Coteccons to pay 2019 cash dividend at rate of 30%

With nearly 76.3 million outstanding shares, the firm is expected to spend VND229 billion ($9.8 million) for dividend payout in August this year.  

The source of dividend payment is from the company's undistributed profit. As of end-June, the undistributed net profit of Coteccons (HoSE: CTD) stood at VND362 billion ($15.5 million), according to the company’s statement.

Currently, Kusto, its largest shareholder, holds 18.23% stake in the firm. The8th Pte Ltd holds 10.42% while Thanh Cong Investment and Trading Company holds 14.67% of the stake.

In addition, Coteccons' Board also approved the appointment of Kusto’s Bolat Duisenov, a member of the Board of Directors of Coteccons, as the new legal representative of the company.

Thus, Coteccons has two legal representatives including Mr. Nguyen Ba Duong, Chairman and Mr. Bolat Duisenov is the founding member and General Director of Kusto Vietnam.

In the first 6 months of the year, Coteccons reported VND7,525 billion ($323.5 million) in revenue, VND282 billion ($12 million) in post-tax profit, down 25% and 10% respectively over the same period of 2019.

Coteccons targets a consolidated revenue of VND16,000 billion ($689 million) and VND600 billion ($25.8 million) net income in 2020. As of end-June, the firm has fulfilled 47% of its revenue and profit targets for the year.

In 2020, it plans cash dividend rate at 30%. CTD share was traded at VND78,600 ($3.4) apiece on Friday. 

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