Song Da Corporation (SJG) Sets 12% Cash Dividend for 2025, Record Date October 30, 2026

Overview

Song Da Corporation (SJG, UPCoM) has approved a 12% cash dividend for 2025, equal to VND 1,200 per share, according to a Board of Directors resolution. The record date is October 30, 2026, with payment scheduled for November 16, 2026, and the total distribution is approximately VND 539.4 billion. The announcement matters for SJG holders because the payout is effectively a transfer to SCIC, which owns 99.79% of the company.

Key Facts

• Dividend rate: 12% in cash for 2025, or VND 1,200 per share.
• Record date: October 30, 2026; payment date: November 16, 2026.
• Total payout: approximately VND 539.4 billion on more than 449.5 million outstanding shares.
• SCIC held nearly 448.6 million SJG shares, or 99.79%, as of June 30, 2026, and is expected to receive nearly VND 538.2 billion.
• H1 2026 audited net profit: nearly VND 603.7 billion, up 39.4% year on year.
• H1 2026 net revenue: nearly VND 2,583.6 billion, down 17.9% year on year.
• FY2026 net profit target: VND 2,185 billion; H1 completion was 27.6%.

What Happened

The Board of Directors of Tổng Công ty Sông Đà - CTCP issued a resolution to pay the 2025 cash dividend at a rate of 12%, meaning shareholders receive VND 1,200 for each share held. The company set the final registration date for October 30, 2026, and the payment date for November 16, 2026. With more than 449.5 million shares outstanding, the total cash outlay is about VND 539.4 billion.

According to the company’s H1 2026 governance report, SCIC held nearly 448.6 million SJG shares as of June 30, 2026, equal to 99.79% ownership, and is expected to collect nearly VND 538.2 billion from this dividend. The resolution did not disclose any change to the dividend policy or a timetable for future payments.

Market Context

SJG trades on the UPCoM exchange, Vietnam’s unlisted public company market, and closed at VND 20,500 on October 6, 2026. At that price, the VND 1,200 cash dividend represents a yield of roughly 5.9% on the pre-record-date close, though the 12% rate is calculated on par value rather than market price. The stock’s near-total SCIC ownership means free float is minimal and trading liquidity is thin, so the dividend is primarily a state-capital cash transfer rather than a broad market event. The payout comes as SJG’s H1 2026 revenue fell 17.9% year on year while net profit rose 39.4%, a divergence driven by gross margin improvement and other income.

Strategic Significance

For long-term investors, the key point is not the headline yield but the capital-allocation signal from a 99.79% state-owned entity. SJG is generating enough cash to fund a VND 539.4 billion distribution while carrying VND 5,885.5 billion in borrowings and VND 12,280.4 billion in total liabilities as of June 30, 2026. The dividend therefore tests whether SCIC prioritizes cash extraction over balance-sheet deleveraging at a construction and infrastructure company with VND 22,631.1 billion in total assets. Because SCIC receives almost the entire payout, minority shareholders are effectively along for the ride, and the stock’s investment case rests on SCIC’s eventual divestment or restructuring path rather than on dividend compounding.

What to Watch

• Confirmation of the October 30, 2026 record date and November 16, 2026 payment through the Vietnam Securities Depository and Clearing Corporation.
• Q3 2026 and full-year 2026 earnings, given H1 net profit covered only 27.6% of the VND 2,185 billion annual target.
• Any SCIC announcement on reducing its 99.79% stake or a change in SJG’s listing status.
• Further Board resolutions on 2026 dividend policy or additional cash distributions.
• Updates on SJG’s VND 5,885.5 billion in borrowings and interest costs as revenue declines.