Vocarimex (VOC) generously pays 30% dividend after selling capital at Calofic
According to the announcement, on October 10, Vietnam Vegetable Oils Industry Corporation - Vocarimex (Code: VOC) will pay cash dividends at a rate of 30%. Accordingly, each shareholder owning 1 share will receive 3,000 VND in cash dividends. The payment date will be October 20, 2023.
Currently, there are 121.8 million VOC shares in circulation on the market. It is expected that Vocarimex will have to spend about 365.4 billion VND to pay dividends.
Vocarimex (VOC) has a gross loss for 4 quarters but still pays a 30% dividend. Who will most of this money go to? (Photo TL)
Most of the above amount will be spent on VOC's parent company, Kido Group (code KDC). Kido Group currently owns 87.3% of Vocarimex's capital, equivalent to 106.33 million shares. Thus, the amount of dividends that KIDO is about to receive from VOC is nearly 319 billion VND.
In March, Vocarimex also planned to pay a special dividend of 100% to shareholders. The source of money was taken from the divestment from Calofic. The total expected dividend amount was 1,218 billion VND, of which KIDO alone received more than 1,000 billion VND in dividends. Immediately after that, KIDO also planned to pay a special dividend of 50% to its shareholders. However, both of these payment options have been postponed.
Vocarimex extends gross loss for 4 consecutive months, operating below cost price
Vocarimex was converted into a joint stock company in 2014 with a charter capital of VND 1,218 billion. Currently, the major shareholder is Kido Group with an ownership ratio of 87.3%.
Regarding the business situation in the past year, Vocarimex has continuously recorded fluctuations in revenue. In the third quarter of 2022, the company's revenue reached 452 billion VND, increasing to 599.7 billion in the fourth quarter of 2022. In the first quarter of 2023, the company's revenue dropped sharply to only 195 billion VND and only recovered to 474.7 billion VND in the second quarter of 2023.
Revenue fluctuated, VOC continuously recorded gross losses in all 4 quarters. The peak of the gross loss was up to 148.4 billion VND. In the second quarter of 2023, Vocarimex also recorded a gross loss of 109.1 billion VND.
Also in the second quarter of 2023, financial revenue dropped to only VND29.3 billion. The reason was that there was no longer a trillion-VND profit from divesting from the Calofic affiliate like in the previous quarter. Selling expenses and administrative expenses were recorded at VND6 billion and VND6.8 billion, respectively.
In the second quarter, Vocarimex had a net loss from business activities of 93.5 billion VND, and a loss after tax of 75.1 billion VND.
Doing business below cost price, the profit of hundreds of billions from selling Calofic capital is still on the financial statements
Vocarimex's business situation below cost price has been going on for the past 4 quarters, causing VOC to record a gross loss from business operations.
At the end of the second quarter of 2023, Vocarimex's total assets were recorded at VND 2,832.8 billion, an increase of VND 840.7 billion compared to the beginning of the year. This increase mainly came from short-term loan receivables, an increase of VND 1,300 billion compared to the beginning of the year. The receivables section shows that Vocarimex has not actually received money from this short-term loan.
In addition, VOC's capital structure also recorded a sharp increase in undistributed profit after tax during the period to VND 1,271.7 billion, while at the beginning of the year it was only VND 92.2 billion. This amount is also equivalent to the profit from selling shares at Calofic. At the same time, the company is also recording a sharp increase in tax debt from VND 3.4 billion at the beginning of the period to VND 202.7 billion.
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