spent nearly 22 billion VND to pay dividends

Duc Thanh Wood (GDT) spends 22 billion VND to pay dividends

Duc Thanh Wood Processing JSC (code GDT) has just announced the record date for shareholders to receive the first interim cash dividend payment in 2023. The dividend payment rate will be 10%, equivalent to each shareholder owning 1 share will receive a cash dividend of 1,000 VND.

Currently, there are 21.5 million GDT shares in circulation on the market. Thus, Duc Thanh Wood Processing will have to spend 21.5 billion VND to pay dividends to shareholders. The expected payment date is January 26, 2024.

Go Duc Thanh GDT profit decreased by 56% but only had to pay nearly 22 billion dong to have a profit of 1 — Duc Thanh Wood (GDT) recorded a 56% decrease in Q3 profit (Photo TL)

Regarding the 2023 dividend payment rate, at the 2023 GDT annual general meeting of shareholders held in March 2023, the General Meeting of Shareholders approved the expected dividend payment rate of 30%. Thus, GDT will be able to pay an additional dividend of 20%.

In addition, in December 2023, GDT also announced the results of the private share offering. In which, the company sold 311,500 shares to 26 investors, accounting for 29% of the total number of shares offered. The offering price was VND 20,000/share, with a transfer restriction of 3 years. Thus, the amount that Duc Thanh Wood received from the offering was more than VND 6.2 billion.

9-month profit down 56%

Regarding the business situation, in the third quarter of 2023, GDT's net revenue brought in 69.8 billion VND. Of which, the cost of goods sold was 48.4 billion VND, gross profit reached 21.4 billion VND. Profit after tax recorded in the third quarter reached 8.2 billion VND.

In the first 9 months of the year, Duc Thanh Wood recorded net revenue of VND222.1 billion, down 26.5% over the same period. Gross profit decreased to only VND64.5 billion, equivalent to a decrease of 38.3%.

Financial revenue was recorded at VND7.8 billion, down 35% year-on-year. Sales expenses and administrative expenses accounted for VND12.5 billion and VND21.1 billion, respectively. After deducting all expenses, Duc Thanh Wood recorded a net profit of VND29.7 billion, down 56% year-on-year.

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