Phu My Fertilizer to pay 2023 cash dividends at 20%

Petrovietnam Fertilizer and Chemicals Corporation (Phu My Fertilizer) plans to pay cash dividends at a rate of 20%, equivalent to VND783 billion ($31.32 million), in 2023.

At its annual general shareholder meeting last Friday, the board of directors said Phu My Fertilizer (PVFCCo) aims to produce 850,000 tons of urea and 143,000 tons of NPK this year.

The company's consolidated revenue and pre-tax profit are set at VND12,755 billion ($510.2 million) and VND660 billion ($26.4 million), respectively. It plans to pay 2024 cash dividends at a rate of 15%.

In 2023, the firm, a subsidiary of state-owned giant Petrovietnam, produced 815,540 tons of urea, exceeding the plan by 4%; and 121,130 tons of NPK, 1% higher than the target.

It earned VND14,037 billion ($561.5 million) in revenue and VND530 billion ($21.2 million) in after-tax profit in the year.

At the meeting, shareholders approved the dismissal of board members Hoang Trong Dung and Duong Tri Hoi, and elected Nguyen Xuan Hoa and Phan Cong Thanh as replacements.

The board of directors now features Nguyen Xuan Hoa, Phan Cong Thanh (CEO), Trinh Van Khiem, Nguyen Ngoc Anh, and Ho Quyet Thang.

The board also elected Nguyen Xuan Hoa as chairman and Ho Quyet Thang as an independent board member.

Hoa, born in 1972, holds a bachelor's degree in finance and accounting, a master's degree in business administration, and others in political theory and corporate governance.

He has worked in Vietnam's oil and gas industry since 1994, starting his career at PV Gas, a subsidiary of Petrovietnam. He has held many important positions such as deputy CEO and board member of PV Gas; board member and CEO of PV Power, another subsidiary of Petrovietnam; and deputy CEO of Petrovietnam.

Before joining Phu My Fertilizer, Hoa was standing vice chairman and CEO of Petrovietnam’s insurance arm PVI.

Phu My Fertilizer is listed on the Ho Chi Minh Stock Exchange as DPM, which closed Friday at VND35,800 ($1.43) per share.