Saigonres (SGR) profit decreased by 61%, raised an additional 800 billion from the Chairman

Saigon Real Estate Corporation - Saigonres (Code: SGR) has just approved a plan to offer 20 million individual shares. The offering price will be VND40,000/share, equivalent to the amount of money raised of about VND800 billion. The expected offering time will be in the fourth quarter of 2024 and the first quarter of 2025 after being approved by the State Securities Commission.

Saigonres (SGR) profit decreased by 61%, mobilized an additional 800 billion from the Chairman of the Board of Directors (Photo TL)

In the issuance plan, these shares will be offered to Mr. Pham Thu, Chairman of the Board of Directors of the company. If the transaction is successful, Mr. Thu will increase the total number of SGR shares owned from 17.96 million shares to 37.96 million shares, equivalent to 47.45% of charter capital.

Regarding the plan to use the proceeds, SGR plans to use 300 billion VND to pay off loans, with repayment period from Q4/2024 to Q1/2025. 500 billion VND of which will also be used to invest in the Viet Xanh Ecological Urban Area project.

The Viet Xanh Ecological Urban Area project is invested by NTV Saigon Hoa Binh Real Estate Company Limited, a subsidiary of Saigonres. The project is located in Tan Vinh, Luong Son district, Hoa Binh province with a scale of 49.92 hectares and a total investment of 833 billion VND.

Regarding business activities, Saigonres' Q3 financial report recorded revenue of VND57.68 billion, 3 times higher than the same period. Gross profit in the period reached VND45.2 billion, 10 times higher than the same period. Gross profit margin also improved from 24.6% to 78.4%.

During the period, financial revenue reached VND6.6 billion, up 28.4%. Financial expenses also increased by 20.9% to VND9 billion. Selling expenses and administrative expenses were recorded at VND10.4 billion.

After deducting expenses and taxes, Saigonres recorded after-tax profit of VND42.5 billion, up 127% over the same period.

Saigonres's accumulated revenue for the first 9 months of 2024 was VND117.9 billion, an increase of 150.4%. Profit after tax reached VND19.1 billion due to heavy losses in the first half of the year. As a result, profit for the first 9 months decreased by 61.5%. Compared to the annual business target, Saigonres has only completed 13.1% of the annual plan.

Source: https://www.congluan.vn/saigonres-sgr-loi-nhuan-giam-61-huy-dong-them-800-ty-dong-tu-chu-tich-post317282.html