The 2018 Annual General Meeting of Shareholders of Vietnam National Petroleum Group (Petrolimex) approved the 2017 dividend payout ratio of 30% of charter capital, equivalent to VND3,000/share (13 US cents/share).

Petrolimex approved 2017 dividend payout ratio of 30%/charter capital. Illustrative photo by Petrolimex

Accordingly, the representative of State’s PLX ownership, the Ministry of Industry and Trade, that holds 981.68 million shares (equal to 84.71 per cent of charter capital) will receive VND2,945 billion (US$129 million) in cash dividends for 2017.

The Group’s biggest foreign shareholder JX Nippon will be paid VND310 billion ($13.6 million) and other shareholders will receive a total of VND220.7 billion ($9.7 million).

Petrolimex Annual General Meeting of Shareholders also agreed to continue conretising solutions to enhance the corporate management quality to maintain stability and sustainable development, improve the overall business efficiency, take steady steps to integrate internationally, and ensure a dividend payout radio of at least 12% for 2018.

Additionally, Petrolimex will continue the restructuring process towards a cost-effective, cost-cutting model as directed by the Government; develop a plan to reduce the proportion of State ownership to 51% in accordance with the Prime Minister’s Decision No 1232/QD-TTg dated August 17, 2017.

A Petrolimex report indicates that in the first four months of 2018, total volume of petroleum sold amounted to 4.4 million cu.m tonne, up 15% from the same period last year and equal to 33% of the plan. Retail sales growth in 2018 is expected to be up 4.5% over the same period last year. The first four months of 2018 witnessed retail sales growth of 7% compared to the same period last year, with sales surging in almost 2,500 petrol stations. The Group’s total consolidated profit reached VND1,827 billion ($80 million) in the first four months of 2018, equal to 36.4% of the year’s plan, in which earnings from petroleum amounted to nearly VND1,000 billion ($44 million).