Quang Ninh Thermal Power (ticker QTP) has announced 6 November as the last registration date for its 2026 interim cash dividend. The rate is 7%, or VND 700 per share. With 450 million shares outstanding, the total payout is about VND 315 billion, expected to be paid on 27 November.Tin nhanh chứng khoán
This is the first payout drawn from 2026 earnings. The numbers raise three questions: what shareholders receive and when, where the money comes from when cash at the end of Q3 was thin, and who ends up with the VND 315 billion.
The payout calendar for current holders
QTP trades on UPCoM. 6 November is a Friday. Under T+2 settlement, the ex-dividend date normally falls one business day before the record date, which would be Thursday 5 November. If that holds, anyone who buys through the close on Wednesday 4 November is on the list, while purchases from 5 November onward miss this payout. This is inferred from the general rule, so check the official notice from the Vietnam Securities Depository and Clearing Corporation (VSDC) once it is published.
For every 100 shares, a holder receives VND 70,000 before tax. The brokerage withholds personal income tax before the money reaches the account. Cash dividends need no action from shareholders: if your name is on the list, the money arrives on the expected payment date of 27 November.
The payout takes about half of nine-month profit
According to the Q3 financial statements, QTP earned roughly VND 600 billion in net profit over nine months, up 51.3% year on year. Pre-tax profit was about VND 750 billion, already 25% above the full-year plan of VND 600 billion.Tin nhanh chứng khoán The exact nine-month net profit is VND 599.53 billion.
Set against that figure, the VND 315 billion interim payout is about 52.5% of nine-month net profit. The company is paying out roughly half of what it has earned so far, and keeping the rest with more than two months left in the fiscal year.
The profit is not spread evenly across quarters. Net profit was VND 197.22 billion in Q1, VND 326.63 billion in Q2 and only VND 75.68 billion in Q3. Q3 still rose 129.3% year on year, but the comparison base was very low: in Q3 2025 the company earned just VND 33 billion.Tin nhanh chứng khoán
Q1 and Q2 together come to VND 523.85 billion, about 87% of nine-month profit. In substance, this dividend comes from first-half earnings. The VND 315 billion is more than four times Q3 profit.
Cash of VND 82.2 billion: where does VND 315 billion come from?
Looking at cash alone, the payout seems out of reach. At 30 September 2026, QTP held only VND 82.2 billion in cash and equivalents, and the dividend is about 3.8 times that. But most of QTP's money is not held as cash. At the same date it had VND 1,774.1 billion in short-term financial investments, up 21.4% from the start of the year.Tin nhanh chứng khoán
Together the two items total about VND 1,856 billion, so the VND 315 billion payout is only about 17% of the short-term cash and financial assets the company holds.
The available data does not break out how much of the short-term investments is bank deposits, so this article does not call the whole item deposits. For a thermal power company, short-term financial investments are usually term deposits of over three months. By 27 November the company could redeem part of them, or use cash generated from power sales over the next two months.
One more balance-sheet detail matters: QTP has no borrowings. Total liabilities are VND 1,578.5 billion, down 14.5% from the start of the year, mostly trade payables and short-term accrued expenses.Tin nhanh chứng khoán The company does not need to borrow to pay the dividend.
The cost of drawing down deposits is thinner financial income. In Q3, financial revenue was VND 25.7 billion, more than 3.2 times the prior year, against gross profit of VND 93.1 billion from power sales.Tin nhanh chứng khoán Once VND 315 billion leaves the short-term investments, financial income in later quarters should fall accordingly. The drop is not large enough to change the picture, but it is worth bearing in mind when reading the Q4 report.
Who receives the VND 315 billion
QTP's ownership is highly concentrated. As of 30 June 2026, the four largest institutional holders and their expected payouts are:Tin nhanh chứng khoán
- Power Generation Corporation 1 (EVNGENCO1): about 42% of capital, receiving about VND 132.3 billion.
- Pha Lai Thermal Power (ticker PPC): 16.35%, receiving about VND 51.5 billion.
- State Capital Investment Corporation (SCIC): 11.42%, receiving about VND 36 billion.
- TKV Power Corporation (ticker DTK): 10.62%, receiving about VND 33.5 billion.
Together these four hold 80.39% of the capital and receive about VND 253.2 billion, roughly 80% of the payout. The ownership data classes all four as state holders, and QTP's total state ownership is exactly 80.39%.
The remaining VND 62 billion or so is shared among all other shareholders. Foreign investors hold just 0.86%, about VND 2.7 billion, while domestic individuals and smaller institutions hold 18.74%.
Two other listed stocks benefit directly. For Pha Lai, the VND 51.5 billion goes into financial revenue, and the same is true of TKV Power's VND 33.5 billion. PPC and DTK shareholders will see these amounts in the two companies' own reports, in the period in which they book the dividend.
This structure partly explains why QTP pays out almost every year. With roughly four-fifths of capital in state-owned institutions, cash dividends are the main channel returning plant profits to the power and coal groups and to SCIC. Even so, ownership structure does not guarantee a fixed payout rate, as the payment history shows.
Payout policy: steady, but the rate is drifting down
QTP has paid cash dividends in each of the last three years. For fiscal 2023, the total was 15% (VND 1,500 per share) in three installments. For 2024 it was 12% (VND 1,200) in two installments. For 2025 it was 10% (VND 1,000) in one installment on 12 February 2026, totaling about VND 450 billion.Doanh nhân & Pháp luật
This payout differs from earlier years in timing. The first 2024 dividend was paid on 27 February 2025, and the 2025 dividend in February 2026, both after the fiscal year had closed. This time QTP is paying an advance within the year, out of unaudited profit, after nine-month earnings passed the full-year plan.
The 7% rate is below the total dividend of each year from 2023 to 2025, but this is only an interim payment. The full-year 2026 rate depends on the board's decision and Q4 profit, and no announcement has been made about a further installment. Diễn đàn Doanh nghiệp reported that the 22 April 2026 annual general meeting approved the profit distribution plan, but the article does not state a specific 2026 rate.Diễn đàn Doanh nghiệp For that reason this article does not measure the "remainder" against an unconfirmed figure.
Assessment: QTP's payout policy
On the available data, QTP pays steadily in cash, keeps a debt-free balance sheet, and lets the dividend rate follow earnings instead of committing to a fixed number. The VND 315 billion interim payment sits comfortably within its means: about half of nine-month profit and about 17% of cash plus short-term investments, with no new borrowing.
What remains unknown is the second installment. Q3 profit was only VND 75.68 billion, far below the first two quarters. If Q4 stays near that level, the profit retained after this advance would still cover another payment without weakening the balance sheet. If Q4 turns to a loss or very thin profit, the 7% will likely make up most of the full-year dividend.
The full-year 2026 financial statements, due around the first quarter of next year, will answer this. The two lines to read side by side are total dividends paid during the year and full-year net profit. The ratio between them shows whether QTP is holding its payout near half of profit, or paying out more aggressively than in previous years.