“BSR Declares Another Delightful Dividend: A Whopping 2.2 Trillion VND Payout to Shareholders as the Company Prepares for a New Exchange.”

Binh Son Petroleum Refinery Joint Stock Company (BSR) has just approved a resolution by its Board of Directors regarding the plan to pay cash dividends for 2023 at a rate of 7% (VND 700 per share). The record date for determining the list of shareholders eligible for dividends is October 15th, and the expected payment date is November 11th.

With over 3.1 billion circulating shares, BSR is expected to spend VND 2,170 billion on this dividend payout. The majority of this amount will go to the Vietnam Oil and Gas Group (PVN), the parent company that holds more than 92% of BSR’s shares.

The dividend announcement comes just days after BSR released a resolution by its Board of Directors regarding the listing of BSR shares on the Ho Chi Minh City Stock Exchange (HoSE). Accordingly, the Board of Directors will work on finalizing the list of shareholders and submitting it to the Vietnam Securities Depository and Clearing Corporation (VSDC); while also preparing to submit the necessary documents and carry out related procedures for the listing in 2024.

In a report released in late June, BIDV Securities (BSC) stated that BSR has been determined to carry out the plan to switch stock exchanges for a long time, and now, the possibility of a transfer is becoming clearer as the company expects to receive a court decision on bankruptcy procedures for Central Biofuel Joint Stock Company (BSR – BF).

Reacting positively to the double good news, BSR’s share price surged back to the 2-year peak region, reaching VND 24,100 per share. Since the beginning of the year, the share price has increased by nearly 30%. Market capitalization has also surged, reaching approximately VND 75,000 billion (~USD 3 billion). According to BSC’s assessment, this figure could potentially lead to BSR’s inclusion in the VN30 basket if the exchange transfer is successful.

BSR is the operator of the Dung Quat Refinery – Vietnam’s first refinery. The project was initiated in 2005 with a total investment of USD 3 billion and began operations in 2009. Dung Quat Refinery has a capacity of 6.5 million tons of crude oil per year with a low sulfur content.

In terms of financial performance for the first half of 2024, BSR recorded VND 55,118 billion in revenue and VND 1,884 billion in after-tax profit, representing a decrease of 19% and 36%, respectively, compared to the same period in 2023. With these results, the company has exceeded 64% of its full-year profit plan (VND 1,148 billion) just halfway through the year.