Garmex Saigon will use a portion of the land area managed by this company (1,000 - 3,000m²) to build and operate a pickleball court with its partners.
Garmex Saigon during normal operation period, the number of workers is up to thousands of people - Photo: QUANG DINH
The Board of Directors of Garmex Saigon Joint Stock Company (GMC) has just approved a transaction contract with VinaPrint Joint Stock Company to invest in the sports sector.
Accordingly, Garmex Saigon will use a part of the land area managed by this company (1,000 - 3,000m²) to build a pickleball court.
VinaPrint must self-manage and be responsible for all business activities according to the provisions of law.
The cooperation period is 12 months from the date of signing the contract, the extension will be considered based on actual conditions. VinaPrint pays profits to Garmex Saigon monthly, regardless of business results according to the contract progress.
Other information from Garmex, Mr. Bui Minh Tuan - member of the board of directors of Garmex Saigon - is also the chairman of the board of directors and legal representative of VinaPrint.
Garmex Saigon's cooperation to invest in the sports sector takes place in a context where the company's core business is still facing difficulties.
Last year, Garmex's revenue reached more than VND856 million, a sharp decrease compared to VND8.3 billion in 2023.
After deducting expenses, this garment company lost nearly 30 billion VND before tax, a slight decrease compared to the loss of more than 44 billion VND last year.
Garmex leaders said that up to this point, the company still has no orders for sewing costumes.
The company is conducting research to invest in new industries following trends to develop the company in the medium and long term.
Garmex leaders also affirmed that they will continue to cut costs, liquidate unused assets, and accelerate the completion of the Phu My housing project to recover investment capital. At the same time, they will operate a pharmacy and exploit existing premises to generate revenue.
Garmex Saigon used to be a famous textile and garment export company in Ho Chi Minh City, with a workforce of up to 4,000 people. However, the financial report for the fourth quarter of 2024 shows that the company only had 31 employees at the end of last year.
Looking back at business results data, before the COVID-19 pandemic, Garmex Saigon reached a peak in after-tax profit when it exceeded 100 billion VND in both 2018-2019.
However, from 2023 until now, GMC has had a continuous lack of orders, making the business situation difficult, forcing it to lay off workers to only a few dozen people, and its stock price has also plummeted.
Source: https://tuoitre.vn/mai-khong-co-don-hang-mot-cong-ty-may-o-tp-hcm-hop-tac-lam-san-pickleball-20250221203508536.htm
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