Property developer Quoc Cuong Gia Lai JSC is planning to make an 8.6 per cent in-cash advance dividend payment to shareholders for 2017's business performance.

This would be the first dividend payment that the company has made in the last six years. The first dividend payment was made in 2011, one year after the firm was listed on the HCM Stock Exchange, at a rate of 5 per cent.

The expected dividend payment will be discussed at the company’s upcoming annual shareholder meeting, which has been organised to sum up the firm’s performance in 2016 and discuss business plans for 2017.

Quoc Cuong Gia Lai will finalise the list of shareholders that are eligible to attend the annual shareholder meeting on June 2. The schedule and venue for the meeting will be published later.

Shares of Quoc Cuong Gia Lai JSC, under code QCG, soared 4.5 times to close on Friday at VND19,750 per share from their all-time low range of VND4,300 per share, hit on March 21.

Following the first three months of 2017, Quoc Cuong Gia Lai recorded VND269 billion in its first-quarter net combined revenue, triple the revenue recorded a year ago.

However, its net profit was only VND2.5 billion as the company suffered from rising costs of goods sold and double lending interest.

Quoc Cuong Gia Lai has been warned by the HCM Stock Exchange on a national scale as the company violated the market regulation on information disclosure at least three times in one year. — VNS