Petrolimex (PLX) targets 26% dividend payout

The rate will be discussed at the firm’s upcoming annual shareholder meeting on April 26 and it would be lower than 2017 dividend payout rate, which was 30 per cent.

 

Petrolimex is listing more than 1.29 billion shares on the Ho Chi Minh Stock Exchange (HoSE) under code PLX. The number of outstanding shares is more than 1.17 billion.

If approved, the total value of payments for 2018 would be VND3.04 trillion (US$130 million), of which the State would receive VND2.55 trillion.

Foreign investor JX Viet Nam would receive VND269 billion and the other investors would earn VND222 billion.

Petrolimex has lowered its dividend payout rate in recent years, from 32.24 per cent in 2016 to 30 per cent in 2017.

The dividend payout rate for 2019 is estimated at a minimum of 12 per cent. According to the company, 2019 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 2019 include volatile global oil prices and the breakdown of the Nghi Son Refinery.

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