BMP Announces Record 148.6% Cash Dividend for 2025, Thai Shareholder SCG to Receive VND 669B

Overview

Binh Minh Plastic JSC (BMP) has proposed a record-high total cash dividend of 148.6% for 2025, according to a board resolution submitted for shareholder approval. The payout, totaling VND 1,216 billion, represents 99% of the company’s 2025 net profit. Major Thai shareholder Nawaplastic Industries, a member of SCG Group, stands to receive nearly VND 669 billion from the two tranches, highlighting the substantial returns from its long-term investment.

Key Facts

• BMP proposes a second cash dividend tranche of 83.6% (VND 8,360 per share) for 2025, following a first tranche of 65% paid in December 2025.
• Total 2025 cash dividend reaches a record 148.6%, requiring VND 1,216 billion, equivalent to 99% of 2025 net profit.
• Nawaplastic (SCG) owns 45 million BMP shares (55% stake) and will receive VND 669 billion from both tranches.
• Cumulative dividends received by Nawaplastic since its 2012 investment exceed VND 3,200 billion, representing an estimated 18.5% return on its initial VND 2,750 billion investment.
• BMP reported record 2025 revenue of VND 5,510 billion (+12%) and net profit of VND 1,229 billion (+12.4%).
• For 2026, BMP targets revenue of VND 6,053 billion (+10%) and net profit of VND 1,278 billion (+4%), with plans to distribute at least 50% of net profit as cash dividends.

What Happened

The Board of Directors of Binh Minh Plastic JSC (BMP) submitted a proposal to shareholders regarding profit distribution for 2025, as detailed in a company filing. The proposal includes a second cash dividend payment of 83.6%, equivalent to VND 8,360 per share. This follows an initial dividend of 65% paid in December 2025, bringing the total cash dividend for the year to a historic 148.6%. The total payout amounts to VND 1,216 billion, funded from 2025 net profit of VND 1,229 billion.

Nawaplastic Industries, a subsidiary of Thailand’s SCG Group and BMP’s largest shareholder with a 55% stake, will receive approximately VND 669 billion from the two dividend tranches. Nawaplastic first invested in BMP in 2012 and gained controlling interest in 2018 after acquiring shares from the State Capital Investment Corporation (SCIC). The article notes that Nawaplastic’s cumulative dividend receipts since 2012 now exceed VND 3,200 billion, with its current BMP shareholding valued at nearly VND 6,665 billion, roughly 2.5 times its initial investment.

Market Context

BMP trades on the Ho Chi Minh Stock Exchange (HOSE) under the Construction and Materials sector. The stock closed at VND 133,000 on April 10, 2026, up 1.99% with volume of 145,200 shares. The dividend announcement comes as BMP reported its highest-ever annual net profit in 2025, driven by revenue growth. The proposed payout ratio of 99% reflects a strong cash return policy, consistent with BMP’s history of regular cash dividends, which have not fallen below 20% since SCG’s involvement and have reached triple digits in recent years.

Strategic Significance

The record dividend underscores BMP’s robust cash generation and commitment to shareholder returns, particularly benefiting its strategic anchor investor, SCG. For long-term investors, this reinforces BMP’s position as a cash-cow within Vietnam’s plastics sector, with SCG’s continued involvement providing operational stability and potential for regional synergies in packaging and construction materials. The high payout ratio, while reducing retained earnings, signals confidence in future earnings to fund growth, as evidenced by the 2026 targets.

What to Watch

• Shareholder approval of the dividend proposal at the upcoming general meeting.
• BMP’s Q1 2026 earnings release to assess progress toward its VND 1,278 billion net profit target.
• Any changes in SCG’s shareholding position or further strategic investments in BMP.
• Implementation of the 2026 dividend policy, which pledges at least 50% of net profit as cash payouts.
• Sector-wide demand trends for plastic products impacting BMP’s revenue growth.