Quoc Cuong Gia Lai (QCG) revenue decreased by 77%, postponed the General Meeting of Shareholders

Quoc Cuong Gia Lai (QCG) revenue down 77%

Quoc Cuong Gia Lai (Code QCG) is a company associated with the names of businessman "Cuong Do La" and businesswoman Nguyen Thi Nhu Loan. The company's main business activities are real estate development and construction.

Quoc Cuong Gia Lai (QCG) recorded a 77% decrease in revenue, completing only 1% of the yearly plan in the first quarter (Photo TL)

Regarding business performance, in the first quarter of 2024, QCG recorded net revenue of only VND 39 billion, down 77% compared to the same period last year. Financial revenue was recorded at VND 6 billion while financial expenses accounted for VND 9 billion.

Business management costs accounted for more than 3 billion VND, while sales costs were only more than 321 million VND due to a decrease in revenue during the business period. QCG's after-tax profit was only 651 million VND, down 1/3 compared to the same period last year.

In 2024, QCG sets a relatively optimistic business target with a revenue plan of VND 1,300 billion, along with a pre-tax profit plan of VND 100 billion, 20 times higher than the implementation in 2023.

Thus, with the first quarter business results, QCG has only completed less than 1% of the set plan.

The General Meeting of Shareholders was held late and still had to be postponed.

On the morning of June 30, 2024, the annual general meeting of shareholders of Quoc Cuong Gia Lai was held but was unsuccessful. The reason was that the CEO, businesswoman Nguyen Thi Nhu Loan was absent due to health reasons.

The shareholders attending the annual general meeting represent only more than 18% of the voting shares. This number is lower than the law, so the general meeting cannot be held but must be postponed.

QCG shared that Ms. Nguyen Thi Nhu Loan had surgery on June 28, 2024, and major shareholder Ms. Nguyen Ngoc Huyen My was also unable to attend. Ms. Loan currently owns 37.05% of charter capital, while Ms. Huyen My (Ms. Loan's daughter) holds 14.3% of QCG's charter capital.

Source: https://www.congluan.vn/quoc-cuong-gia-lai-qcg-doanh-thu-giam-77-hoan-dhdcd-do-tgd-gap-van-de-suc-khoe-post301867.html