Quảng Ngãi Sugar to pay dividend at rate of 20%

Thursday, Mar 14, 2024 17:38

Soy milk products of Quang Ngai Sugar. — Photo courtesy of the company

Quang Ngai Sugar SJC said that it will finalise the shareholder list for the distribution of the third dividend payment for 2023 on April 17.

This dividend will be paid in cash at a rate of 20 per cent, meaning that each shareholder who owns one share of the company will receive a dividend of VNĐ2,000.

The payment is scheduled to take place on April 26.

According to a document for the 2024 Annual General Meeting of Shareholders, the company plans to propose a dividend distribution of 40 per cent of the charter capital for the year 2023, which translates to VNĐ4,000 per share.

Last year, Quang Ngai Sugar had already made two cash advances at a rate of 20 per cent for the 2023 dividend. Looking ahead to 2024, the company have set a minimum dividend distribution target of 15 per cent of the charter capital.

It said that the ongoing impact of the military conflict between Russia and Ukraine and the competition among major economies will heavily affect the Vietnamese economy.

As a result, Quang Ngai Sugar has set its revenue target for the current year at VNĐ9 trillion (US$365.2 million) with an after-tax profit goal of over VNĐ1.3 trillion, down 14.4 per cent and 38.6 per cent year-on-year, respectively.

The leadership of Quang Ngai Sugar has also emphasised their commitment to investing in the development of high-quality, high-yield sugarcane and soybean raw material areas throughout this year.

This strategic focus aims to ensure substantial income for farmers and maximise overall efficiency for the company.

Quang Ngai Sugar intends to diversify its product portfolio and engage in research endeavours to introduce innovative offerings.

Last year, it disclosed that their company's sugarcane segment held over 20 per cent of the country’s total sugarcane production in the 2022/23 crop season.

For the soy milk and plant-based nutrition segment, Quang Ngai Sugar faced common challenges like the entire dairy industry. The company's milk consumption decreased by 9 per cent from 2022 to 240 million litres.

However, data from market research firm Nielsen showed that Quang Ngai Sugar's market share in the soy milk category continued to grow, accounting for 88.6 per cent of the market share.

It secured the second position in the ready-to-drink milk industry with 16.1 per cent of the market share in 2023.

Particularly, Quang Ngai Sugar's soy milk export revenue in 2023 witnessed a 44 per cent increase over 2022, thanks to successful market expansion into countries such as Japan, South Korea, China and the US.

On the stock market, shares of the company were traded at VNĐ47,500 per share at 14:03 pm (local time) on Tuesday. — VNS

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