Bird’s nest drink producer Sanvinest plans record dividend payout, eyes $10 mln exports to China
Sanvinest Khanh Hoa, the top producer of salanganes nest soft drinks in Vietnam, plans to pay a cash dividend of 30.1%, or VND3,100 ($0.12) a share, for the 2023 fiscal year, marking its highest-ever cash dividend payout level to date.
With 23 million outstanding shares, the firm, full name Khanh Hoa Salanganes Nest Soft Drink JSC, will spend an estimated VND69.23 billion ($2.72 million) on the payout, starting July 7.
Sanvinest, featured on the Unlisted Public Company Market (UPCoM) as SKV, also intends to pay a cash dividend of 22.4% for 2024. Its cash dividend payout level has exceeded 20% since 2019.
Sanvinest workers remove feathers and impurities from bird's nests. Photo by The Investor/Tri Nguyen.
Regarding its 2024 business goals, SKV is aiming for VND1.7 trillion ($66.82 million) in revenue and VND76 billion ($2.99 million) in net profit, down 19.8% and 26.4% year-on-year. The targets have been adjusted in light of anticipated weaker consumption due to conflicts and economic challenges this year, its executives said.
Last year, SKV secured a permit to officially export its products to China and formed a partnership with Chinese pharmaceutical company Tong Ren Tang. It is set to sign a deal with the Chinese partner for the shipment of its bird’s nest products soon.
This year, SKV is aiming to export VND250 billion ($9.8 million) worth of its products to China. In the last two months of 2023, its Chinese exports totaled VND6 billion ($235,830).
During the first quarter of 2024, Sanvinest posted VND361 billion ($14.19 million) in revenue from sales and service supply, down 43% year-on-year, and VND19 billion ($746,800) in net profit, down 36% year-on-year.
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