The most frustrating announcement came from Song Da Electrical Engineering Joint Stock Company (SDE), which informed investors of the 17th change to the dividend payment date for 2011 and 2012, with a total ratio of 11% in cash (6% for 2011 and 5% for 2012). The payment date was adjusted from June 28, 2024, to June 30, 2026, a delay of two years.
SDE stated that the company’s dividend payment depends on the settlement of construction volumes completed by the investor. However, the investor’s payment is currently delayed, and the company is in the process of finalizing the disbursement procedures. This has impacted their dividend payment plans.
With over 1.75 million shares outstanding, SDE is expected to pay nearly VND 2 billion in dividends on March 28, 2014, more than ten years ago.
Song Da Corporation 4 (SD4) followed closely with the 13th change to the dividend payment date for 2016, a 15% cash dividend, postponed from June 28, 2024, to June 30, 2025. The company planned to pay nearly VND 15.5 billion in dividends on February 26, 2018, but has repeatedly failed to meet this obligation due to challenges in recovering debts from investors, impacting their financial balance.
Shareholders of A Cuong Mineral Group Joint Stock Company (ACM) have also been waiting for seven years to receive their 2015 first-round 2.5% cash dividend, after the payment date was extended by one year to June 27, 2025. The initial payment date was scheduled for July 12, 2016.
The company continues to blame the COVID-19 pandemic, claiming that their production activities were disrupted, and they lacked the financial resources to pay dividends on time.
Another company, Licogi Mechanical and Construction No. 9 Joint Stock Company (Licogi 9, LG9), postponed the dividend payment for 2018, a 10% cash dividend, to July 4, attributing the delay to unexpected cash flow from projects.
In total, LG9 has postponed the 2018 dividend payment five times in less than a year. Previously, the company had planned to pay over VND 5 billion in dividends on October 17, 2023.
During the same period, Hung Thinh Incons Joint Stock Company (HTN) and ECI Group Joint Stock Company (ECI) also postponed their dividend payments. HTN made the fourth adjustment to the 2021 cash dividend payment date, a 12% ratio, due to the need to review their business operations and ensure optimal cash flow. The payment date was moved to July 1, 2025.
Meanwhile, ECI delayed the 2022 cash dividend payment, a 6% ratio, for the fifth time, until September 30, 2024, due to cash flow issues caused by customers and partners facing difficulties in settling their debts.
Vinh Son – Song Hinh Hydropower Joint Stock Company (VSH) requested to postpone the second 2023 interim cash dividend payment, a 10% ratio, to October 3, 2024. This was the first time the company had to “defer” dividend payments due to financial imbalances.
Song Da Consulting Joint Stock Company (SCD) also made its first adjustment to the 2022 cash dividend payment date, changing it to July 31, a one-month delay compared to the previous announcement of June 28, 2024.
Lastly, Yen Bai Forest, Agriculture, and Food Products Joint Stock Company (CAP) disappointed shareholders by postponing the 2022-2023 cash dividend payment date, a 50% ratio, to July 31, a two-month delay, to ensure sufficient working capital for their business operations.
According to the financial statements for the first six months of the 2023-2024 fiscal year (October 1, 2023, to March 31, 2024), CAP had a negative operating cash flow of nearly VND 240 billion due to adjustments in inventory.
In reality, CAP‘s total dividend ratio for the 2022-2023 fiscal year was 100%, comprising 50% in cash and 50% in shares. With over 10.05 million shares outstanding, the company will pay over VND 50 billion in dividends and issue over 5 million new shares to fulfill this commitment.
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