“Despite Losses in the First Nine Months, Minh Phu Seafood Foresees Dividend Payout of Over VND 300 Billion”

Minh Phú Seafood Group Joint Stock Company (code: MPC, UPCoM) recently announced that December 10th is the record date for the 2023 dividend payment.

The company will distribute a cash dividend of 7.5%, meaning that shareholders owning 1 share will receive VND 750, with an expected payment date of January 9, 2025.

With over 400.9 million shares currently in circulation, Minh Phú Seafood is estimated to pay out a total of approximately VND 300.7 billion in the upcoming dividend.

Minh Phú Seafood’s decision to distribute cash dividends comes on the heels of its third-quarter 2024 financial report, which revealed a net loss. Specifically, the company recorded revenue of VND 4,344 billion during the quarter, reflecting a 45% increase compared to the same period last year. However, it posted a net loss of VND 90 billion, wider than the VND 26 billion loss reported in the corresponding period last year.

Attributing the loss to the lower profitability of its shrimp farming and shrimp product businesses compared to the previous year, Minh Phú Seafood acknowledged the challenges faced in its operational results for the period.

For the nine-month period ended September 30, 2024, Minh Phú Seafood’s cumulative revenue reached VND 10,832 billion, up 45% year-over-year, while its net loss narrowed to VND 44 billion from a loss of VND 114 billion in the same period last year.

It is worth noting that for the full year 2024, Minh Phú Seafood has set ambitious targets, aiming for revenue of VND 18,568.7 billion and a net profit of VND 1,265.7 billion. With only three quarters completed so far, the company still has a significant way to go to achieve its annual goals.