AsemconnectVietnam - Having just dissolved a subsidiary in Dong Thap province, Siba High-Tech Mechanical Group Joint Stock Company (Siba Group, code SBG - HOSE) continues to terminate the project of investing in a factory in Nghe An province.

Siba Group suddenly announced the termination of the project of investing in a high-tech mechanical factory in Nghe An province, which was first granted by the Management Board of the Southeast Economic Zone of Nghe An province on January 4, 2023.
Previously, on May 20, Siba Group approved the dissolution of Vmeco Dong Thap Clean Energy Company Limited, 100% of which is owned by Siba Group.
The reason for dissolving the subsidiary was given by Siba Group due to changes in the business orientation of the company and its subsidiaries, optimizing the use of capital.
According to research, Vmeco Dong Thap Clean Energy Company Limited was established on September 22, 2020; located on the Hau River road, An Ninh hamlet, Dinh An commune, Lap Vo district, Dong Thap province; the legal representative is Tran Dinh Trong (born in 1994); and operates in the field of electricity production (solar power production).
In terms of business activities, in the second quarter of 2024, Siba Group recorded revenue of VND1,016.46 billion, down 24.1% over the same period, profit after tax reached VND7.74 billion, down 22.8% over the same period. In which, gross profit margin increased from 2.2% to 2.3%.
During the period, gross profit decreased by 20.5% over the same period, equivalent to a decrease of VND 6.02 billion to VND23.31 billion; Financial expenses increased by 32.4%, equivalent to an increase of VND2.03 billion to VND8.3 billion; sales and business management expenses increased by 14.6%, equivalent to an increase of VND1.43 billion to VND11.22 billion and other activities fluctuated insignificantly.
In the first half of 2024, Siba Group recorded revenue of VND1,877.39 billion, down 18% over the same period; profit after tax reached VND11.19 billion, down 39.6% over the same period.
In 2024, Siba Group plans to have revenue of VND3,800 billion, up 3.77% over the same period and expected after-tax profit of VND40 billion, up 25% compared to the actual performance in 2023.
Thus, by the end of the first half of 2024, Siba Group has only completed 28% of the annual profit plan.
N.Nga
Source: VITIC/Tinnhanhchungkhoan