Stock price of retail major Mobile World hits 2-year high
In the first trading session of July, the Ho Chi Minh Stock Exchange-listed retail giant Mobile World Investment Corporation, MWG, hit a record high since September 2022.
Closing Monday, MWG surged 5.4% to VND65,800 ($2.58) per share, with 21.7 million shares changing hands, doubling the 20-session average.
A Mobile World store. Photo courtesy of the company.
July 1 marks the day when the firm finalized the list of shareholders receiving 2023 cash dividends at a rate of 5% (a shareholder owning one share will receive VND500 or $0.02). The company plans to make dividend payment on July 10.
With more than 1.46 billion floating shares, it is estimated that Mobile World will spend about VND730 billion ($28.7 million) paying dividends to shareholders.
At the end of June, the board of directors approved a plan to buy back treasury shares to increase existing shareholders’ ownership ratio.
Accordingly, Mobile World plans to spend a maximum of VND100 billion ($3.93 million) to buy back a maximum of 2 million treasury shares (accounting for 0.14% of the total floating shares). The above plan will be implemented within 30 days by order matching after being approved by the State Securities Commission.
Mobile World currently has a charter capital of more than VND14.6 trillion ($573.54 million). In the first five months of this year, it recorded revenue of VND54.24 trillion ($2.13 billion), up 15% year-on-year.
In 2024, the firm targets total consolidated revenue of VND125 trillion ($1.49 billion) and after-tax profit of VND2.4 trillion ($94.28 million), 6% and 14.2 times higher than 2023 levels, respectively. After five months, this business completed 43% of its yearly revenue target.
Previously, in its report on Mobile World, Saigon Securities (SSI) predicted that with better-than-expected business results in the first quarter of 2024 in both the mobile phone and grocery segments, MWG's net profit will reach VND3.47 trillion ($136.3 million) in 2024 and VND4.5 trillion in 2025, up 1,968% and 30% year-on-year, respectively.
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