Revenue from selling votive paper of the only company on the floor is the lowest in 10 years.

Joss paper brought in nearly 39 billion VND in revenue for CAP in 2023, down more than 60% year-on-year and at its lowest level in 10 years.

The financial report for the first quarter of fiscal year 2024 (equivalent to the fourth quarter of 2023) of Yen Bai Forestry and Agricultural Products and Food Joint Stock Company (CAP) shows that revenue increased by 18% over the same period, reaching nearly 187 billion VND. However, the cost of goods sold increased more, causing after-tax profit to decrease by 31%, to approximately 14 billion VND.

Cassava starch was the only major business segment that grew, while votive paper and base paper declined. Of which, votive paper revenue dropped by 53%, reaching nearly 12 billion VND in the last quarter of last year.

Last year, the total revenue from selling votive paper brought in nearly VND39 billion for CAP. This level is 2.5 times lower than in 2022 and the lowest in the past 10 years.

Yen Bai Forestry and Agricultural Products Foodstuff Joint Stock Company is the only enterprise trading in votive paper currently listed on the stock exchange. Formerly Yen Bai paper factory, this company specializes in producing and selling cassava starch, base paper and votive paper under the brand name Yfaco.

Although the "backbone" is the cassava starch segment, CAP still earns tens of billions of dong each year from votive paper. The record revenue of this product is more than 99 billion dong in 2022, equivalent to an average monthly income of 8 billion dong from selling votive paper.

In addition to its specialty products, CAP is also known for paying high dividends. In fiscal year 2023, thanks to record profits, the company has approved a 100% dividend for the second consecutive year, divided in half by cash and shares. For each share, shareholders receive VND5,000 and 0.5 new shares.

In the 2024 fiscal year, this enterprise has proposed a business plan to go backwards, with revenue of 560 billion VND and a minimum profit after tax of 70 billion. Compared to the previous fiscal year, these two indicators decreased by 8% and 39% respectively. As a result, the dividend rate also decreased to a minimum of 35%.

Siddhartha

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