AsemconnectVietnam - The owner of Trang Tien ice cream brand unexpectedly reported a profit in 2024, more than 3 times higher than the target set for the whole year.

One Capital Hospitality Joint Stock Company (OCH - HNX floor) announced its business results with a pre-tax profit target for the fourth quarter of 2024 reaching more than 48 billion VND, .
With the last two quarters of the year doing business very positively, OCH not only made up for the loss of the first half of the year, but also helped the company report a profit for the whole year of more than VND208 billion in pre-tax profit and VND176 billion in after-tax profit, an increase of nearly 50% compared to the previous year.
This is also the third year that the Company has recorded consecutive positive business growth results after a record loss year in 2021.
In 2024, OCH set a target of total revenue of nearly VND1,080 billion and pre-tax profit of more than VND63 billion. Thus, with the achieved results, OCH has more than tripled its profit target for this fiscal year.
As of December 31, 2024, the Company's total cash and cash equivalents reached VND170 billion, a slight increase compared to the beginning of the year.
In particular, OCH has reduced its debt and financial leasing debt by VND250 billion, which has helped the Company reduce financial pressure and improve liquidity.
In the first two quarters of 2024, OCH has not made a profit partly due to high financial costs, when the Company borrowed to supplement capital for production and business activities. With the debt reduction, OCH will have less burden and have more potential for business to flourish in the coming time.
In 2024, OCH will not only record a strong recovery in profits but also continue to develop strategic business segments, including resort real estate, hotels and fast-moving consumer goods (FMCG).
One of OCH's key business segments in 2024 is resort real estate and hotels, especially projects in Nha Trang.
StarCity Nha Trang - OCH's 4-star hotel project, had a successful year with a gross profit (GOP) of VND 13.4 billion, up 86% compared to 2023.
Despite high fixed costs such as depreciation of fixed assets and land rent, StarCity Nha Trang still recorded a profit of VND29 billion in 2024.
In addition, Sunrise Nha Trang - another project of OCH, also recorded positive results. Sunrise Nha Trang's room occupancy rate in 2024 reached 71.73%, exceeding the planned target of 66.93%. Sunrise Nha Trang's gross profit (GOP) reached VND17.8 billion, also up 45% compared to 2023, and exceeding the target set for 2024 by 60%.
However, OCH said that this project has not achieved the expected profit due to depreciation and land rental costs remaining high, reducing the overall net profit.
Previously, at the 2024 Annual General Meeting of Shareholders, OCH leaders said that in the coming time, OCH aims to increase asset size and revenue by 3-4 times.
The current food segment, including Trang Tien Ice Cream and Girval Cake brands, has not achieved the expected growth rate and is not strong enough to meet this expansion requirement. Therefore, the Company decided to shift its strategy, focusing maximum resources on the real estate sector, which has higher profit potential and can help the company achieve long-term growth goals without depending on the development of current food industries.
Accordingly, in the next 5 years, the parent company of Trang Tien Ice Cream plans to build and M&A to increase the portfolio of hotels and office buildings in major cities through investments in affiliated companies such as: Melia Ha Long Bay Project, MGallery Ninh Van Bay, Dusit Tu Hoa Palace Hanoi...
In addition to the real estate sector, OCH also aims to invest in the fast-moving consumer goods (FMCG) industry, especially products with high cultural value and imbued with Vietnamese identity.
In the second half of 2024, through its member unit Trang Tien Ice Cream, OCH launched a new product line Trang Tien Cake with product lines such as Coconut Rice Cake, Phu The Cake and most recently Trang Tien Chung Cake. OCH also invested heavily in building and developing the FMCG brand through the use of 33 million shares at Givral Cake JSC and other assets to contribute capital to establish One Capital Consumer Joint Stock Company (OCC) in January 2025.
N.Nga
Source: VITIC/Tinnhanhchungkhoan