Bảo Việt to allocate $29m for 2023 cash dividends to shareholders
For profit distribution, Bảo Việt recorded a total post-tax profit of VNĐ1.12 trillion in 2023.
Bảo Việt Group is set to distribute VNĐ745 billion (US$29.3 million) in cash dividends, equivalent to a 10.04 per cent payout.
At the 2023 annual shareholders’ meeting this week, the company's leadership approved the 2023 business results, the 2024 business plan and the profit distribution plan for shareholders.
In 2023, Bảo Việt Group’s consolidated total assets reached more than VNĐ221.1 trillion (nearly $9 billion), up 9.6 per cent from December 31, 2022.
The group’s consolidated revenue for 2023 was nearly VNĐ57.9 trillion, a 6.1 per cent increase from 2022. Consolidated pre-tax and post-tax profits were VNĐ2.24 trillion and VNĐ1.86 trillion, respectively, reflecting respective growth rates of 11.2 per cent and 14.4 per cent.
For profit distribution, Bảo Việt recorded a total post-tax profit of VNĐ1.12 trillion in 2023. After allocating to statutory reserves, the remaining post-tax profit for the 2023 financial year was VNĐ745.12 billion, with undistributed profits from 2022 amounting to VNĐ42 million. The company plans to distribute VNĐ745 billion as cash dividends at a 10.04 per cent payout ratio. The remaining VNĐ54 million will be added to the dividend fund for next year.
Nguyễn Đình An, acting general director of Bảo Việt Group, updated the group’s six-month business results.
Its main business category, Bảo Việt Insurance, earned VNĐ5.63 trillion in revenue and VNĐ363 billion in pre-tax profit, achieving 55.7 per cent of the annual plan. Bảo Việt Life's revenue was VNĐ21.7 trillion with a pre-tax profit of VNĐ785 billion, achieving 50.6 per cent of the plan.
The group's consolidated revenue exceeded VNĐ28 trillion, reaching 50.1 per cent of the plan, with a pre-tax profit of VNĐ1.23 trillion, or 54.3 per cent of the annual plan
For 2024, Bảo Việt targets a post-tax profit of VNĐ1.15 trillion. After similar reserve allocations as in 2023, Bảo Việt plans to distribute the entire remaining post-tax profit of VNĐ768 billion as cash dividends to shareholders.
Bảo Việt Group is one of the few major corporations that pays cash dividends annually. Since its listing in 2009, it has paid a cash dividend ratio between 8 per cent and 30 per cent each year. — VNS
