How Rich is the Leadership of Ca Mau Fertilizer (DCM)?

According to the latest semi-annual financial statements, Ca Mau Oil and Gas Fertilizer Joint Stock Company (Ca Mau Fertilizer; HoSE: DCM) paid over VND 15.2 billion in remuneration to its board members, a decrease of VND 2.5 billion compared to the previous period, representing a 14.3% reduction.

Specifically, for the first six months of 2024, the two Ca Mau Fertilizer board members who received the highest remuneration were Mr. Tran Ngoc Nguyen, Chairman of the Board, and Mr. Van Tien Thanh, Board member and General Director. Each of them earned more than VND 1.42 billion, equivalent to nearly VND 240 million per month.

Following closely were Mr. Nguyen Thanh Tung, Deputy General Director; Mr. Nguyen Duc Hanh, Board member; and Mr. Le Duc Quang, Board member, who each received nearly VND 1.15 billion, equivalent to VND 191 million per month.

The next four Deputy General Directors, including Mr. Tran Chi Nguyen, Mr. Le Ngoc Minh Tri, Mr. Nguyen Tuan Anh, and Ms. Nguyen Thi Hien, earned over VND 1.14 billion each, corresponding to a monthly remuneration of over VND 190 million per person.

One board member, Mr. Nguyen Duc Thuan, who was appointed on January 10, 2024, received a modest remuneration of VND 430 million for the first half of 2024, equivalent to VND 71.6 million per month.

Interestingly, despite only being with Ca Mau Fertilizer for the first ten days of 2024, Mr. Tran My, a board member who was dismissed on January 10, 2024, and resigned on August 1, 2023, received over VND 366 million in remuneration for the first six months of 2024.

Regarding Mr. Tran My’s remuneration, Ca Mau Fertilizer explained that his pre-tax income for this period was income earned in 2023 and settled in this period.

Meanwhile, the two independent board members, Ms. Do Thi Hoa and Mr. Truong Hong, received VND 249 million in remuneration, equivalent to VND 41.5 million per month.

Mr. Dinh Nhu Cuong, Chief Accountant, and Ms. Phan Thi Cam Huong, Head of the Supervisory Board, each earned over VND 1 billion in remuneration, equivalent to more than VND 171 million per month.

The two individuals with the lowest remuneration in the management team were Mr. Le Canh Khanh, a member of the Supervisory Board, and Mr. Tran Van Binh, also a member of the Supervisory Board (dismissed on June 12, 2023). They received VND 45 million and VND 97.5 million, respectively, for the first six months of 2024.

Mr. Tran Van Binh’s case is quite unique, as he received VND 97.5 million in remuneration for the first half of 2024 despite being dismissed in June 2023. However, Ca Mau Fertilizer did not provide a detailed explanation for this situation.

For the first six months of the year, Ca Mau Fertilizer recorded revenue from sales and services of VND 6,890 billion, an increase of 9.62% compared to the same period last year. After-tax profit reached VND 935 billion, a surge of 72.44% year-on-year.

However, a blemish in the semi-annual financial statements was the significant increase in expenses compared to the previous year: financial expenses rose 4.3 times to VND 37.5 billion; selling expenses increased by 21.12% to VND 456 billion; and management expenses climbed by 15.29% to VND 248.6 billion.

As of June 30, 2024, Ca Mau Fertilizer’s total assets stood at VND 16,835 billion, a 10.48% increase from the beginning of the year. However, the company’s owner’s equity decreased by 1.69% to VND 9,795 billion.