Monday , July 15 2024

Đức Giang Chemical raises profit target by nearly 40% this year

A worker operating equipment inside a Đức Giang Chemical plant in Hưng Yên Province. Photo ducgiangchem.vn

HÀ NỘI — In its recently released document for the 2022 Annual General Meeting of Shareholders, Đức Giang Chemical Group JSC (DGC) said that despite the complexity of the COVID-19 pandemic in 2021, the company’s business results still improved. 

Last year, its consolidated revenue reached VNĐ9.55 trillion (US$418 million), up 53 per cent year-on-year. This led to an increase of 165 per cent in consolidated profit after tax to over VNĐ2.5 trillion, which exceeded 128 per cent of the whole year plan set by the General Meeting of Shareholders.

Đức Giang Chemical’s executive board said that the positive business results were thanks to its strategy in keeping operation at full capacity and cutting input costs. In addition, the world market has witnessed changes in favour of the company’s products. 

It will propose to the General Meeting of Shareholders to pay 2021’s dividends at the rate of 127 per cent, including 10 per cent in cash dividend, which was paid in advance, and stock dividend at the rate of 117 per cent. Đức Giang Chemical will issue an additional 200.16 million shares to pay dividends.

In 2022, the company plans to increase total revenue by 26 per cent compared to 2021 to more than VNĐ12.1 trillion, with profit before tax of VNĐ3.5 trillion, up 39 per cent. It plans to pay a dividend of 30 per cent in 2022. 

Đức Giang Chemical is focusing on the Đức Giang – Nghi Sơn project that is expected to start in the third quarter of this year. It conducted an extraordinary General Meeting of Shareholders in December 2021 to increase the total investment to VNĐ10 trillion. 

While its apartment project is waiting for a new policy, this year the company continues to implement solid waste treatment and joint ventures to exploit new mines.

It also submitted a proposal to approve the plan to issue 8.55 million employee stock ownership plans (ESOPs), accounting for 5 per cent of the outstanding shares at the price of VNĐ10,000 a share. 

The price is much lower than the market price of DGC shares on March 7 which was VNĐ189,900 per share. 

These shares will be offered to its employees and its subsidiaries and will be subject to a three-year transfer restriction. The release date is also this year. VnExpress News

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