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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Stock dividend payouts have become a broader strategic choice beyond simple cash distribution. They reflect long-term capital, growth, and risk management considerations in a changing environment. During the 2026 AGM season, spanning banks to large listed firms, there is a marked tilt toward stock dividends, attracting investor attention. The wave…
Song Ba Joint Stock Company (HOSE: SBA) has released materials for its 2026 annual general meeting of shareholders (AGM), proposing a cash dividend plan of up to 18% after a year of strong operating results. Alongside the dividend proposal, the company also plans to increase charter capital through an equity issuance and disclosed changes in senior management.
At the AGM, SBA is expected to seek shareholder approval for the 2025 cash dividend at up to 18%. With more than 60 million shares outstanding, the company expects to pay nearly VND 109 billion in dividends.
SBA said the funding will come from undistributed profits as of end-2025, which amount to over VND 385 billion. In addition, the management team plans to pay a 2026 dividend of 15%.
For 2026, SBA set targets based on hydrological forecasts and the actual operating capacity of its power plants. Total revenue is expected to reach VND 241 billion, down more than 30% compared with 2025.
In the revenue structure, electricity generation remains the main driver, expected to contribute more than VND 236 billion, while the remaining VND 5 billion is expected from consulting services and other financial activities.
Net profit after tax is forecast at nearly VND 97 billion, down 43% from 2025.
To achieve the 2026 targets, SBA expects total electricity production across the group to reach 203 million kWh. The Khe Dien Hydropower Plant is expected to generate 38 million kWh, while the Krong H’Nang Hydropower Plant is expected to generate 165 million kWh.
SBA also plans to issue shares to increase charter capital from equity, effectively as a bonus issuance to shareholders. The company’s charter capital is currently nearly VND 605 billion.
At the AGM, the Board will propose issuing about 3 million new ordinary shares, equivalent to a 5% issuance. The total par value of the shares is about VND 30 billion. After completion, SBA expects charter capital to rise to above VND 635 billion.
In 2025, SBA reported total electricity production of 308.4 million kWh, reaching 162% of the initial target of 190 million kWh. The Khe Dien Hydropower Plant produced 69.84 million kWh (75% above plan), while the Krong H’Nang Hydropower Plant produced 238.6 million kWh (59% above plan).
Supported by higher production, total revenue reached VND 351.6 billion, up 57% versus the plan. Net profit after tax was VND 169.6 billion, exceeding 187% of the initial target of about VND 91 billion. Basic earnings per share for 2025 reached VND 2,804, up 87% from the projection.
Just ahead of the upcoming AGM, SBA announced a change in its senior leadership. On 8 April 2026, the company received a resignation letter from Mr. Thai Hong Quan from the position of Chairman of the Board. The publication did not specify the reason for the resignation.
Market data indicates that Mr. Quan currently does not hold SBA shares, and there is no evidence of ownership by related parties.
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