AsemconnectVietnam - Thu Duc Housing Development Joint Stock Company (Thuduc House, stock code TDH) has just announced the document of the Annual General Meeting of Shareholders (expected to be held on June 29) with an ambitious business plan.

According to the document, in 2023, TDH sets a revenue target of more than VND440 billion, an increase of 155% compared to the implementation of 2022; profit after tax of shareholders of parent company reached VND88.1 billion, nearly 18 times higher than last year.
Regarding the remuneration plan, TDH submitted to the General Meeting the total expenses of the Board of Directors and the Audit Committee, not exceeding VND1.3 billion. In case the after-tax profit results exceed the assigned plan profit, it is proposed to deduct and reward the Executive Board with a bonus of 10% of the excess after-tax profit.
With the current difficult credit and real estate market situation, Thuduc House said, focusing on implementing existing projects and land plots. In the next two years (2023-2024), the Company will develop according to the principles of safety and sustainability, creating stability for development when the market is favorable.
The company will coordinate to implement projects that have been backlogged for many years such as Long Hoi Housing Project, Long An Zone 2 (Thuduc House cooperates with the investor, PPI Company), 10 ha housing projects Hiep Binh Chanh, residential project 3.3 ha Hiep Binh Phuoc, commercial center 1,778 m2 of Phuoc Long Spring Town project (Phuoc Long B ward, Thu Duc city).
In addition, Thuduc House said, continuing to contact agencies and departments and coordinate with related units to regain control of Thu Duc Agricultural Wholesale Market, deploying business activities at the land belonging to Thu Duc Agricultural Wholesale Market.
At the same time, looking for land funds of reasonable value, potential for development in the near future (expected period 2025-2040).
On the eve of the Annual General Meeting of Shareholders, on June 7, Mr. Nguyen Huy Hoang, Chairman of the Board of Directors, submitted his resignation for the reason that he had his own business plan.
Regarding business activities, at the end of the first quarter of 2023, the Company recorded revenue of VND42.9 billion, after-tax profit was negative VND10.9 billion, while in the same period a profit of more than VND99 billion.
As of the end of March 31, 2023, Thuduc House has total assets of VND1,406 billion, liabilities of VND981 billion, accounting for nearly 70% of total assets. The accumulated loss by the end of March 31, 2023 is more than VND700 billion.
Recently, ThuDuc House's TDH stock caught the attention of the market when it hit the ceiling continuously. The Ho Chi Minh City Exchange has also requested TDH to explain this issue in writing.
N.Nga
Source: VITIC/Tinnhanhchungkhoan