Son La Sugar (SLS) Sets 100% Cash Dividend, VND 10,000 Per Share

Overview

CTCP Mía đường Sơn La (ticker SLS, listed on HNX) has fixed November 3, 2026 as the record date for a 100% cash dividend for fiscal year 2025-2026, equal to VND 10,000 per share, with payment scheduled for November 25, 2026. The distribution totals roughly VND 98 billion across nearly 9.8 million shares outstanding, per the company’s announcement. The payout keeps SLS among the highest cash-dividend payers on the Vietnamese market, though it lands against a sharp year-on-year drop in quarterly profit.

Key Facts

• Record date: November 3, 2026; payment date: November 25, 2026.
• Dividend rate: 100% in cash, or VND 10,000 per share.
• Total outlay: approximately VND 98 billion, based on nearly 9.8 million shares outstanding.
• Prior fiscal years: 150% cash dividend for 2024-2025 and 200% for 2023-2024.
• Q1 fiscal 2026-2027 (July 1 to September 30, 2026) net revenue: over VND 268.5 billion, down 10.2% year on year.
• Q1 fiscal 2026-2027 net profit: nearly VND 22.6 billion, down 72.3% year on year; gross profit fell 73.2% to over VND 20.6 billion.
• Total liabilities at September 30, 2026: nearly VND 66.1 billion, down 80.4% from July 1, 2026.

What Happened

In a company notice, Mía đường Sơn La said November 3, 2026 would be the final registration date for shareholders to exercise the right to receive the fiscal 2025-2026 cash dividend. Each share carries VND 10,000, a 100% rate on par value, and the company expects to complete payment on November 25, 2026. With close to 9.8 million shares in circulation, the disbursement is estimated at just under VND 98 billion.

The announcement accompanies the company’s first-quarter fiscal 2026-2027 financial statements, covering July 1 to September 30, 2026. Net revenue fell 10.2% year on year to more than VND 268.5 billion, while gross profit dropped 73.2% to over VND 20.6 billion. Financial expenses eased to nearly VND 1.4 billion from VND 1.8 billion, selling expenses rose 41.9% to nearly VND 626.7 million, and general and administrative costs climbed to almost VND 7.4 billion from VND 5.2 billion. Net profit came in at nearly VND 22.6 billion, down 72.3% year on year. Total assets fell 11.8% from July 1, 2026, and total liabilities dropped 80.4% to nearly VND 66.1 billion.

Market Context

SLS closed at VND 142,500 on October 26, 2026 on HNX. At that price the VND 10,000 cash dividend implies a yield of roughly 7% on the traded price, well below the headline 100% rate on par value, a distinction that matters for income-focused readers. The stock trades on HNX rather than the larger HOSE, and Son La Sugar sits in the consumer staples segment of the Vietnamese market, where sugar producers are exposed to domestic sugar prices, import competition and input costs. The company’s dividend record of 150% and 200% in the two prior fiscal years has made it a reference name for high cash-payout small caps.

Strategic Significance

The core question for long-term holders is whether SLS can sustain its payout record as earnings compress. The 72.3% fall in quarterly net profit and the 73.2% drop in gross profit point to margin pressure in the sugar business, while the 80.4% reduction in liabilities suggests the balance sheet has been deleveraged, which supports the ability to fund cash distributions from a lighter debt base. A payout of roughly VND 98 billion against quarterly net profit of about VND 22.6 billion means the distribution is not covered by a single quarter’s earnings, so the sustainability case rests on full-year results and the seasonal sugar crush cycle rather than on the latest quarter alone. The company’s history of paying out at high rates signals a shareholder-return policy anchored in cash rather than reinvestment, which limits growth optionality but supports the income thesis.

What to Watch

• Full-year fiscal 2025-2026 results, to test whether annual earnings cover the VND 98 billion distribution.
• The November 25, 2026 payment date, and confirmation that the full amount is disbursed.
• Domestic sugar price trends and import policy, which drive SLS gross margins.
• Q2 fiscal 2026-2027 results, covering October to December 2026, for evidence of margin recovery.
• Any further dividend announcement for fiscal 2026-2027, given the declining rate from 200% to 150% to 100%.