PCE Declares 14% Cash Dividend for 2025; Parent DPM to Receive VND 10.5B

Overview

Phân bón và Hóa chất Dầu khí Miền Trung (HNX: PCE) has announced a 2025 cash dividend of 14%, equal to VND 1,400 per share, according to a company notice. The payout matters most for Tổng công ty Phân bón và Hóa chất Dầu khí (HOSE: DPM), which owns 75% of PCE and expects to receive VND 10.5B of the VND 14B total distribution.

Key Facts

• Dividend rate: 14% cash for 2025, or VND 1,400 per share.
• Record date: 15/9/2026; ex-dividend date: 14/9/2026.
• Payment date: 15/10/2026.
• PCE has 10 million shares outstanding, implying a total payout of VND 14B.
• DPM holds 7.5 million PCE shares, or 75% of charter capital, and is set to receive VND 10.5B.
• PCE reported 2025 net revenue of about VND 3,631B, pre-tax profit of VND 31.86B and after-tax profit of VND 25.36B.
• H1 2026 net revenue reached VND 2,574B with after-tax profit of VND 19.73B, down 2.74% year on year.

What Happened

The board of Phân bón và Hóa chất Dầu khí Miền Trung issued a notice setting the 2025 cash dividend at 14%, with shareholders of record on 15/9/2026 receiving VND 1,400 per share. The ex-dividend date is 14/9/2026 and the company plans to complete payment on 15/10/2026. With 10 million shares outstanding, the total outlay is VND 14B.

DPM, known for the Đạm Phú Mỹ brand, is the largest shareholder with 7.5 million PCE shares, or 75% of charter capital, and therefore collects VND 10.5B. PCE, originally a Central and Central Highlands branch of the PetroVietnam fertilizer business established in 2005 and converted to a joint-stock company in early 2011, handles fertilizer sales and market development for that region. The announcement did not disclose a dividend policy change or any adjustment to the 2026 earnings targets of VND 4,101B revenue and VND 20.94B after-tax profit.

Market Context

PCE last closed at VND 17,800 on 14/9/2026 on HNX, the same day the shares began trading ex-dividend, while DPM closed at VND 22,850 on 20/9/2026 on HOSE. The VND 1,400 payout equates to roughly 7.9% of PCE’s VND 17,800 reference price, below the headline 14% rate because the ratio is calculated on par value rather than market price. PCE’s Q2 2026 results showed net revenue down 11.45% and after-tax profit down 33.56% year on year, with selling expenses up 25.86%, reflecting the margin pressure across the Vietnamese fertilizer and chemicals sector as input and energy costs fluctuate.

Strategic Significance

For DPM, the VND 10.5B dividend is a modest but reliable cash inflow from a consolidated subsidiary, and it reinforces the parent’s role as a holding vehicle for regional fertilizer distribution rather than a pure production play. For PCE minority holders, the key question is whether a 14% par-value payout is sustainable against a 2026 profit target of VND 20.94B after tax, which is below the VND 25.36B earned in 2025. The company’s stated priorities, defending urea and NPK market share and strengthening distribution in the Central and Central Highlands regions, suggest capital will remain focused on working capital and channel expansion rather than large projects, which supports continued but potentially smaller cash returns.

What to Watch

• PCE’s Q3 2026 financial statements, expected around late October 2026, for evidence on revenue and margin trends.
• Actual dividend disbursement on 15/10/2026 and confirmation that the full VND 14B is paid.
• DPM’s consolidated results for the quarter in which the dividend is booked.
• PCE’s 2026 annual general meeting resolutions or filings on any revised dividend policy.
• Urea and NPK price trends and input cost movements in the Central and Central Highlands markets.