PTG and NFC Announce 50% Cash Dividends, Record Dates in Early May

Overview

Phan Thiet Garment Export (PTG) and Ninh Binh Phosphate (NFC) have announced cash dividends of 50% (VND 5,000 per share) for 2025, with record dates set for early May 2026. PTG’s dividend yield exceeds 400% at its current trading price of VND 1,200, while NFC’s payout is the highest in its history, supported by record 2025 earnings.

Key Facts

• PTG will pay a 50% cash dividend (VND 5,000/share) for 2025, record date May 8, 2026, payment June 11, 2026.
• PTG’s total payout is estimated at VND 25 billion, based on nearly 5 million shares outstanding.
• The 50% dividend is significantly higher than PTG’s original 2025 plan of 20% (VND 2,000/share).
• PTG shares trade at around VND 1,200, with extremely low liquidity; last trade was in November 2025 (100 shares).
• Insiders and related parties hold about 63% of PTG’s charter capital.
• NFC will also pay a 50% cash dividend, record date May 8, 2026, payment May 18, 2026, totaling nearly VND 79 billion.
• NFC reported 2025 revenue of VND 1,240 billion (+35% YoY) and record pre-tax profit of VND 173 billion (2.8x YoY).

What Happened

According to company announcements, both Phan Thiet Garment Export (PTG) and Ninh Binh Phosphate (NFC) will close shareholder lists on May 8, 2026, for cash dividend payments. PTG will pay VND 5,000 per share (50% of par value) on June 11, 2026, while NFC will pay the same amount on May 18, 2026.

PTG’s dividend is notably higher than its initial 2025 plan of 20%. The company has a long history of consistent cash dividends since listing on UPCoM in 2010, including a record 150% payout in 2024. NFC’s 50% dividend is the highest in its history, following a record-breaking 2025 financial performance.

Market Context

PTG trades on UPCoM at approximately VND 1,200 per share, implying a dividend yield of over 400% based on the announced payout. However, liquidity is extremely thin, with the last reported trade occurring in November 2025 (100 shares via negotiated method). The concentrated shareholder base (63% held by insiders) suggests long-term dividend-focused holding rather than active trading.

NFC is listed on HNX. Its 2025 results showed strong growth, with revenue up 35% and pre-tax profit surging 2.8x year-on-year. The company has set 2026 targets of VND 1,423 billion revenue (+15%) and VND 180 billion pre-tax profit (+4%), which would mark a fifth consecutive year of record earnings.

Strategic Significance

PTG’s dividend policy reflects a strategy of returning capital to a concentrated shareholder base rather than reinvesting for growth. The extremely low liquidity and high insider ownership suggest the stock functions more as a dividend vehicle than a trading instrument. For NFC, the record dividend signals confidence in sustained earnings power, supported by its 2026 guidance for continued profit growth. The fertilizer sector benefits from stable demand, and NFC’s consistent dividend history reinforces its appeal to income-focused investors.

What to Watch

• PTG’s ability to maintain or increase dividends given its small market cap and low trading volume.
• NFC’s Q1 2026 earnings release to confirm if the profit growth trajectory continues.
• Any changes in PTG’s shareholder structure or liquidity events.
• NFC’s interim dividend policy for 2026, as it plans to maintain a minimum 40% advance dividend.
• Broader textile and fertilizer sector trends affecting PTG and NFC’s operational performance.