Petrolimex targets 26% dividend payout

HÀ NỘI — The Việt Nam National Petroleum Group (Petrolimex) plans to make a  二 六 per cent dividend payout for its performance in  二0 一 八.

The rate will be discussed at the firm’s upcoming annual shareholder meeting on April  二 六 and it would be lower than  二0 一 七 dividend payout rate, which was  三0 per cent.

Petrolimex is listing more than  一. 二 九 billion shares on the Hồ Chí Minh Stock Exchange (HoSE) under code PLX. The number of outstanding shares is more than  一. 一 七 billion.

If approved, the total value of payments for  二0 一 八 would be VNĐ 三.0 四 trillion (US$ 一 三0 million), of which the State would receive VNĐ 二. 五 五 trillion.

Foreign investor JX Việt Nam would receive VNĐ 二 六 九 billion and the other investors would earn VNĐ 二 二 二 billion.

Petrolimex has lowered its dividend payout rate in recent years, from  三 二. 二 四 per cent in  二0 一 六 to  三0 per cent in  二0 一 七.

The dividend payout rate for  二0 一 九 is estimated at a minimum of  一 二 per cent. According to the company,  二0 一 九 is expected to be a tough year as market competition is getting fiercer.

Meanwhile, trade fraud and counterfeiting are becoming more complex and harder for authorities to fight and control.

The increasing number of private petrol retailers has also affected selling prices, cutting earnings from the retail segment.

Other problems the company will face in  二0 一 九 include volatile global oil prices and the breakdown of the Nghi Sơn Refinery. — VNS