On December 3rd, JSC Song Da 6 (SD6) announced a resolution approving the adjustment of the time frame for paying the remaining 5% cash dividends for 2015 and the first 5% for 2016.
The company has postponed the dividend payment deadline by one year. According to the previously approved plan, the dividend payment date was December 31st, 2024. The adjusted plan now sets the date for paying the aforementioned 10% dividends as December 31st, 2025.
The reason for this delay is attributed to the company’s inability to arrange funds for payment as per the approved plan. It is estimated that SD6 needs to allocate approximately VND 34.77 billion to cover these dividend payments.
Consequently, after more than eight years, SD6 has yet to fulfill its obligation to distribute dividends from 2016.
JSC Song Da 6, formerly known as Hydraulic Construction Company, is a subsidiary of Song Da Corporation, established on May 1st, 1983. The company underwent privatization and transformed into a joint-stock company as of January 1st, 2006. Currently, Song Da Corporation holds 65% of SD6’s charter capital.
SD6’s primary business activities encompass the construction of hydroelectric, irrigation, transportation, civil, and industrial projects, among others.
Notable projects that the company has participated in as an investor and builder include Hoa Binh Hydropower Plant, Son La Hydropower Plant, Lai Chau Hydropower Plant, Ngang Pass Road Tunnel, Cat Linh – Ha Dong Elevated Railway in Hanoi, and the 18T1 – HH6 building in Nam An Khanh New Urban Area, to name a few.
Regarding financial performance, after incurring losses for five consecutive quarters, SD6 returned to profitability in Q3 2024. Specifically, the company’s net revenue for this quarter amounted to nearly VND 31 billion, reflecting a 31% decrease compared to the same period last year. However, a significant reduction in cost of goods sold, financial expenses, and management costs contributed to a positive turnaround, resulting in a post-tax profit of over VND 12 billion. In contrast, the company posted a loss of VND 40 billion in the corresponding quarter of the previous year.
For the first nine months of 2024, SD6 recorded net revenue of VND 88.6 billion, a 10% decline year-over-year. The company’s post-tax profit for this period stood at VND 83.6 million, compared to a loss of over VND 75 billion in the same period last year. As of Q3 2024, the accumulated loss amounted to nearly VND 277.7 billion.
In the stock market, SD6 was delisted from the exchange on August 23rd, 2024, due to consecutive years of unprofitable operations (2021, 2022, and 2023). Subsequently, in early September, over 34.77 million SD6 shares were transferred to the UpCOM market for trading.
The company’s primary business activities encompass the construction of hydroelectric, irrigation, transportation, civil, and industrial projects, among others.
Notable projects that the company has participated in as an investor and builder include Hoa Binh Hydropower Plant, Son La Hydropower Plant, Lai Chau Hydropower Plant, Ngang Pass Road Tunnel, Cat Linh – Ha Dong Elevated Railway in Hanoi, and the 18T1 – HH6 building in Nam An Khanh New Urban Area, to name a few.
Regarding financial performance, after incurring losses for five consecutive quarters, SD6 returned to profitability in Q3 2024. Specifically, the company’s net revenue for this quarter amounted to nearly VND 31 billion, reflecting a 31% decrease compared to the same period last year. However, a significant reduction in cost of goods sold, financial expenses, and management costs contributed to a positive turnaround, resulting in a post-tax profit of over VND 12 billion. In contrast, the company posted a loss of VND 40 billion in the corresponding quarter of the previous year.
For the first nine months of 2024, SD6 recorded net revenue of VND 88.6 billion, a 10% decline year-over-year. The company’s post-tax profit for this period stood at VND 83.6 million, compared to a loss of over VND 75 billion in the same period last year. As of Q3 2024, the accumulated loss amounted to nearly VND 277.7 billion.
In the stock market, SD6 was delisted from the exchange on August 23rd, 2024, due to consecutive years of unprofitable operations (2021, 2022, and 2023). Subsequently, in early September, over 34.77 million SD6 shares were transferred to the UpCOM market for trading.
