Pinaco (PAC) spends 23 billion VND to pay interim dividend for the first period of 2023
Southern Battery Joint Stock Company - Pinaco (PAC) has just announced the first cash dividend payment plan for 2023. Accordingly, the dividend payment rate will be 5% in cash, equivalent to each share receiving 500 VND in dividends.
There are currently 46.5 million shares in circulation on the market, so Pinaco will need to spend about VND23 billion to pay cash dividends to shareholders. The last registration date is December 29, 2023, the expected dividend payment date is January 19, 2024.
Pinaco (PAC) reduces annual plan, still spends 23 billion VND to pay dividends (Photo TL)
Notably, Pinaco is currently a subsidiary of the Vietnam Chemical Group - Vinachem with a 51.43% ownership ratio. With this dividend payment plan, Vinachem is expected to receive about VND12 billion in dividends. Another major shareholder of the company, Furukawa Battery Co. Ltd, which also owns 10.54%, will receive VND2.5 billion in dividends.
In 2023, Pinaco aims to pay a dividend of 15%. Thus, the company is expected to pay an additional dividend of 10% in 2023.
Business decline, Pinaco must reduce annual plan
Regarding business performance, Pinaco recorded net revenue in the third quarter of VND672.8 billion, down 22% year-on-year. Of which, cost of goods sold accounted for VND577 billion. Gross profit reached VND95.7 billion, equivalent to a gross profit margin of 14.2%.
Financial revenue in the period was VND14.7 billion, a slight decrease compared to the same period. In return, financial expenses decreased sharply from VND33.8 billion in the same period to only VND22.2 billion. Of which, interest expenses accounted for VND14.5 billion.
Selling expenses and administrative expenses accounted for VND48.8 billion and VND13.4 billion, respectively. Pinaco's third-quarter after-tax profit reached VND21 billion, down 43.2% year-on-year.
Accumulated revenue of Pinaco in the first 9 months of the year reached 2,322 billion VND, down 15%. Profit after tax only reached 80.3 billion, down 40% compared to the same period. Due to poor business results, Pinaco has just approved the decision to reduce the annual plan to 3,600 billion VND in revenue and 145 billion VND in profit after tax.
With the new business plan, Pinaco has now completed 72% of its revenue plan and 71% of its annual profit plan. Thus, despite the reduction in the plan, Pinaco is still behind its original target.
Cash flow declines, short-term debt accounts for high proportion
In Pinaco's asset structure, it can be seen that the company has a relatively large source of cash and deposits. Of which, cash at the end of the third quarter recorded 96.2 billion VND, down 15.8% compared to the beginning of the year. The company still holds 505.9 billion VND in deposits.
Notably, the amount of receivables from customers increased sharply from 104.9 billion at the end of last year to 306.2 billion at the end of the third quarter. The amount of receivables increased but revenue during the year did not grow much, indicating that the company may be having problems in collecting debts from customers.
Regarding capital structure, liabilities account for VND1,450.5 billion. Most of which is short-term debt. The company currently has short-term debt of VND1,001.6 billion, equivalent to 42.4% of total assets. PAC's undistributed profit after tax is recorded at VND89.7 billion, down 38.8% compared to the beginning of the year.
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