On September 21, CTCP Cơ khí An Giang (ticker CKA, UPCoM exchange) will close its shareholder register for a 2025 cash dividend of 120%, or VND 12,000 per share.CafeF Payment is scheduled for October 7. It's the highest dividend the company has paid since listing in 2018, six times the VND 2,000 it paid in 2019.
Look at the absolute numbers and the math gets interesting. With 3,286,404 shares outstanding, the total payout comes to roughly VND 39.4 billion. That's nearly a fifth of the company's consolidated total assets of VND 206.2 billion at the end of 2025, and 2.3 times its entire gross profit for the year. So how does a mechanical engineering company in the Mekong Delta, with charter capital of just VND 32.86 billion, come up with that much cash?
Where the record profit actually came from
The 2025 financial statements show revenue and profit moving in opposite directions, which is the detail worth sitting with. CKA posted net revenue of VND 162.4 billion, down 11.2% year-on-year.Doanh Nghiệp Hội Nhập Cost of goods sold fell more slowly than revenue, shrinking gross profit to VND 17.2 billion, down 14.2%. Administrative expenses alone ate up VND 16.4 billion, nearly swallowing whatever the core mechanical manufacturing business earned.
What actually drove the record bottom line sits in a different line item entirely: financial income and profit from joint ventures and associates, which reached VND 67.6 billion, up 189.2% year-on-year. That single line is larger than the company's full-year net profit of VND 65.2 billion (up 174.2%), and far exceeds the VND 22.4 billion plan the board approved back in April 2025.Vietstock
The 2025 annual report spells out the source plainly: strong performance at Antraco Joint Venture Co., Ltd., which mines and processes stone and construction materials in Tri Tôn, An Giang province. CKA holds 49% of Antraco, with an actual paid-in contribution of roughly VND 7.96 billion. The rest belongs to Tracodi, a member of Bamboo Capital.Bamboo Capital In other words, construction stone for bridge and road projects in the Mekong Delta, not combine harvesters or post-harvest equipment, is what's generating most of the profit CKA shareholders are about to collect. Even management's own beginning-of-year plan only budgeted VND 40 billion for this income line; actual results beat that by 69%.
One thing worth clarifying so the picture isn't oversimplified: the dividend isn't riding on a single lucky year. Undistributed after-tax profit at the end of 2025 stood at VND 84.5 billion, plenty of cushion for the company to pay out VND 39.4 billion without touching charter capital. On top of that, VEAM is the controlling shareholder and has also been the biggest beneficiary of CKA's cash dividend policy over the past two years.Fili All three factors sit behind this decision, though the Antraco cash flow is what made a 120% payout ratio possible in the first place.
Who actually gets the money
CKA's shareholder structure carries the fingerprints of an equitized state-owned enterprise. Vietnam Engine and Agricultural Machinery Corporation (VEAM) holds 1,558,072 shares, or 47.41% of capital, the only shareholder above the 5% disclosure threshold. At that stake, VEAM stands to collect approximately VND 18.7 billion from this payout, nearly half the total the company is distributing.
Foreign investors hold just 0.18% of the company. The rest is scattered among domestic individual holders, many of whom have long ties to the firm. Lê Thanh Vân, former Director of CTCP Cơ khí An Giang, who ran the company from December 2021 and also serves as Chairman of the Members' Council at Antraco Joint Venture Co., Ltd., owns 3.14% of CKA. He was relieved of the Director role for retirement effective July 1, 2026. His successor, Huỳnh Văn An, Director of CTCP Cơ khí An Giang, previously served as Deputy Director and currently holds 1.62% of the company.
Why new investors will struggle to get in
This is the part that matters most for newcomers. A 12,000-đồng dividend against the August 27 closing price of VND 70,600 works out to roughly a 17% yield, a rare number on UPCoM. But that number only means anything if you can actually buy the stock.
CKA's average matched volume over the last 20 sessions is just 7,745 shares, or about VND 537 million a day. Over 60 sessions, it's even lower: 4,745 shares. Between now and the September 21 record date, after subtracting the National Day holiday from August 31 to September 2, the market has roughly 13 trading sessions left. At that average pace, total shares changing hands over that window would come to only about 100,000 units, just over 3% of charter capital and roughly VND 7 billion in value.
Thin liquidity has very concrete consequences. A single VND 100 million order already accounts for roughly a fifth of a normal session's volume. On August 26, when volume spiked to 49,500 shares, the closing price fell 3.78% to VND 68,700. With liquidity this shallow, a handful of large orders is enough to push the price well away from the reference level, whether buyers or sellers are behind them.
There's another detail new investors often miss: on the ex-dividend date, the stock's reference price gets adjusted down by exactly the dividend amount. That VND 12,000 isn't new wealth added on top of what you already hold; it's value shifting from the share price into cash in your account, and after a 5% personal income tax withholding, it nets out to VND 11,400.
What to watch next
Receivables quality deserves close attention in upcoming filings. The gross value of bad debt at the end of 2025 jumped 130.9% to VND 24 billion; the company estimates it can recover VND 13.7 billion and has already set aside VND 10.3 billion in provisions. Short-term receivables total VND 115.4 billion, nearly 56% of total assets, of which VND 23.6 billion is profit allocated from the joint venture that hadn't yet landed in CKA's account by year-end. The consolidated 2025 financial statements received an unqualified audit opinion, which is a point in favor of the numbers' reliability.
Whether this profit stream holds up will become clearer over the coming year. The 2026 business plan will be presented at the annual shareholder meeting, and the target management sets for joint-venture income will signal how confident leadership actually is. The pace of infrastructure disbursement in the Mekong Delta drives Antraco's stone output and pricing, which in turn drives how much cash flows back to CKA. Meanwhile, the core mechanical business still needs to prove it can recover its margins, after bridge-construction revenue shrank and agricultural machinery equipment grew to over 63% of the revenue mix.Vietstock
For a stock with liquidity this thin, a high dividend is a reward for investors who already held shares before the announcement, not an open door for fresh capital. That's the frame worth applying to any triple-digit dividend ratio on UPCoM: before calculating the yield, check how many shares actually change hands in an average session. The 2026 business plan and the pace of public infrastructure disbursement in the Mekong Delta are the two signals worth watching to see whether the profit stream from Antraco holds up.