PJICO exceeds profit plan, pays 2024 cash dividend at 10% rate

With nearly 111 million shares in circulation, PJICO is expected to spend nearly VND111 billion on this interim dividend payment. The shareholder list will be finalized on February 14.

With nearly 111 million shares in circulation, PJICO is expected to spend nearly VND111 billion on this interim dividend payment. The shareholder list will be finalized on February 14.

Petrolimex Insurance Corporation (PJICO, code PGI - HoSE) said it will close the shareholder list to pay interim cash dividends for 2024 at a rate of 10% (VND 1,000/share). The last registration date is February 14, 2025. The dividend payment date is March 4, 2025.

With nearly 111 million shares in circulation, PJICO is expected to spend nearly VND111 billion on this interim dividend payment. With a 40.95% stake in PJICO, Vietnam National Petroleum Group (Petrolimex, code PLX, HoSE) is expected to earn VND45.4 billion. In addition, Samsung Fire & Marine Insurance Company Limited and Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank, code VCB, HoSE) are also expected to earn VND22.2 billion and VND8.9 billion, respectively.

According to the recently released consolidated financial report, insurance premium revenue reached VND4,394 billion, up 7.9% over the same period in 2023. Compensation costs increased by more than 8% in the fourth quarter of 2024 alone. However, for the whole year of 2024, the growth rate of compensation costs only slightly increased by 2%. As a result, pre-tax profit is estimated at VND290.5 billion, up 2.4% over 2024.

PJICO's business results

Previously, PJICO set a revenue target of VND4,768 billion in 2024, of which original insurance revenue was VND4,024 billion. Pre-tax profit was planned to be VND288.8 billion in 2024. With the above results, this insurance company reached the set target.

At the conference to summarize business activities in 2024 and deploy tasks and directions for 2025 held in mid-January 2025, PJICO insurance leaders said that for the insurance market, 2024 is a year facing many difficulties and challenges. In particular, in September 2024, storm No. 3 (Yagi) caused damage to the economy, especially the northern provinces and non-life insurance companies. However, with the growth rate in the first months of the year, along with solutions to overcome natural disasters and floods and insurance policies, the Vietnamese insurance market still achieved remarkable results, contributing to economic and social stability.

Mr. Pham Thanh Hai - Chairman of the Board of Directors emphasized that in 2025, the Corporation will implement sustainable growth goals to celebrate its 30th anniversary.

"In the context of the non-life insurance market suffering heavy damage after storm YAGI, causing compensation costs to increase, the fact that PJICO still ensures good profit growth results is a rare positive bright spot in the non-life insurance industry in Vietnam. This result is thanks to the dedicated efforts of PJICO's staff, the flexible management of the Board of Directors and especially the close direction of the Board of Directors, the timely support of major shareholders, especially the Vietnam National Petroleum Group Petrolimex. With the above outstanding achievements, PJICO Insurance is maintained by AM Best with a financial capacity rating of "B++" (good) and a stable outlook, the highest national credit rating of "aaa.VN"", said the leader of this insurance company.

On the stock market, PGI stock price in the past 2 years has only fluctuated around the price range of 21,000 VND/share to 26,000 VND/share.

Source: https://baodautu.vn/pjico-vuot-ke-hoach-loi-nhuan-tam-ung-co-tuc-nam-2024-bang-tien-ty-le-10-d243072.html