IDI pays dividend for the first time after three years

Saturday, Sep 10, 2022 08:05

Workers packaging fish fillets at a IDI's plant. — VNA/VNS Photo Vu Sinh

IDI International Development & Investment Corporation plans to pay 2021’s cash dividend next month, with the last registration date to receive the payment being September 26.

Accordingly, September 23 is the day for the ex-rights transaction, while the settlement is expected to be on October 10. The payment rate is 15 per cent, meaning that 1 share gets VND1,500.

With nearly 228 million shares on the stock market, the seafood enterprise needs to spend more than VND341 billion (US$14.5 million) for the payment.

Notably, this is the first time IDI has paid dividends since 2018.

Positive business results are a reason for last year’s dividend payment. The company’s revenue and profit showed signs of improvement from the fourth quarter of 2021 and thrived in the first half of 2022.

Of which, in the first six months of the year, its net revenue rose 33 per cent year-on-year to nearly VND4.3 trillion, while the parent company's profit after tax reached VND427 billion, 10 times higher than the same period last year. Compared with the results of both 2020 and 2021 combined, this profit figure is 83 per cent higher. Undistributed profit after tax by the end of the second quarter was over VND903 billion.

This year, IDI sets a target of profit after tax of VND900 billion, a gain of 559 per cent, or 6.6 times higher than the result of 2021. The company has fulfilled half of the plan after six months.

According to Mirae Asset Securities, the impressive growth target is driven by the high demand of the world market post COVID-19, and a shortage in the supply of white fish to the US and Europe due to the Russia-Ukraine war. VNS

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