Baoviet Holdings touts 15 per cent dividend for 2012

On April 24, at the 2013 Annual General Meeting (AGM) of Shareholders, Baoviet shareholders approved reports on 2012 performance and the 2013 business plan; approved the supplement and replacement election of two members of the Board of Directors (BOD); approved the replacement of one member of the Supervisory Board. They also approved the BOD's appointment of  Phuc as CEO  and Baoviet Holdings' Charter amendments.

In 2012, Baoviet's total revenue reached VND1.393 trillion ($66.97 million), completing 104.7 per cent of the plan. After-tax profit reached VND1.082 billion ($52 million), up by 19.7 per cent. Profit after tax/ charter capital was 15.9 per cent.

The 2012 dividend payout ratio for shareholders is 15 per cent (VND1,500 per share), exceeding 25 per cent of the plan approved by AGM (12 per cent), equivalent to VND1.021 trillion ($49 million) in dividend payment, accounting for 94.4 per cent of after-tax profit.

As at December 31, 2012, owners' equity rose to VND11.464 trillion ($551 million), up by 2 per cent. Total assets reached VND12.697 trillion, an increase of 2 per cent compared to 2011.

In 2013, Baoviet will continue to implement key initiatives to expand market, broaden network, improve product research and development, increase operations productivity and efficiency of distribution system, enhance customer service quality and fulfill the business plan.

Total revenue of Baoviet Holdings is targeted at VND1.411 trillion ($67.8 million) for 2013, up by 1.4 per cent compared to 2012, pre-tax to reach VND1.16 trillion ($55.7 million), after-tax profit to reach VND1.103 trillion ($53 million), up by 2 per cent compared 2012, profit after tax/ charter capital of Baoviet Holdings to reach 16.2 per cent. Based on this ratio, Baoviet proposes the dividend payout ratio of 15 per cent.

“2013 marks the beginning of the business transformation in the group's five year business strategy (2011-2015),”  said Le Quang Binh, chairman of Baoviet Holdings. Therefore, in 2013, Baoviet will focus on maintaining sustainable development, sharply increase revenue growth and enhance operational effectiveness, demonstrate professionalism and solid cross-subsidiary cooperation, emphasise our brand image and first class service in Vietnam."

The appointment of Phuc as CEO, replacing Nguyen Thi Phuc Lam who will be retired since June 1, 2013.