PVI posts high revenue in 2022, pays 30% cash dividend

Saturday, Apr 29, 2023 10:03

Shareholders vote at the annual shareholders' meeting on Wednesday. — Photo PVI

PVI Holdings (PVI) announced its outstanding performance for 2022, securing a total consolidated revenue of VND14.4 trillion (US$612 million), exceeding the annual target by 23 per cent.

The company’s profit after tax also surpassed the plan by 21.3 per cent, reaching VND1.1 trillion.

At the annual shareholders’ meeting this week, PVI approved the plan of paying the cash dividend rate for 2022 at 30 per cent, higher than its commitment of 25 per cent. It is noteworthy that PVI has paid a high dividend rate of 20 per cent or more for eight consecutive years.

The total value of dividends paid is estimated at VND702 billion, with the two largest shareholders, HDI Global SE and PVN, receiving the largest amount.

PVI has set its targets for 2023, planning to generate nearly VND13.6 trillion in revenue and VND793 billion in net profit, which marks a 5.64 per cent and 9.16 per cent decline, respectively, compared to the previous year. The expected dividend payment in 2023 is projected to be 28.5 per cent.

PVI's financial report for the first quarter showed that the company achieved consolidated revenue of VND4.4 trillion, up 6.4 per cent year-on-year. The profit after tax for the quarter was approximately VND269 billion, achieving nearly 34 per cent of the set target.

However, the Q1 business results of PVI showed a decline when only considering the original premium revenue.

According to CEO Pham Anh Duc, these results reflect the market's low growth of non-life insurance premiums. He predicts that business activities will continue to face challenges in the upcoming quarters. — VNS

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