Vinasun Taxi triples dividends for shareholders

Vinasun plans to pay a cash dividend of 45%, meaning each share will receive VND4,500, instead of the 12% plan approved two months ago.

The new dividend payment plan will be presented to shareholders by the Board of Directors of Vietnam Sun Corporation (Vinasun) at an extraordinary meeting in mid-July. According to Vinasun's leaders, the dividend adjustment is intended to "share difficulties as well as connect shareholders who have accompanied the company in the past period".

If this plan is approved by shareholders, Vinasun will spend about VND305 billion to pay dividends for nearly 68 million listed shares. The source of money will be taken from VND345 billion of undistributed after-tax profit as of the end of last year. Shareholders can receive dividends this year in one or more installments.

On the stock exchange, Vinasun (VNS) shares immediately reacted positively to this information. Today, VNS increased to the maximum range of 21,050 VND - the highest price range since October 2022 - and matched orders of more than 300,000 shares.

The dividend increase plan was proposed by Vinasun's board of directors amid increasingly prosperous business operations. After two years of large losses in 2020 and 2021 due to the pandemic, last year the company earned more than VND180 billion and avoided delisting. In the first three months of this year, Vinasun continued to earn VND53 billion in after-tax profit, about 5 times higher than the same period last year. Mr. Tran Anh Minh, Deputy General Director of Vinasun, said at the end of April that financial indicators increased sharply because "the economy has fully recovered and the number of the company's vehicles in operation is always at 100%".

Vinasun targets revenue of VND1,345 billion this year, up 23% from last year. After-tax profit is expected to exceed VND200 billion, reaching its highest level since 2017. The company plans to invest in 700 new vehicles, liquidate and sell 400 vehicles on credit to drivers for franchise business. It is estimated that the fleet will have more than 3,500 vehicles by the end of the year.

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