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At the 2026 annual general meeting, Dam Sen Water Park Joint Stock Company (HOSE: DSN) announced plans to pay a 40% cash dividend and to redirect its investment strategy toward the Mekong Delta in search of new growth drivers. The company said fiscal year 2025 results fell short of expectations due to the combined impact of weather conditions and economic volatility.
DSN reported total visitors of over 800,000, equivalent to about 76% of its plan and down 21% year-on-year. Net revenue reached 181.5 billion VND, while after-tax profit was over 72 billion VND, declining 17% and 22% respectively compared with 2024.
Despite negative earnings growth, DSN maintained a high dividend payout policy. The company approved a 2025 cash dividend of 40%, equivalent to more than 48 billion VND. An interim payment of 24% had already been made in February 2026. For 2026, management plans to maintain a minimum dividend of 24% of charter capital.
The board noted competitive pressure from a shrinking group-tour customer base, driven mainly by changes in picnic policies in neighboring localities and free-entry strategies by major rivals, including the Đại Nam tourist complex. DSN also cited higher operating costs for its coach fleet due to oil price volatility in the Middle East, which it said eroded profit margins and reduced group bookings by about 35,000.
Given land bank constraints in Ho Chi Minh City, DSN is restructuring its investment portfolio. The company decided to cancel the Cu Chi project and focus on securing new land in the western provinces, which it described as a high-potential market with hot weather year-round and limited professionally managed water entertainment facilities.
DSN said investment funds will be prioritized from retained earnings or financing through debt and new equity issuance to existing shareholders. For project governance, the company aims to fully divest from the fruit juice plant in Phan Thiết this year to concentrate resources on core areas.
DSN set 2026 business targets on a cautious basis, expecting net revenue of 190 billion VND and after-tax profit of 73 billion VND, representing modest growth of about 1% to 4% versus 2025.
The AGM also approved the appointment of Hiroko Yabe and Le Thanh Tri to the board for the 2023–2028 term to strengthen senior management.
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