Major vegetable oil firm Vocarimex to spend $51 mln on dividends

Vocarimex, a subsidiary of Vietnam's leading food and cooking oil producer Kido Group, will spend about VND1,218 billion ($51.31 million) to pay shareholder dividends in cash at the rate of 100%.

The last registration date to exercise the right to receive dividends is March 17, 2023, and the payment date is April 12, 2023. The company's outstanding shares are 121.8 million.

In November, Vietnam Vegetable Oils Industry Corporation (Vocarimex), transferred its entire 24% stake in Calofic to Siteki Investment at a price of nearly VND2,158 billion ($86.99 million).

Calofic is a joint venture between Vocarimex and Siteki Investment under Singapore's Wilmar International Group. The company was established in 1996 with initial investment capital of $22 million, which was raised to more than $260 million. The company has two factories in Quang Ninh province (the north) and Ho Chi Minh City (the south) with a total capacity of up to 2,300 tons per day.

Vocarimex, registered on the unlisted public company market UPCoM as VOC, currently has a charter capital of VND1,218 billion ($51.31 million), of which the parent company, Kido Group (KDC), owns approximately 106.33 million shares, equivalent to a 87.3% stake. KDC is estimated to receive VND1,063.3 billion ($44.8 million) from VOC's dividends.

In the fourth quarter of 2022, VOC recorded a revenue of VND599.6 billion ($25.26 million), up 41% year-on-year, and a loss of VND127.6 billion ($5.37 million), a sharp increase compared to a loss of VND211.6 million ($8,920) in Q4/2021.

In 2022, VOC's net revenue reached VND1,613 billion ($67.95 million), up 8%. The company recorded a loss of nearly VND46 billion ($1.94 million), while in the same period last year it made profit of VND115 billion ($4.84 million).

The firm said that although revenue increased over the same period, the sharp decrease in the price of raw materials in the market compared to the inventory price made the company's gross profit margin drop.

As of December 31, 2022, Vocarimex's total assets were VND1,992 billion ($83.93 million), up 7.4% compared to the beginning of the year.