Chairman of Sun Group Board of Directors – Mr. Dang Minh Truong
Sun Group Corporation has sent a document to the Ho Chi Minh City People's Committee proposing to build a 78.2km long road along the Saigon River from Cu Chi to Can Gio Bridge with 8-10 lanes, instead of just 3-4 lanes.
A representative of the Ho Chi Minh City Department of Planning and Investment said that they have worked with Sun Group to provide guidance on the legal basis of the project proposed by this investor.
Sun Group is known as one of the largest private economic groups in Vietnam, operating in many fields such as resort tourism, entertainment, real estate and infrastructure investment.
How is Sun Group doing business?
According to Sun Group's financial report, the group's equity reached VND12,532 billion at the end of June 2024, an increase of VND140 billion over the same period last year. The group's liabilities were approximately VND19,000 billion.
Regarding business results, Sun Group's after-tax profit in the first half of 2024 reached more than VND 283 billion, down 13% over the same period last year.
Last year, the report revealed that the company's after-tax profit reached VND532 billion, down 68% compared to VND1,694 billion in 2022.
On its website, Sun Group introduced itself as being founded in 1998 in Ukraine. In 2007, the company's leaders returned to Vietnam and established Ba Na Cable Car Service Joint Stock Company (Banacab).
Over the years, Banacab has been one of the member units that has made important contributions to the overall picture of the group.
This is the investor of the Ba Na - Suoi Mo Eco-tourism Complex project (Da Nang) with the highlight being the cable car line recognized as the longest in the world.
Regarding this complex, last year Da Nang issued an adjusted investment registration certificate for the project in Ba Na Hills. This is a dynamic project, with a total investment adjusted to 39,000 billion VND.
The financial report shows that Ba Na Hills' subjective after-tax profit reached nearly 419 billion VND in the first half of this year, down 7% over the same period.
Business results have been more positive than in recent years, Banacab's equity also increased to VND 9,727 billion at the end of June 2024, an increase of nearly 9% compared to the previous period, but 4.5 times higher than in 2017.
Meanwhile, debt payable at the end of June decreased compared to the same period, to below 16,000 billion VND.
Looking back at Banacab's business data, it can be seen that this Sun Group company has had a breakthrough in profits since 2021 compared to before the pandemic.
Data: Financial statements, TTO
As the "boss" of many tourist areas, how much profit do Sun Group member companies make?
In addition to Da Nang, Sun Group, through its member units, is present in many famous tourist areas in Vietnam such as Quang Ninh, Cat Ba - Hai Phong, Phu Quoc...
In Phu Quoc, Sun Group has made its mark in many areas from resorts, commerce, housing and high-end entertainment.
The report shows that Phu Quoc Sun Company Limited's after-tax profit reached VND825 billion, compared to a loss of VND318 billion in the first half of this year and a loss of VND10,094 billion in the same period last year. By the end of June, equity had increased to VND10,094 billion.
In addition to Phu Quoc, Song Han Sun Company Limited (Da Nang) is also among the members actively "bringing money home to mom" when its after-tax profit in the first half of this year reached more than 253 billion VND. Similarly, Tay Ninh Sun has reported profits for many consecutive years.
In Quang Ninh, the Sun World Ha Long entertainment and tourism complex is a project of Sun Group directly managed by Ha Long Sun Company Limited.
Regarding business performance, Ha Long Sun lost 294 billion VND in the first half of this year, down from negative 331 billion VND in the same period last year. For the whole year of 2023, thanks to a more positive second half, the company reported a profit of more than 27 billion VND, although not a loss, it still plummeted compared to the profit of more than 1,300 billion VND achieved in 2022.
Looking back at the business results from 2020 to present of Ha Long Sun, we can see the "up - down" fluctuations with quite high amplitude.
Data: Financial statements, TTO
Some other members of Sun Group had negative profits in the first 6 months of this year such as Cam Pha Sun Company Limited (-149 billion VND); Lac Hong Tourism and Trade Joint Stock Company (-33 billion VND)...
Investor of many large-scale infrastructure projects
In addition to its strong focus on resort tourism, real estate, and entertainment, Sun Group is also an enterprise with many infrastructure investment projects such as the Van Don - Mong Cai expressway with a total length of 80.23km and a total investment of nearly VND 12,771 billion; Van Don international airport - the first private airport in Vietnam, operating with a phase 1 capacity of about 2.5 million passengers per year...
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