Holding more cash than market capitalization, State-owned enterprise plans to distribute over 300 billion VND in dividends

Vietnam Petroleum Technical Services Corporation (PTSC – ticker PVS) announced the agenda for the 2025 Annual General Meeting of Shareholders, planned for May 29. The Board of Directors expects 2025 revenue to reach 22.5 trillion VND, and after-tax profit of 780 billion VND, down 10% and 38% compared to 2024. However, in the first quarter of 2025, PVS recorded a revenue of nearly 6.014 trillion VND, up 62%, with after-tax profit of nearly 300 billion VND. The Board proposed a dividend distribution for 2024 at a rate of 7% (700 VND per share), totaling about 335 billion VND for nearly 478 million shares. As of the end of Q1 2025, PVS had over 16.5 trillion VND in cash, representing nearly half of total assets, with total liabilities under 1.7 trillion VND. Despite a recent stock price increase of about 7%, PVS’s market capitalization stands at nearly 14 trillion VND. Additionally, PVS secured a 600 million USD offshore project and signed an agreement for offshore wind energy exports with Malaysia.