Phát Đạt Real Estate to pay dividends in stocks

Your browser does not support the audio element. Phát Đạt Real Estate Development Joint Stock Company (PDR) plans to pay dividends in stocks with the minimum ratio of  一 五 per cent this year A construction site of Phát Đạt Real Estate Development Joint Stock Company (PDR). — VNA/VNS Photo

HÀ NỘI — Phát Đạt Real Estate Development Joint Stock Company (PDR) plans to pay dividends in stocks with a minimum ratio of  一 五 per cent this year.

The company set a target of VNĐ 二. 八 trillion (US$ 一 一 八. 六 million) in revenue, VNĐ 八 五0 billion in pre-tax profit and VNĐ 六 八0 billion in profit after tax.

This information was given at the Annual General Meeting of Shareholders  二0 二 三 held in HCM City.

PDR Chairman Nguyễn Văn Đạt said the company will pay great attention to increasing the land fund to ensure a sustainable development strategy. The company currently owns a land bank of over  七, 四 三 四 hectares in Đà Nẵng, Quảng Ngãi, Bình Định, Khánh Hòa, Bà Rịa-Vũng Tàu, Bình Dương, and Phú Quốc.

Among them, the Cadia Quy Nhơn project alone has a total investment of about VNĐ 一. 二 七 trillion for the condotel category, while the hotel category is being planned. The project started last year and is expected to be completed in the fourth quarter of  二0 二 五.

Regarding the plan to issue shares to existing shareholders and offer shares to professional investors, PDR plans to offer  二0 per cent of shares to existing shareholders at the price of VNĐ 一0,000 per share and offer  一0 per cent of shares for professional investors at the price of VNĐ 一0,000 per share to restructure loans.

Total capital collected through this issuance is expected to be VNĐ 二.0 一 trillion of which the proceeds from the issuance of shares to professional investors, estimated at VNĐ 六 七 一. 六 billion, are used to repay bonds.

Proceeds from the issuance to existing shareholders, estimated at VNĐ 一. 三 四 trillion, will be used for development of projects: Nhơn Hội - Bình Định eco-tourism area (VNĐ 一 三 二 billion); Bắc Hà Thanh - Bình Định residential area (more than VNĐ 五 一 一 billion); Ngô Mây - Bình Định high-class hotel service and trade centre (VNĐ 四00 billion); Astral City - Bình Dương (VNĐ 三00 billion).

It is known that Phát Đạt’s total debt is currently VNĐ 四. 四 四 trillion (compared to about VNĐ 五. 二 六 trillion at the end of the third quarter of  二0 二 二), of which about VNĐ 二. 五 一 trillion is in bonds. Compared to the company’s current operating scale and assets, this debt is within a safe range in  二0 二 三.

Due to the negative fluctuations of the real estate market in late  二0 二 二, the company did not achieve the yearly profit plan, said PDR Chairman Đạt.

“However, PDR in the past year paid for many bond debts ahead of time, maintaining its reputation with bondholders as well as shareholders. The typical indicators for corporate health were maintained at a good level. I am confident that the most difficult period of PDR has passed,” he said. — VNS