VEAM closes the right to pay cash dividends at a rate of over 50.35%

The ex-dividend date will be November 19, 2024 and the dividend will be paid to shareholders on December 20, 2024.

VEAM is a large enterprise in the agricultural machinery manufacturing sector.

Vietnam Engine and Agricultural Machinery Corporation - Joint Stock Company (VEAM - code VEA) announced the Board of Directors' resolution on dividend payment for 2023.

Accordingly, November 20, 2024 will be the last registration date for this unit to pay cash dividends at a rate of 50.3518% (1 share receives VND 5,035.18). Thus, the ex-dividend date will be November 19, 2024 and dividends will be paid to shareholders on December 20, 2024.

With 1.33 billion shares in circulation, VEAM is expected to spend up to VND6,691 billion on this dividend. The Ministry of Industry and Trade is the controlling shareholder of VEAM, holding more than 1.17 billion shares, equivalent to 88.47% of the company's capital, and is expected to receive VND6,000 billion. This is the fifth consecutive year that the company has paid a dividend of over 40%, all in cash. In particular, the two years 2019-2020 also had a dividend rate of over 50%.

VEAM stock price movement.

In the third quarter of 2024, VEAM recorded net revenue of VND1,049 billion, up 19% over the same period last year. Profit after tax also reached VND1,667 billion, up 8%. Most of the growth in business results came from profits from joint ventures and associates with a total of VND1,500 billion, up 17% over the third quarter of last year.

VEAM currently owns important investments such as 30% of shares in Honda Vietnam, 20% in Toyota Vietnam and 25% in Ford Vietnam. Although profits from joint ventures and associates contribute the most to VEAM's profits, in the main business field, VEAM is also the largest enterprise in terms of scale and has a long tradition in the field of agricultural machinery manufacturing in Vietnam.

In the first 9 months of 2024, VEAM recorded net revenue of VND 2,972 billion, a slight increase of 4% over the same period last year. Profit after tax reached VND 4,929 billion, of which the parent company's profit after tax was VND 4,871 billion, both up 4% over the same period. Thus, the company has completed nearly 90% of the 2024 profit plan after 3/4 of the journey.

As of September 30, 2024, VEAM's total assets reached VND 31,743 billion, up 17% compared to the beginning of the year. The majority of the company's assets are cash and cash equivalents, bank deposits account for 63%, equivalent to VND 19,956 billion. The company's short-term receivables decreased by nearly 17%, to VND 3,716.9 billion; inventories decreased slightly, to VND 1,245.8 billion.

In the capital structure, VEAM currently has 1,252.6 billion VND of payables, mainly short-term debts, including 330 billion VND of short-term payables to suppliers, 204.4 billion VND of other short-term payables and 135.2 billion VND of short-term financial loans.

On the stock market, VEA stock price is at 45,900 VND/share, up 34% compared to the end of last year.

Source: https://baodautu.vn/veam-chot-quyen-tra-co-tuc-bang-tien-ty-le-hon-5035-d229306.html