Petrolimex Nghe Tinh Joint Stock Company (HNX: PTX) announced the Resolution of the Board of Directors on cash dividend payment for the year 2024.
Specifically, the company approved a cash dividend payout ratio of 24%, equivalent to VND 2,400 per share. The record date for determining the list of shareholders is June 10, 2025, and the expected payment date is June 24, 2025. With over 6.4 million shares outstanding, the total expected dividend payout is over VND 15.4 billion.
Petrolimex Nghe Tinh has a history of paying cash dividends, with payout ratios ranging from 8% to 15% in recent years. The 24% dividend for 2024 is the highest in the company’s history, far exceeding the initial plan of 10% and accounting for nearly 79% of the company’s 2024 net profit. For 2025, the company targets a dividend payout ratio of 15%.
The high dividend comes as Petrolimex Nghe Tinh reported strong financial results for 2024. According to the company’s financial statements, revenue decreased by 9% to over VND 1,900 billion, but net profit increased significantly by 67% to a record high of nearly VND 20 billion. This marks the fourth consecutive year of peak profits for the company.
Petrolimex Nghe Tinh’s 2024 Annual Report attributed the strong performance to an increase in retail sales volume, which reached 77,650 cubic meters, representing a 124% achievement of the plan and a 10% increase compared to the previous year.
The surge in sales volume was driven by accelerated construction progress on the North-South Expressway project in Nghe An and Ha Tinh provinces, as well as the development of the WHA industrial park and Eco Park urban area (in Nghe An) during 2024. This led to a significant increase in fuel consumption in the region.
Additionally, some gas stations located on the route to Laos experienced a significant increase in sales volume during the first five months of the year. The total sales volume contribution from these five stations for long-distance customers in 2024 was 3,560 cubic meters.
The expedited construction of the North-South Expressway, particularly the focus on land clearance, resulted in a substantial fuel demand in the area. As a result, gas stations located near the construction site, such as Petrolimex 108 Bac Thach Linh, witnessed a notable increase in sales to customers involved in the project. Bac Thach Linh station’s sales volume for 2024 averaged 960 cubic meters per month, surpassing the plan by 40% and representing a 32% increase compared to the previous year. There were even months when the station’s sales volume exceeded 1,150 cubic meters.
Moreover, the company’s shift in business strategy, aimed at encouraging gas stations to increase their sales volume beyond the breakeven point, has yielded positive results. The majority of the stations experienced sales growth compared to the previous year: 7 out of 32 stations achieved growth of over 20%, 7 out of 32 stations grew by 10-20%, and 14 out of 32 stations saw growth of less than 10%.
In the first quarter of 2025, PTX’s revenue decreased by 23% year-on-year to VND 411 billion, but net profit increased by 17% to over VND 4 billion, completing 26% of the full-year profit target (VND 15.5 billion).
Petrolimex Nghe Tinh Joint Stock Company is a subsidiary of Petrolimex Vietnam. In 2018, the company officially listed its shares on the UPCoM exchange. After several rounds of capital increases, PTX currently has a charter capital of nearly VND 64 billion, with the parent company, Petrolimex Service Joint Stock Company, holding 3.2 million shares, equivalent to a 51% stake.
On the stock market, PTX’s share price has experienced significant volatility over the past year, following a prolonged period of stagnation. Specifically, the share price surged by nearly 3,500% from VND 640/share (June 2024) to a peak of VND 22,900/share (August 2024). This dramatic increase occurred just before PTX’s shares were transferred from UPCoM to the HNX exchange in early October 2024. Subsequently, the share price underwent a correction and has been trading sideways, closing at VND 21,900/share on June 2, 2025, representing a 10% decrease from its peak.
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