Maritime major VIMC to receive $1.42 mln dividend from Quy Nhon Port

With an ownership ratio of 75%, Vietnam Maritime Corporation (VIMC) is expected to receive a dividend of more than VND36 billion ($1.42 million) from Quy Nhon Port JSC.

Quy Nhon Port, listed on the Ho Chi Minh Stock Exchange (HoSE) as QNP, will pay 2023 dividend in cash at 12% (one share for VND1,200 or $0.05). The registration deadline is June 12 and the dividend is expected to be paid a month later.

With more than 40.4 million floating shares, Quy Nhon Port in the south-central province of Binh Dinh will spend nearly VND48.5 billion ($1.9 million) on the dividend payment.

The QNP leadership had revealed at its April 12 AGM that Vietnam Maritime Corporation planned to reduce the parent company's stake in the company to 61%.

If the plan is approved, the company's board of directors would develop a roadmap to increase capital for implementing development projects including the construction of an inland container port (ICD).

According to its consolidated financial statement, in the first quarter of 2024, QNP's revenue from sales and services reached VND275.6 billion ($10.84 million), up over 40% year-on-year. Its gross and after-tax profits of VND64.5 billion and VND31.7 billion marked surges of 63% and 64% year-on-year, respectively.

QNP attributed its high Q1/2024 profit to an increase of 45% year-on-year in cargo output through Quy Nhon Port.

As of March 31, QNP's total assets were valued at more than VND1,325 billion ($52.12 million), up 4.5% from the beginning of the year. Its short-term financial investments rose by over VND110 billion ($4.33 million) and short-term receivables expanded 33.6% to VND215.8 billion ($8.49 million).

Liabilities reached more than VND463.6 billion ($18.24 million), a rise of 6% compared to the beginning of the year. Of which, long-term borrowings and finance lease liabilities worth VND231.6 billion accounted for nearly 50% of total debt.

In 2024, QNP has targeted consolidate revenues of VND1,247 billion ($49 million), up 28% year-on-year. However, its pre-tax profit is expected to decrease 20% to VND115 billion ($4.52 million).

At the end of March, the People's Committee of Binh Dinh province decided to adjust the investment policy of the Quy Nhon Port expansion project (until 2030).

Accordingly, its investment capital will increase from VND50 billion to more than VND67.7 billion ($2.66 million). The project completion deadline has been reset to the first quarter of 2025.

The provincial administration has requested Quy Nhon Port JSC to focus its financial resources and deploy the project on schedule.

The expansion project had received authorities' in-principle approval on June 29, 2021. Covering 3.8 hectares in Hai Cang ward, Quy Nhon town, it was to build a warehouse area, a container yard and technical infrastructure.

In the stock market, QNP hit its ceiling price of VND36,550 ($1.44) per share on Monday.