TNP Port Pays Record 26% Cash Dividend, 5-Year Payout Streak

Overview

Cang Thi Nai (TNP), a port operator on UPCOM, has announced a record cash dividend of 26% for fiscal 2025, paying 2,600 VND per share. The ex-date is set for 4/9/2026, with payment on 16/9/2026. This payout, totaling approximately 18.5 billion VND, underscores the company’s consistent shareholder return policy and follows a year of strong operational performance.

Key Facts

• Dividend rate: 26% cash dividend for 2025, equivalent to 2,600 VND per share.
• Ex-date: 4/9/2026; payment date: 16/9/2026.
• Total payout estimated at 18.5 billion VND based on 7.1 million outstanding shares.
• 2025 revenue reached 89.4 billion VND, 127.7% of plan; after-tax profit was 23.3 billion VND.
• Cargo throughput in 2025 exceeded 1.88 million tons, up nearly 26% from plan.
• Dividend history: 25% for 2023 and 2024, 20% for 2025 (as announced earlier), and 26% for 2025 (this announcement).
• 2026 plan: revenue target of 79.5 billion VND (-11% YoY), pre-tax profit of 19.5 billion VND, and dividend rate of 20%.

What Happened

CTCP Cảng Thị Nại (TNP) announced its 2025 cash dividend plan with a record rate of 26%, translating to 2,600 VND per share. The company set the ex-date for 4/9/2026 and expects to pay shareholders on 16/9/2026. With 7.1 million shares outstanding, the total cash outlay is estimated at 18.5 billion VND.

The announcement follows the release of 2025 results showing cargo throughput of over 1.88 million tons, exceeding the annual plan by nearly 26%. Revenue reached 89.4 billion VND (127.7% of plan), while pre-tax profit exceeded 29 billion VND, surpassing the target by 65%. After-tax profit stood at approximately 23.3 billion VND.

TNP, originally a state-owned enterprise under Binh Dinh’s Department of Transport, was established in January 1994 and converted to a joint-stock company in early 2010. Since 2015, it has been 100% privately held, and its shares have traded on UPCoM since December 2016. The company’s core business is cargo handling, warehousing, and equipment rental in the Quy Nhon area.

Market Context

TNP closed at 22,100 VND on 5/8/2026 on UPCOM. At this price, the 26% cash dividend implies a yield of approximately 11.8%, which is notably high in the current Vietnamese market environment. The company has maintained a consistent cash dividend policy for over five years, with recent payouts of 25% for 2023 and 2024, and 20% for 2025 (as previously announced). This latest record payout reinforces TNP’s reputation as a reliable income stock within the logistics sector.

Strategic Significance

For long-term investors, TNP’s record dividend signals strong cash generation and a disciplined capital allocation policy. The company’s ability to pay out 26% while still planning for future growth suggests a mature business with limited capital expenditure needs. However, the 2026 plan indicates a more cautious outlook, with revenue and profit targets set below 2025 levels, reflecting potential normalization in cargo volumes. The dividend policy remains a key attraction, but investors should monitor whether the company can sustain such high payouts if earnings decline as projected.

What to Watch

• 2026 first-half results: Will revenue and profit trends align with the cautious full-year plan?
• Cargo throughput data: Monthly or quarterly updates on tonnage through the port.
• Dividend sustainability: Whether the 2026 dividend of 20% is maintained or adjusted.
• Any changes in ownership or strategic partnerships that could affect capital allocation.
• Regulatory or policy shifts affecting port operations in Binh Dinh province.