Friday, October 11,2024 - 16:46 GMT+7  Việt Nam EngLish 

An Duong Thao Dien (HAR) sets profit target down in 2024 

 Sunday, June 30,2024

AsemconnectVietnam - At the Annual General Meeting of Shareholders of An Duong Thao Dien Real Estate Trading Investment Joint Stock Company (stock code HAR) held on June 22, investors are interested in the story of the Company's stock price and land fund expansion.

The Congress approved the 2024 business plan with the target of total revenue reaching VND65 billion, an increase of 29.2% compared to 2023 results; Profit before tax reached VND24 billion, profit after tax was VND19.2 billion, down 31.2% and 46.6% respectively compared to last year.
By the end of 2023, the Company will achieve revenue of VND50.3 billion, profit before tax of VND35.9 billion and profit after tax of VND35.9 billion.
The company said that in 2023, it will complete the early redemption of outstanding bond packages and settle short-term debt to minimize financial costs. In addition, the Company also records revenue from financial activities coming from deposits and efficiency from investment activities in capital contribution companies.
During the Q&A session at the Congress, shareholders asked the Company's board of directors about the current stock price being too cheap. Does the Company have a plan to bring the stock to new heights? Company leaders said that, in principle, the company's leadership does not have the tools to stimulate demand and influence stock prices. For listed companies, stock prices are determined according to the law of supply and demand, as well as depending on shareholders' expectations for the shares they hold.
"According to the Company's assessment, the stock price is currently lower and does not accurately reflect the value of the Company's assets and books," Company leaders affirmed.
Regarding the land fund development situation, the Company said that in recent times, the Company's key investment plans have been complex projects in District 5 and Tan Binh District. However, the current situation of regulations on construction planning in general, as well as the investment licensing process in Ho Chi Minh City in particular, is still challenging and volatile, causing stagnation. In 2023, the Company participates in a project in Thu Duc City. This is a land area in the new construction planning, but the licensing and project development process still takes a lot of time.
The Company expects to have new progress in the late 2024 and early 2025 period. At that time, the Company will announce specific information.
Responding to shareholders' questions about the sharply reduced profit target, the Company said that the 2024 plan is built on the Company's stable operating structure, in which the main focus is real estate leasing, Restaurant, hotel business. In 2023 alone, the Company will have a number of restructuring activities and record financial revenue arising, so the profit structure on revenue will be somewhat sudden.
This year, the real estate market is still facing many difficulties due to the state's tight control of credit capital, and the decline in the stock market is likely to last a long time, affecting the cash flow and psychology of investors. The company said it will perfect the management model, strictly structure capital sources, and properly arrange other resources to promote business and seek opportunities to expand clean land funds.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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