Saturday, May 18,2024 - 17:3 GMT+7  Việt Nam EngLish 

Hoa Phat (HPG) sets a target of VND10,000 billion profit in 2024, paying 10% dividend 

 Saturday, March 30,2024

AsemconnectVietnam - Hoa Phat Group Joint Stock Company (stock code HPG - HOSE) has just announced the 2024 Annual General Meeting of Shareholders meeting documents, which presented the production and business plan for 2024 with ambitious goals.

The annual general meeting of shareholders of Hoa Phat Group is scheduled to take place on the morning of April 11 at the Grand Ballroom, Melia Hanoi Hotel.
In the document submitted to the Congress, Hoa Phat expected the Group's total revenue to reach VND140,000 billion, profit after tax of VND10,000 billion. With this plan, Hoa Phat's revenue and profit after tax will increase by 17% and 46% respectively compared to 2023 results.
Hoa Phat also submitted to the Congress a plan to use/divide undistributed after-tax profits accumulated until December 31, 2023 and proposed a plan to set aside funds from business resources in 2024.
Specifically, in 2023, HPG records a total accounting profit before tax of VND7,793 billion, profit after corporate income tax of VND6,800 billion. The company plans to use VND480 billion to set up funds, including VND340 billion for the Bonus and Welfare Fund (5% of profit after tax), VND68 billion to remunerate the Board of Directors and Supervisory Board (1% of profit after tax). The remainder after setting aside funds will be VND6,392 billion in undistributed profits.
In 2024, Hoa Phat plans to deduct a maximum of 5% of actual profits for the Bonus and Welfare Fund and a maximum of 5% of after-tax profits exceeding the plan to reward the HPG Executive Board and the Executive Boards of member companies. The company also plans to pay a 10% dividend.
It is expected to issue nearly 600 million shares to increase charter capital
At the Congress, HPG will also present a plan to increase charter capital in 2024 through issuing shares to increase share capital from equity capital in 2023.
Specifically, the expected number of shares issued is 581,478,570 shares, the total expected issuance value at par value is more than VND5,814 billion. Issuance rate is 10%, meaning shareholders owning 10 shares will receive 1 share.
It is expected that after a successful issuance, HPG's charter capital will increase to more than VND63,960 billion, equivalent to nearly 6.4 billion outstanding shares. Capital issued from capital surplus and undistributed profits.
Issuance time is expected to be in the second quarter of 2024 and after approval by the State Securities Commission.
Source: VITIC/Tinnhanhchungkhoan


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