Ca Mau Petroleum Fertilizer pays 20% cash dividend

PVCFC holds annual shareholders' meeting in 2024

On June 11, Ca Mau Petroleum Fertilizer Joint Stock Company (PVCFC, Hose: DCM) held its 2024 annual shareholders' meeting. According to the report of PVCFC's Board of Directors, in 2023, the world economy will be greatly affected by geopolitics and widespread war; FED's policy will continue to maintain interest rates from 5 - 5.25%, the highest in the past 22 years. Meanwhile, the fertilizer market witnessed unpredictable fluctuations, prices reversed very quickly and remained in the low zone (14% lower than planned and down 35% compared to the same period in 2022); agricultural production shifted more slowly than previous years, so sales promotion activities and consumption were affected; meanwhile, oil prices remained high, up 18% compared to the plan. Policies such as the VAT law still disadvantage domestically produced goods in the context of oversupply, and imports from other countries to Vietnam are still increasing massively.

In the above context, PVCFC proactively manages fluctuations, closely follows market developments, and has plans to update and adjust to make appropriate decisions. PVCFC carries out projects to invest in infrastructure, yards, optimize production, and apply smart platforms to management and operations to help optimize cost management. In addition, PVCFC products have been exported to 20 countries and territories, including countries with very strict standards such as Australia, New Zealand, etc.

PVCFC's 2023 operating results: Pre-tax profit of VND 1,252.19 billion, reaching 122% of the plan, reaching 27% over the same period in 2022. The reason for the decrease in profit in 2023 compared to the same period was due to a sharp decrease in selling prices. Although PVCFC has increased sales and implemented activities to optimize savings and be flexible in management and operations, it still cannot compensate for the sharp decrease in selling prices.

The Board of Directors plans to submit to the General Meeting of Shareholders for approval to pay 2023 cash dividends at a rate of 20%, 4% higher than the Plan approved by the 2023 Annual General Meeting of Shareholders and 10% for 2024.

Source: https://thanhnien.vn/phan-bon-dau-khi-ca-mau-chia-co-tuc-20-bang-tien-mat-185240611142346528.htm