AsemconnectVietnam - On the morning of June 29, the 2023 Annual General Meeting of Shareholders of Ocean Group Company (OGC) took place successfully. Management said that OGC's production and business activities in 2022 have grown significantly compared to 2021.

The Report on Business Performance in 2022 and the Business Plan for 2023 at the General Meeting said that 2022 is still a difficult and challenging year for the Vietnamese economy.
Accordingly, problems caused by political instability in the world, the global economic downturn and problems related to real estate credit have greatly affected the Group's operations.
However, thanks to expanding production and business activities for food production and trading units, maintaining the operation of hotel and service businesses, and focusing on solving internal problems of real estate projects… OGC's business results in 2022 are still positive.
Accordingly, OGC's total revenue in 2022 reached more than VND1,044 billion and profit after tax was VND59 billion, reaching 151% of the set profit target.
Many financial indicators of the Group have been significantly improved compared to 2021. Specifically, the pre-tax profit-to-sales ratio increased from negative 53% to positive 11%; profit before tax on equity increased from negative 27% to positive 11%; ROA from negative 8.4% increased to positive 2% and ROE from negative 25% increased to positive 5.8%.
The General Meeting approved the plan of consolidated revenue in 2023 of VND1,218 billion, consolidated profit after tax of VND142 billion, equivalent to an increase of 17% and 141% compared to the implementation of 2022. In which, real estate business Real estate will become the core business that OGC Group pays special attention to.
Currently, OGC's untapped land bank has a prime location, including: Office complex project - shopping mall - hotel and apartment for rent at 25 Tran Khanh Du (Hoan Kiem District, Hanoi), Building project Grade A office, 25 floors at 106 3-2 street, ward 14, district 10, Ho Chi Minh city...
Complex project of office - shopping mall - hotel and apartment for rent at 25 Tran Khanh Du (Hoan Kiem District, Hanoi)
“Although the market still has difficulties, with OGC, real estate projects are very promising and have great potential when the Group has a large land bank located in prime locations and OGC's advantages are no bond debt, small credit balance and the company's real estate have clear origins, have undergone many steps of legal verification and appraisal during the past time", Ms. Le Thi Viet Nga, OGC Chairman of the Board of Directors said.
Accordingly, in the context that the real estate market is gradually recovering, the Board of Management will have carefully researched strategies, take "slowly but surely" steps, and improve competitiveness, management capacity and control, quickly remove legal difficulties to re-deploy projects as soon as possible to catch the recovery wave of the market, thereby creating breakthroughs in revenue and profit in the near future.
Regarding the company's food business, Mr. Vu Xuan Duong, Chief Accountant, said that this will still be a highly profitable segment in 2023 and OGC will continue to expand its sales, marketing, and sales channels, diversify payment methods for customers to boost sales of this business.
In contrast, the hotel business, although still affected by international tourists, is not as high as expected, but the growth potential is still highly appreciated.
N.Nga
Source: VITIC/Tinnhanhchungkhoan