Sonadezi (SNZ) to Pay 14.4% Cash Dividend, Over VND 542 Billion

Overview

Sonadezi (SNZ, UPCoM) has approved a 2025 cash dividend of 14.4%, equal to VND 1,440 per share, with total disbursement of more than VND 542 billion. The record date is October 6, 2026, and payment is scheduled for October 21, 2026. The announcement matters for SNZ holders because the payout follows a first half of 2026 in which net profit fell 43.9% year on year, and because the majority of the cash goes to the provincial government shareholder.

Key Facts

• Dividend ratio: 14.4% in cash, or VND 1,440 per share, for fiscal year 2025.
• Total payout: more than VND 542 billion, based on nearly 376.5 million shares outstanding.
• Record date: October 6, 2026; payment date: October 21, 2026.
• Majority shareholder: UBND tỉnh Đồng Nai holds nearly 374.8 million SNZ shares, or 99.54%, and is set to receive about VND 539.6 billion.
• H1 2026 net revenue: VND 2,751.8 billion, down 25.7% year on year; gross profit VND 1,029 billion, down 43.4%.
• H1 2026 net profit: VND 727.3 billion, down 43.9% year on year, completing 54.4% of the full-year 2026 target of VND 1,336.3 billion.
• Balance sheet at June 30, 2026: total assets VND 23,530.5 billion, up 5.5% from the start of the year; total borrowings VND 4,175.6 billion, or 37.9% of total liabilities.

What Happened

Sonadezi, formally Tổng Công ty Cổ phần Phát triển Khu công nghiệp, published a Board of Directors resolution on the 2025 dividend payment, according to the company’s disclosure. The resolution sets a cash dividend of 14.4%, meaning shareholders receive VND 1,440 for each share held, with the final registration date for the entitlement set at October 6, 2026 and settlement expected on October 21, 2026.

With nearly 376.5 million shares in circulation, the company estimates the total outlay at more than VND 542 billion. The 2026 half-year corporate governance report shows UBND tỉnh Đồng Nai owning close to 374.8 million SNZ shares, a 99.54% stake, which implies roughly VND 539.6 billion flowing to the provincial government. The article does not state whether the dividend was previously approved at the annual general meeting or whether any interim payment has already been made for the year.

Market Context

SNZ trades on UPCoM, Vietnam’s unlisted public company market, and closed at VND 24,200 on September 9, 2026. At that price the VND 1,440 dividend equates to a yield of about 5.95% on a single payment basis, though the source article frames the 14.4% figure as the payout ratio on par value rather than a market yield. Sonadezi sits in the industrial park and real estate segment, where earnings are tied to land leasing and infrastructure handovers; the H1 2026 decline in revenue and gross profit reflects slower recognition in that cycle. The stock’s UPCoM listing means thinner liquidity and disclosure cadence than HOSE-listed peers.

Strategic Significance

The dividend is a capital-return signal from a company whose earnings are under pressure, and its near-total concentration with the provincial government shareholder means the cash largely exits the listed vehicle rather than being recycled into new industrial park projects. For minority investors, the key question is whether Sonadezi can sustain this level of distribution while funding long-dated assets: long-term work in progress stood at VND 5,595.2 billion, or 23.8% of total assets, and inventory at VND 2,273.8 billion at mid-2026. The company’s leverage is moderate, with borrowings at 37.9% of total liabilities, but the 43.9% profit decline narrows the buffer for both capex and future payouts.

What to Watch

• Confirmation of the October 6, 2026 record date and the October 21, 2026 payment through the Vietnam Securities Depository and Clearing Corporation.
• Q3 2026 consolidated results for evidence that industrial park land leasing and revenue recognition are recovering from the H1 decline.
• Progress on the VND 5,595.2 billion of long-term work in progress and whether it converts to revenue in 2026.
• Any change in the 99.54% ownership by UBND tỉnh Đồng Nai, including equitisation or divestment announcements.
• Full-year 2026 profit versus the VND 1,336.3 billion target, given the 54.4% completion after two quarters.