TJC Announces Record 90% Cash Dividend, Ex-Date April 29

Overview

Transportation and Trading Services JSC (TJC) has announced a record 90% cash dividend for 2025, paying VND 9,000 per share. The ex-date is April 29, with payment expected on May 19. This surprise payout reverses the company’s earlier no-dividend plan and nearly depletes retained earnings.

Key Facts

• TJC will pay a cash dividend of 90%, or VND 9,000 per share, the highest in company history.
• The ex-dividend date is April 29, 2025; the record date is May 4, 2025; payment is scheduled for May 19, 2025.
• Total payout amounts to approximately VND 77.4 billion, based on 8.6 million outstanding shares.
• The previous dividend (2023) was 9% cash; the 2025 dividend is 10 times larger.
• The decision reverses an earlier shareholder-approved plan of no dividend for 2025.
• 2025 net profit was VND 4.3 billion; retained earnings stood at over VND 77.5 billion at year-end.
• After the dividend, retained earnings will drop to about VND 173 million.
• For 2026, TJC targets net profit of VND 2.6 billion and a 12% cash dividend (VND 12.9 billion).

What Happened

TJC announced a 90% cash dividend for 2025, paying VND 9,000 per share, with an ex-date of April 29 and payment on May 19. The total payout of VND 77.4 billion nearly exhausts the company’s retained earnings of VND 77.5 billion, leaving only VND 173 million. This is a sharp reversal from the no-dividend plan approved at the 2025 annual general meeting.

At the 2026 AGM, TJC also approved a business plan targeting 2026 revenue of VND 8 billion and net profit of VND 2.6 billion. The company plans to transfer VND 11.5 billion from the development investment fund to retained earnings, boosting accumulated profit to an estimated VND 14.2 billion by year-end 2026. A 12% cash dividend (VND 12.9 billion) is proposed for 2026. Additionally, two board members resigned effective March 25, 2026, reducing the board from five to three members.

Market Context

TJC shares closed at VND 27,500 on April 17, up 0.4% on the day. The stock trades on the HOSE exchange. The logistics and maritime transportation sector has seen mixed performance amid global trade headwinds. TJC’s high dividend yield (approximately 32.7% at the current price) stands out in the market, but the near-total payout of retained earnings raises questions about future investment capacity.

Strategic Significance

The record dividend signals management’s confidence in the company’s cash position and a commitment to shareholder returns, but it also leaves minimal retained earnings for growth or contingencies. The 2026 dividend plan (12%) suggests a more normalized payout ratio. The board reduction and resignations indicate possible governance changes. Investors should assess whether the high payout is sustainable given the modest profit outlook.

What to Watch

• Q1 2026 earnings release to gauge profit trends and cash flow.
• Any updates on the transfer of VND 11.5 billion from the development investment fund.
• Changes in board composition and strategic direction.
• TJC’s ability to maintain dividends beyond 2026 given the low retained earnings.
• Share price reaction around the ex-dividend date (April 29).