NET Declares 65% Cash Dividend for 2025 Despite H1 Profit Drop

Overview

Bột giặt NET (HNX: NET) has fixed October 6, 2026 as the record date for a 2025 cash dividend of 65%, or 6,500 VND per share, with payment scheduled for October 14, 2026. The distribution totals approximately 145.6 billion VND across nearly 22.4 million outstanding shares. The announcement arrives alongside a weak interim result: H1 2026 audited net profit fell 43.1% year-on-year to 46.5 billion VND.

Key Facts

• Cash dividend ratio: 65% of par value, equal to 6,500 VND per share, for fiscal year 2025.
• Record date for shareholder eligibility: October 6, 2026; payment date: October 14, 2026.
• Total dividend outlay: approximately 145.6 billion VND on roughly 22.4 million shares outstanding.
• H1 2026 net revenue: 891.3 billion VND, up 20.7% year-on-year.
• H1 2026 gross profit: 145.6 billion VND, down 17.6% year-on-year.
• H1 2026 net profit: 46.5 billion VND, down 43.1% year-on-year.
• 2026 plan: revenue of 1,750-1,850 billion VND and net profit of 160-180 billion VND; H1 fulfilled 50.9% of the low-case revenue target and 29.1% of the low-case profit target.
• Total assets as of June 30, 2026: 994.3 billion VND, down 7.6% from the start of the year; total liabilities 405.7 billion VND, down 24%.

What Happened

In a company filing, CTCP Bột giặt NET confirmed that October 6, 2026 will be the last registration date for shareholders to exercise their right to the 2025 cash dividend. Holders of one share receive 6,500 VND, a 65% payout on par value. With close to 22.4 million shares in circulation, the company will disburse about 145.6 billion VND, with settlement expected on October 14, 2026.

The dividend follows the release of NET’s reviewed semi-annual financial statements for 2026. Net revenue rose 20.7% year-on-year to more than 891.3 billion VND, but cost of goods sold compressed gross profit to 145.6 billion VND, a 17.6% decline. Financial activity income reached nearly 16.3 billion VND, up 49.5%, and other income jumped from 48.2 million VND to almost 3.7 billion VND. After taxes and fees, net profit for the first six months came in at just over 46.5 billion VND, down 43.1% from the same period in 2025.

Market Context

NET trades on the HNX, Vietnam’s smaller-cap exchange, and closed at 62,500 VND on September 26, 2026. At that price the 6,500 VND cash dividend represents a gross yield of roughly 10.4% on the pre-record-date close, a high headline payout for a consumer staples name. The stock sits in the personal and household goods segment, where input-cost pressure and promotional competition have weighed on margins across the sector even as top-line demand holds up. The wider Vietnamese market has been sensitive to earnings divergence, with dividend-paying staples drawing attention from income-oriented domestic investors.

Strategic Significance

The central tension for long-term holders is the gap between the cash return and the operating trend. NET is distributing 145.6 billion VND, more than three times its H1 2026 net profit, while gross margin compresses despite double-digit revenue growth. That combination points to a business defending volume through pricing or input-cost absorption rather than expanding profitability. The balance sheet offers some cushion: total liabilities fell 24% to 405.7 billion VND, and short-term financial investments of 358.4 billion VND represent 36% of total assets, suggesting the payout is funded from accumulated liquidity rather than current earnings. The strategic question is whether 2026 is a margin trough or the start of a structurally lower earnings base for the detergent franchise.

What to Watch

• Q3 2026 business results, to test whether gross margin stabilizes after the 17.6% H1 decline.
• Progress against the 2026 low-case profit plan of 160 billion VND, given only 29.1% was achieved in H1.
• The October 14, 2026 payment execution and any subsequent board resolution on a 2026 interim or advance dividend.
• Inventory and short-term investment balances in the next quarterly report, as indicators of cash generation and payout capacity.
• Raw material input cost trends for detergent production, the key swing factor behind the gross margin compression.