First Automobile Parts Joint Stock Company (FT1) has just announced a cash dividend payout for 2023 at a rate of 37%, equivalent to VND 3,700 per share. With over 7 million shares in circulation, the company is expected to spend approximately VND 26 billion in dividends. The record date is August 19, and dividends will be paid starting September 18.
Since its listing on the UPCoM in 2017, the company has consistently paid dividends to its shareholders with a rate of over 30% in cash. The peak was in 2021, with a cash dividend rate of 45%.
The company, formerly known as Automobile Parts Factory No. 1, was established in 1968. Currently, FT1 has a charter capital of nearly VND 70.8 billion, mainly engaged in the production of equipment, parts, and components for power machines and agricultural machinery. According to its website, FT1’s main clients include Honda, Yamaha, Atsumitec, Sumitomo Heavy Industries Vietnam, Schaeffler Vietnam, and Piaggio Vietnam.
Holding 55% of FT1’s charter capital, Vietnam Engine and Agricultural Machinery Corporation (VEAM) is expected to receive more than VND 14 billion in this dividend payout. With a charter capital of VND 13,288 billion, VEAM is 88.47% state-owned and managed by the Ministry of Industry and Trade. VEAM operates in three main business areas: mechanical engineering of power machines and agricultural machinery; manufacturing, assembling, and supporting industries of automobiles and motorcycles.
In 2023, the company recorded VND 910 billion in revenue, a slight decrease compared to the previous year. After-tax profit reached VND 60 billion, down 22% from the profit of over VND 76 billion in 2022. Notably, the EPS reached VND 8,400, which is among the highest on the stock exchange.
On the market, FT1 shares closed at VND 43,300 per share on August 1, with modest liquidity, trading only a few thousand units per session.
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