REE shareholders continue to "pocket" hundreds of billions of dong in dividends

Completing the upcoming cash dividend payment, REE is expected to continue to issue more than 61.3 million shares to pay dividends to shareholders at a rate of 15%.

On April 15, Refrigeration Electrical Engineering Joint Stock Company (code REE) will finalize the list of shareholders to pay 2023 dividends in cash at a rate of 10%, corresponding to 1 share will receive 1,000 VND .

With nearly 410 million outstanding shares, it is expected that REE will need to deduct about 410 billion to pay shareholders. Payment source comes from the Company's undistributed profits. Expected dividend payment time is April 26, 2024.

Regarding company activities, at the end of March, Refrigeration Electrical Engineering successfully organized the 2024 Annual General Meeting of Shareholders, approving a business plan with a revenue target of 10,588 billion VND, an increase of 24%. and profit after tax of VND 2,409 billion, an increase of 10%.

  Having just received good news at the Long Thanh project, REE shareholders continue to be more specific. More specifically, the core mechanical and electrical refrigeration segment is expected to have a revenue of more than 3,200 billion VND, an increase of 22%. This segment is expected to return to profit with 166 billion VND (2023 loss of 9 billion VND). 

The real estate segment is also expected to double its revenue to 2,100 billion, and corresponding profit to 852 billion (an increase of nearly 52%). REE expects this year to put the Etown 6 building into operation in the second quarter, with a total leasing area of nearly 37,000 m2, expected occupancy rate of 30%; while maintaining an occupancy rate of 97-98%.

The energy segment is expected to reach more than VND 5,000 billion in revenue (up 5%); Profit after tax is expected to decrease by 7% to VND 1,200 billion. In particular, REE said it is looking for opportunities in the waste treatment segment (burning waste to generate electricity), aiming to invest in a factory with a capacity of 2,000 tons/day in Ho Chi Minh City.

Commenting on 2024, REE General Director Huynh Thanh Hai said that there are still some difficulties in REE's business segments. Specifically, hydroelectric plants are facing water shortages, especially in the Central region. And the North hopes to have good water.

Currently, the most difficult issue is operation, because it must follow the instructions of the Ministry of Industry and Trade and EVN. The alpha coefficient increases to 98%, meaning there are only 2% left to enter the market. REE is granted monthly Qc output (contract electricity output) with a coefficient of 98%, meaning that all of this amount must be according to the contract price, with only 2% remaining going into the market. 

Therefore, it is expected that electricity segment profits will decrease by about 7% this year. REE also tried to propose to the Ministry of Industry and Trade, but to no avail. The refrigeration mechanical and electrical segment is expected to increase profits with large contracts from many projects. 

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However, it is unlikely that expectations will be met until 2025. This year mainly focuses on buying and selling, preparing for next year.

Adding notable information, REE Chairman of the Board of Directors Nguyen Thi Mai Thanh revealed RE's signing of a contract to participate in Long Thanh airport, "Actually, there is good news, but everyone doesn't know it yet."

Company leaders said that REE recently submitted an application and was approved to participate in the Long Thanh airport project after a long period of negotiations. Previously, REE participated in submitting the application for Package TB01 Supply and installation of construction equipment of Project Component 2 Flight management works of Long Thanh International Airport Project Phase 1.

REE shareholders also approved the 2023 profit distribution plan with a total dividend rate of 25%, of which 10% are cash dividends and 15% are stock dividends. Thus, completing the upcoming dividend payment, REE will also issue more than 61.3 million shares to pay dividends to shareholders, expected in 2024.

At the same time, the Congress approved the maximum advance payment of dividends in cash for 2024 of 10% of charter capital and 15% in shares.

On the market, closing April 4, REE shares reached 62,900 VND/share.

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