Due to concerns about cash flow, Southern Battery Joint Stock Company - Pinaco (PAC) has suddenly changed the time to pay the first dividend in 2023. Specifically, the record date for shareholders receiving dividends will be adjusted from December 29, 2023 to February 1, 2024. The payment time will be moved from January 19, 2024 to February 28, 2024.
The reason given by Pinaco is to balance cash flow for production and business. According to the dividend advance plan for shareholders previously announced, Pinaco will advance a dividend of 5%, corresponding to each shareholder owning 1 share will receive 500 VND in dividends.
Pinaco (PAC) both profit and revenue decreased, had to adjust dividend payment plan (Photo TL)
In another development, Saigon 3 Jean Company Limited, an organization related to Mr. Nguyen Quoc Viet, a member of the Board of Directors at Pinaco, recently announced the purchase of 3 million PAC shares. The transaction period is from December 14, 2023 to December 15, 2023.
After the above transaction, the number of PAC shares held by Saigon 3 Jean will increase from 0 to 3 million shares, equivalent to 6.46% of charter capital. With this share ratio, Saigon Jean 3 has become a major shareholder of PAC.
Regarding the business situation, in the third quarter of 2023, Pinaco recorded net revenue of VND 672.8 billion, down 22% compared to the same period last year. The reason given by the company was due to a decrease in battery sales revenue. Gross profit brought in VND 95.7 billion, equivalent to a gross profit margin of about 14.2%.
The company's after-tax profit reached VND80.3 billion, down 49% compared to the same period last year. Compared to the business target set at the beginning of the year, PAC has only completed 71% of the annual profit target and is behind schedule.
Another notable thing is that the company still did not achieve its set target despite adjusting its business target down, with revenue down to VND3,600 billion and pre-tax profit down to VND145 billion.
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