Nam Tan Uyen Industrial Park (NTC) pays "heavy" dividends to shareholders
It is expected that in September, Nam Tan Uyen Industrial Park JSC (UPCoM code: NTC) will close the right to pay 2022 cash dividends at a rate of 20%. The ex-dividend date will be September 1, 2023.
Currently, there are about 24 million NTC shares in circulation on the market. The dividend payout ratio of 20% means that each share owned by a shareholder will receive a dividend of VND2,000. Thus, NTC estimates that it will have to spend about VND48 billion to pay dividends.
In the first cash dividend payment for 2022, BTC paid a dividend of 60%, equivalent to each share receiving a dividend of 6,000 VND. Thus, if including this second dividend payment, NTC has paid a dividend of 80%, equivalent to nearly 192 billion VND.
Profits come largely from financial activities.
Nam Tan Uyen Industrial Park Joint Stock Company operates in the field of investment, construction and business of technical infrastructure of industrial parks, construction of industrial, civil, irrigation, traffic and site clearance works.
Regarding NTC's business situation, in the second quarter of 2023, the company recorded net revenue of VND 60.1 billion. Of which, cost of goods sold was VND 17.2 billion, gross profit reached VND 42.9 billion, down 31.9% over the same period.
Nam Tan Uyen Industrial Park JSC (NTC) pays the second dividend at a rate of 20% (Photo TL)
Notably, NTC's financial revenue during the period was relatively large, reaching VND57.3 billion, up 59.2% over the same period. Meanwhile, financial expenses accounted for only VND1.7 billion. This source of financial revenue includes VND27.5 billion in interest on deposits. In addition, the company also received VND28.8 billion in dividends and profits distributed in the second quarter.
It can be seen that this source of financial revenue is even almost as high as the net revenue from NTC's main business activities. It shows that the company is benefiting greatly from interest on deposits and investment activities in associated companies.
Short-term debt increased by 104 billion in 6 months, assets accounted for nearly 80% of debt
At the end of the second quarter of 2023, NTC's total assets reached VND 4,131.6 billion, a slight increase of VND 71 billion compared to the beginning of the year. Of which, cash and cash equivalents are recorded at VND 39 billion. The amount of bank deposits is up to VND 1,096.7 billion.
Currently, the company is investing 282.8 billion VND in joint ventures. This includes investments in Bac Dong Phu Industrial Park JSC with 120 billion VND, equivalent to 40% of charter capital; Binh Long Rubber Industrial Park JSC (MH3) with 43.9 billion VND, equivalent to 36.7% of charter capital; Dau Giay Industrial Park JSC with 28.9 billion VND, equivalent to 22.17% of charter capital; Nam Tan Uyen Industrial and Urban Company Limited with 80 billion VND, equivalent to 20% of charter capital.
Among the associated companies, NTC is currently recording a negative provision of 2.1 billion for the 10 billion investment in Truong Phat Rubber JSC.
In addition, NTC is also spending 171.8 billion VND to invest in other units. The most significant investment is in Saigon VRG Investment JSC (SIP) with 91 billion VND, equivalent to 9.06% of charter capital; VRG Dak Nong JSC with 35.9 billion VND, equivalent to 12.07% of charter capital; Tan Binh Industrial Park JSC with 24 billion VND, equivalent to 15% of charter capital.
In NTC's capital structure, payables account for 79.1% of the company's total capital, equivalent to VND 3,267.5 billion. The main source of this is unrealized long-term revenue of VND 2,947.9 billion. This is the source of revenue from land rent and industrial park infrastructure received in advance.
Notably, in the first 6 months of 2023, NTC's short-term debt increased from 71.5 billion to 175 billion VND, equivalent to an increase of more than 100 billion VND in just the first 6 months of the year.
NTC's equity capital only accounts for VND864.2 billion, equivalent to 20.9% of total capital. Of which, equity capital accounts for only VND240 billion, undistributed profit after tax accounts for VND343.4 billion.
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