PV GAS shareholders to receive dividend as charter capital nears billion-dollar milestone
PV GAS shareholders are about to receive VNĐ3,600 per share in cash dividends and an additional 20 per cent in bonus shares.
PV Gas is approaching to become a billion-dollar business following the upcoming dividend distribution, including both cash and shares.
PV GAS is planning to issue 383 million additional shares, which will boost its charter capital from VNĐ19.14 trillion to nearly VNĐ23 trillion (equivalent to roughly US$1 billion). Shareholders who currently own 100 old shares will receive 20 new shares as part of this capital expansion.
The deadline for registering the rights to these new shares is September 25.
The funds for this capital increase will come from the surplus in share capital and the development investment fund as of December 31, 2022, according to the audited financial statements.
Previously, on August 29, PV GAS finalised the list of shareholders for 2022 cash dividends at a rate of 36 per cent. Shareholders received VNĐ3,600 for every share they owned. The payment date for these dividends is set for November 2, and the corporation intends to distribute nearly VNĐ6.9 trillion.
On the stock market, GAS shares (GAS) increased 2.8 per cent to VNĐ105,600 per share on Wednesday.
Ending June, the gas corporation had accumulated undistributed after-tax profits of nearly VNĐ18.9 trillion and an equity surplus of VNĐ27.6 trillion.
In terms of assets, PV GAS reported VNĐ12.5 trillion in cash and cash equivalents, showing an increase of nearly VNĐ2 trillion compared to the beginning of the year. During the first half of the year, the corporation's revenue decreased by 17 per cent to reach nearly VNĐ45.3 trillion. Meanwhile, the profit-after-tax for the parent company shareholders decreased by 23 per cent, totalling VNĐ6.5 trillion. This decline was primarily attributed to the average Brent oil price for the first six months being $80 per barrel, down by 26 per cent compared to the same period the previous year.
The Brent oil price, which had dropped to $70/barrel, experienced a significant rebound since June, reaching $91/barrel. MBS Securities predicts that oil prices will remain high in the period of 2023-2024 due to strong global demand for crude oil and limited supply resulting from OPEC production cuts. The ongoing Russia-Ukraine conflict also shows no signs of resolution. These factors are expected to keep PV GAS's gas selling prices elevated, thereby improving the revenue from dry gas sales. — VNS
