Galvanized steel maker Ton Dong A targets 30% dividends for two consecutive years
Ton Dong A, a major manufacturer of galvanized steel sheets in Vietnam, plans to pay dividends at a maximum rate of 30%, including 10% in cash and 20% in shares, for both 2023 and 2024.
In documents presented at its 2024 AGM, the firm said it is aiming for revenue of VND18 trillion ($707.3 million) and an after-tax profit of VND300 billion ($11.79 million) this year, up 3% and 6% year-on-year, respectively.
The headquarters of galvanized steel maker Ton Dong A in Binh Duong province, southern Vietnam. Photo courtesy of the company.
According to chairman Nguyen Thanh Trung, in order to achieve this target, the company will focus on implementing future development plans and make specialized investments in galvanized steel sheet production to serve domestic industries and exports over the next 10 years.
From 2022, the enterprise has planned to increase galvanized steel sheet capacity by 1.2 million tons per year and total capacity to 2 million tons for galvanized steel sheet supplied to the construction, household appliance manufacturing, and automobile industries.
The VND10 trillion ($392.94 million) investment project will be carried out over 6-8 years from the time it is licensed, featuring four phases, he added.
This year, the company will commence the project by establishing a company with a capital contribution ratio of at least 70%, Trung said, hoping the first phase with a capacity of 250,000 tons wil become operational in 2026.
In addition, Ton Dong A will invest abroad to expand the scale of operations and find opportunities in the fields of real estate and agriculture with an investment ratio not exceeding 20% of its charter capital or 10% of equity at the time of investment, he added.
Ton Dong A is a leading enterprise in the field of galvanized steel in Vietnam, with market share ranking third, only after Hoa Sen (HSG) and Nam Kim (NKG).
It registered on the Unlisted Public Companies Market (UPCoM) as GDA in September 2023 with a price of VND34,700 ($1.36) per share on the first day of trading. However, right after listing, the stock price dropped sharply to around VND22,000 per share.
In the past two months, GDA has seen a strong recovery, surging 53% from VND21,800 to VND33,400 per share.
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