Vinh Son - Song Hinh Hydropower (VSH) advances 30% dividend
Vinh Son - Song Hinh Hydropower Joint Stock Company (code VSH) has just announced that it will close the list of interim cash dividends for 2023 at a rate of 30%. Accordingly, each shareholder owning 1 share will receive 3,000 VND in dividends.
The payment period will be divided into 3 installments, of which the first installment will be on January 31, 2024 at a rate of 10%. The second installment will be paid on March 22, 2024 at a rate of 20%.
Vinh Son - Song Hinh Hydropower Plant (VSH) has seen a decline in both revenue and profit, but still paid a 30% dividend (Photo TL)
In previous years, Vinh Son Song Hinh Power Plant regularly paid dividends at the rate of 5-10%. By 2023, the company began paying dividends at a relatively high rate, totaling up to 30%. At the 2023 Annual General Meeting of Shareholders, VSH had approved a plan to pay dividends at the rate of 20%.
Although paying a relatively high dividend rate, Vinh Son - Song Hinh Hydropower recently had to approve a short-term loan of VND350 billion from Refrigeration Electrical Engineering Corporation (Code REE) to pay off a long-term debt of Ho Chi Minh City Development Joint Stock Commercial Bank - Thu Duc Branch. The fact that the company borrowed short-term to pay off a long-term debt has made many investors worried.
Revenue and profit both decreased.
Regarding business results, in the third quarter of 2023, VSH recorded net revenue of VND 382.1 billion, down 41.4% over the same period. Gross profit reached VND 160 billion, gross profit margin accordingly decreased from 61.7% to only 41.9%. Profit after tax recorded VND 25.6 billion, down 88.4%.
VSH's accumulated revenue in the first 9 months of the year reached VND 1,931.6 billion, down 9% over the same period. Profit after tax was VND 764.1 billion, down 13.3% over the same period last year. Compared to the target set by Vinh Son - Song Hinh Hydropower at the beginning of the year with revenue of VND 2,457.4 billion and profit after tax of VND 856.1 billion, the company has completed 78.6% of the revenue plan and 89.3% of the annual profit plan.
Regarding capital structure, Vinh Son - Song Hinh Hydropower recorded total assets of VND 9,534.1 billion at the end of the third quarter of 2023, a slight decrease compared to the beginning of the year. The main fluctuation comes from debt structure. Of which, payables currently account for VND 4,460.5 billion, equivalent to 46.8% of total capital.
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