With big profit, the pig raising company in Dong Nai wants to increase the dividend rate to over 50%
Dong Nai Agriculture and Livestock Products recorded a profit of 110 billion VND in 9 months, exceeding 219% of the year plan. Profit in 2020 is estimated at 123.7 billion dong, 5.4 times more than in 2019. The company is looking to get shareholders’ opinions on increasing dividend payment from 50% or more.
Dong Nai Agriculture and Livestock Joint Stock Company (Dolico, UPCoM: NSS) has just announced the business results for the first 9 months of the year. Pork production recorded 3329 tons, reaching 99% of the year plan. Total revenue is over 264 billion dong, 20% higher than year target.
Profit before tax reached VND 129.7 billion, exceeding 209% of the year plan and profit of more than VND 110 billion, exceeding 219% of the year plan. This is also a much higher profit than previous years, except for 2015 there was a sudden profit from selling Proconco shares.
Entering the fourth quarter, the enterprise set a target of 860 tons of porker production and an additional profit of 13.6 billion dong. Thus, profit for 2020 is estimated at 123.7 billion VND, 5.4 times more than in 2019 and exceeding 258% of the year plan.
With the above sudden profit, Dolico is planning to hold an extraordinary General Meeting of Shareholders to discuss the adjustment to increase the dividend payment rate in 2020 from 50% /charter capital or more (initial dividend plan is 20% or more.) The final registration date is on November 13.
In particular, the company’s Board of Directors proposed to advance dividends in 2020 at the rate of 40% in cash, payment time in the next December or through the first quarter of 2021. The total amount is about 41 billion VND.
Dolico also said that the divestment plan of Dong Nai Food Industry Corporation (Dofico) in Dolico was sent to Dong Nai People’s Committee since August 2020 but so far has not been approved due to problems in the price determination corporate governance. Dolico is still coordinating in implementing State divestment work in 2020. Currently Dofico owns 84.3% of Dolico’s shares.
Source: ndh.vn – Translated by fintel.vn
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