Steel giant Hoa Phat aims for $406 mln profit, 10% dividends in 2024
Vietnam’s top steelmaker Hoa Phat Group is targeting VND140 trillion ($5.68 billion) in revenue and VND10 trillion ($405.7 million) in net profit this year, respective increases of 17% and 46% compared to 2023.
These are among the targets set by the company’s board of directors to be submitted at its annual general meeting (AGM) on April 11.
Hoa Phat Group, listed on the Ho Chi Minh Stock Exchange (HoSE) as HPG, said with VND6.8 trillion ($275.72 million) in 2023 after-tax profit, the company plans to use VND340 billion ($13.8 million) for the bonus and welfare fund and VND68 billion as remuneration for the board of directors and supervisory board. The undistributed profit after setting aside funds will be VND6.39 trillion.
Steel products of Hoa Phat Group. Photo courtesy of the group.
In 2024, Hoa Phat wants to deduct a maximum of 5% of net profit for the bonus and welfare fund and a maximum of 5% for bonuses for its executive board and those of member companies. Notably, it plans to pay dividends in 2024 at a rate of 10%.
In addition, one of its notable plans is to issue 581.5 million shares to existing shareholders at a ratio of 10% (one new share for 10 existing shares).
After issuance, its charter capital will surpass VND63.96 trillion ($2.59 billion), with nearly 6.4 billion floating shares. The issuance time is slated for the second quarter of 2024 after approval by the State Securities Commission.
HPG shares closed the Tuesday session at VND30,200 ($1.22).
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