Property developer Vingroup plans to issue nearly 554 million shares to pay a 21 percent dividend to shareholders for 2017 (Photo: cafef.vn)

Hanoi (VNA) -
Property developer Vingroup plans to issue nearly 554 million shares to pay a 21 percent dividend to shareholders for 2017.

The share issuance is scheduled for the second or third quarters of 2018.

Funding for the shares will be drawn from the firm’s accumulated post-tax profit recorded in the 2017 financial year.

Vingroup recorded 89.3 trillion VND (4 billion USD) in total revenue and 5.65 trillion VND in post-tax profit in 2017, up 55 percent and 27 percent on-year, respectively.

Vingroup will increase its charter capital to 31.9 trillion VND from the current 26.37 trillion VND after the share issuance.

In the first quarter of 2018, Vingroup posted 29 trillion VND in revenue and 1 trillion VND in net profit, yearly increases of 84 percent and 70 percent.

For 2018, the company has set a target of 120 trillion VND in net revenue, up 34 percent from last year, and 8.5 trillion VND in net profit, up 50 percent.

Vingroup has more than 2.63 billion shares on the HCM Stock Exchange under the code VIC, which ended Friday at 122,800 VND per share. -VNA