Tan Tao sets a target of after-tax profit of 178 billion VND

Tan Tao targets total revenue this year at VND530 billion and after-tax profit at VND178 billion, a slight decrease compared to the revenue and profit the company recorded in 2023.

According to documents submitted to the annual general meeting of shareholders scheduled to be held at the end of this month, the Board of Directors of Tan Tao Investment and Industry Joint Stock Company (stock code: ITA) set a target of total revenue and income this year of VND530 billion. Pre-tax and after-tax profits are expected to reach VND222 billion and VND178 billion.

The board of directors has not presented a specific dividend plan but said that "the payout ratio depends on the operating situation and is decided by the Board of Directors".

Tan Tao's first-quarter financial report recorded net revenue of VND71.3 billion, a slight increase compared to VND61 billion in the same period last year. Pre-tax profit reached VND21.8 billion and after-tax profit reached VND20.1 billion, up 16.5% and 33% respectively compared to the first period last year. This means the company has completed about 13.4% of the revenue plan and 11.2% of the profit plan after the first quarter.

Tan Tao's plan this year does not fluctuate much compared to its revenue and pre-tax profit in 2023 (according to unaudited data self-published by the company). Specifically, in 2023, Tan Tao recorded net revenue of VND566 billion and after-tax profit of VND205.6 billion.

Tan Tao currently has total assets of over VND12,142 billion, a slight increase from VND12,084 billion at the beginning of the year. The company's liabilities are around VND1,820 billion. Undistributed profit after tax is over VND587 billion.

Also according to the document submitted to the annual meeting, Tan Tao's board of directors proposed that shareholders authorize the Board of Directors to divest all capital from Saigon Da Lat Joint Stock Company, Agrimeco Tan Tao Mechanical - Energy Industrial Park Joint Stock Company, Tan Tao University Joint Stock Company and Vinatex - Tan Tao Investment Joint Stock Company. At the same time, Tan Tao proposed to contribute capital to Saigon - Mekong Urban Investment Joint Stock Company to implement industrial park projects in Duc Hue district (Long An).  

Tan Tao's Board of Directors also presented to shareholders a plan to carry out investment procedures for the Tan Tao - Long An industrial park project with a total area of ​​414.7 hectares. The project is expected to be divided into 2 phases, of which the first phase will start in 2025 with an area of ​​200 hectares. The next phase is expected to be implemented from 2027 to 2030 with an area of ​​214.7 hectares.  

In addition, the board of directors also proposed to proactively seek domestic or international financial institutions to borrow capital or issue bonds to restructure debt and supplement working capital for operations.

On the stock exchange, ITA shares are trading at VND5,570, up nearly 1% compared to the reference price. With more than 938 million listed shares, the company's market capitalization is about VND5,226 billion.

At the end of May, Tan Phuong Dong Construction and Development Investment Joint Stock Company registered to buy more than 37.9 million ITA shares to increase its ownership here from 73.11 million shares (equivalent to 7.79% of capital) to 111 million shares (equivalent to 11.84% of capital). The transaction is expected to be carried out from May 27 to June 25. Ms. Dang Thi Hoang Yen, Chairwoman of Tan Tao Board of Directors - is currently the General Director of this company. After this information was announced, ITA shares jumped to nearly the ceiling, but then adjusted back.

Source: https://baodautu.vn/tan-tao-dat-muc-tieu-lai-sau-thue-178-ty-dong-d217465.html