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Vicostone to pay 33% dividend in shares

Update: April, 14/2017 - 18:10
Photo shows a Vicostone CLC block plant in Hà Nội. — Photo
Viet Nam News

HÀ NỘI — Vicostone Advanced Quartz JSC will pay 33 per cent dividend in shares for its 2016 performance to increase its chartered capital to VNĐ800 billion (US$35.5 million).

At the company’s shareholder meeting on Thursday, Vicostone chairman Hồ Xuân Năng said the share issuance would help the company meet its demand for more capital to invest in business activities in the coming years.

The decision would also help raise the number of outstanding shares on the stock market, improve trading liquidity of shares and benefit shareholders, Năng said.

The company’s management board will think about buying back shares from shareholders, but it will depend on market conditions and the company’s performance, he said.

The company will also acquire ownership in the Phenikaa Hue Mining Investment and Processing Co Ltd from its parent firm A & A Green Phenix Joint Stock Company (Phenikaa JSC) for VNĐ50 billion.

In 2017, Vicostone has targeted revenue of VNĐ4.31 trillion, a year-on-year increase of 32 per cent from 2016, and pre-tax profit of VNĐ1 trillion, a yearly increase of 22 per cent.

In 2016, Vicostone’s revenue rose 22 per cent yearly to VNĐ3.24 trillion and its pre-tax profit jumped 70 per cent to reach VNĐ814 billion.

Vicostone estimates its first-quarter pre-tax profit will rise 22 per cent year-on-year to VNĐ222 billion, including a VNĐ173 billion profit from its core businesses.

The company will focus on some key markets such as China, Japan and the United States. It will consider building a factory in the United States if the new administration imposes higher protectionist tax on the company’s exports. — VNS 

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