Property developer Vingroup plans to issue nearly 554 million shares to pay a 21 per cent dividend to shareholders for 2017.

The share issuance is scheduled for the second or third quarters of 2018.

Funding for the shares will be drawn from the firm’s accumulated post-tax profit recorded in the 2017 financial year.

Vingroup recorded VND89.3 trillion (US$4 billion) in total revenue and VND5.65 trillion in post-tax profit in 2017, up 55 per cent and 27 per cent on-year, respectively.

Vingroup will increase its charter capital to VND31.9 trillion from the current VND26.37 trillion after the share issuance.

In the first quarter of 2018, Vingroup posted VND29 trillion in revenue and VND1 trillion in net profit, yearly increases of 84 per cent and 70 per cent.

For 2018, the company has set a target of VND120 trillion in net revenue, up 34 per cent from last year, and VND8.5 trillion in net profit, up 50 per cent.

Vingroup has more than 2.63 billion shares on the HCM Stock Exchange under the code VIC, which ended Friday at VND122,800 per share. — VNS