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SMC to pay 40% dividend
SMC Trading Investment JSC has announced it will pay 40 per cent of dividends for 2017’s business performance, with 10 per cent in cash and 30 per cent in shares.
The information was revealed in the company’s 2017 annual report.
SMC advanced 5 per cent cash dividends in August last year. The remaining 5 per cent cash dividend and 30 per cent share dividend are expected to be paid in May 2018 as soon as the shareholder’s meeting approves the plan.
According to the report, 2017 was considered a successful year for the steel industry as steel products’ prices rose throughout the year and consumption demand remained positive.
SMC reached total steel output of nearly 1.06 million tonnes, fulfilling its plan for the year. Its total net revenue was more than VND12.65 trillion (US$555 million), a year-on-year increase of 34 per cent.
The company’s after-tax profit reached over VND270 billion, down 25 per cent compared to 2016, but also exceeded the year’s target by 80 per cent for profits nearly double than expected.
This year, SMC aims to consume 1.1 million tonnes of steel, including about 550 thousand tonnes of construction steel and 550 thousand tonnes of galvanised steel.
Total sales are estimated to hit VND12 trillion, down 5 per cent compared to sales in 2017. After-tax profit was estimated at VND250 billion, a year-on-year decrease of 7.5 per cent.
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