Insurer Bao Viet (BVH) to pay US$30m dividend

Insurance-finance group Bao Viet plans to pay VND700 billion (US$30 million) worth of dividends for the 2018 financial year.

 

The 10 per cent dividend payout rate was approved by the firm’s shareholders at the annual shareholder meeting on Saturday.

Every shareholder will receive VND1,000 ($0.04) for each share they own.

An equal payout rate of 10 per cent was also set for the 2019 financial year.

Bao Viet has more than 700 million shares listed on the Ho Chi Minh Stock Exchange with code BVH.

The group targeted VND43.6 trillion ($149 million) in total revenue this year, which would represent an increase of 4.2 per cent year-on-year.

Post-tax profit was forecast to rise 5.3 per cent to VND1.22 trillion by the end of 2019.

Bao Viet is preparing to issue more than 41.4 million shares to existing shareholders this year to raise its charter capital to VND7.42 trillion.

In 2018, Bao Viet issued more than 20.4 million ESOP shares for its employees to receive VND733 billion.

The share issuance helped increase the group’s charter capital to VND7 trillion from VND6.8 trillion.

By 2020, the company expects its total assets will be between VND120 and 130 trillion while total revenue and post-tax profit will hit VND45 trillion and VND1.25-1.35 trillion, respectively.

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