TTC Land announced the 2024 Shareholders' Meeting documents with a notable proposal to expand industrial real estate and logistics real estate, as well as a proposal to exempt and elect additional members of the Board of Directors.
Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land - code SCR) plans to have revenue of VND 705 billion, an increase of 89.9% over the same period in 2023, with consolidated pre-tax profit of VND 16 billion.
The basis for TTC Land to set this plan is based on the activities that have been and are being implemented, such as in early 2024, TTC Land signed a Memorandum of Understanding on cooperation to deploy Aeon Mall at the TTC Plaza Da Nang project with AeonMall Vietnam. Restarting the sale of the Panomax River Villas project (Dao Tri Street, District 7).
In addition, TTC Land has a stable source of income from commercial floor leasing, building management and green tree construction.
According to TTC Land, Vietnam’s industrial real estate has a strong attraction for foreign investors in the trend of international investment shift. The industrial and logistics real estate segment has outperformed most other asset classes, thanks to the development of manufacturing and export, e-commerce, transportation and warehousing since 2018. Many businesses are interested in Vietnam as a new destination for expanding production from China in the Southeast Asia region and the industrial real estate market is forecast to grow at least 2 times in 10 years.
Ready-built factory market outlook, the market will continue to be vibrant with about 2.5 million m2 of ready-built factories coming onto the market by 2026 with the participation of both domestic and foreign investors. The absorption rate of ready-built factories is forecast to continue to increase as the market benefits from the shift of production facilities from China to Vietnam. Warehouse rental demand will continue to be maintained by domestic consumption, Vietnam's export-oriented economy and the growth of the logistics and e-commerce market.
Accordingly, TTC Land orients industrial real estate and logistics real estate as a resonance for TTC Land to continue to expand and develop in a stable and sustainable strategic cycle. With a strategic vision to 2030, TTC Land will further expand this segment in the Southern market area.
In addition, the Board of Directors of TTC Land has a report on the dismissal of 3 members of the Board of Directors, including Ms. Huynh Bich Ngoc, Chairwoman of the Board of Directors, who resigned on April 12, 2024 due to personal reasons. Ms. Huynh Bich Ngoc has been Chairwoman of the Board of Directors of TTC Land since April 25, 2022. She is currently the Permanent Vice Chairman and General Director of TTC Group; Mr. Hoang Manh Tien, Member of the Board of Directors, who resigned on April 12, 2024; Ms. Tran Diep Phuong Nhi, Member of the Board of Directors, who resigned on April 12, 2024.
TTC Land's Board of Directors also submitted a proposal to change the number of Board members from 6 to 5. Accordingly, at this General Meeting of Shareholders, shareholders will elect 2 additional members to the Board of Directors.
According to TTC Land, in order to prepare for TTC Land's growth again according to its strategic orientation until 2030, TTC Land also announced the list of candidates nominated by the shareholder group for the new Board of Directors, including Mr. Le Quang Vu and Mr. Pham Trung Kien. These are experienced personnel in management and operation in the fields of civil real estate and industrial real estate.
In 2023, the Company's total assets will increase by about VND 940 billion, equivalent to an increase of 9.7% compared to 2022. The reason is that short-term assets will increase by about VND 1,531.2 billion, equivalent to an increase of 25.5%; long-term assets will decrease by about VND 591.3 billion, equivalent to a decrease of 16%. Thus, the increase in total assets is due to an increase in short-term assets, specifically due to an increase in prepayments to sellers.
In terms of structure, there is a shift from long-term assets to short-term assets. Specifically, short-term assets account for 70.8%, long-term assets account for 29.2%, while in 2022, short-term assets account for 61.9%, long-term assets account for 38.1%. Thus, the asset structure has a shift from long-term assets to short-term assets.
The Company's total capital increased by VND 940 billion, equivalent to an increase of 9.7% compared to 2022. The reason is that liabilities increased by about VND 882.8 billion, equivalent to an increase of 19.1%; while equity increased by about VND 57.2 billion, equivalent to an increase of 1.1%.
Liabilities account for 51.8%, equity accounts for 48.2%, while in 2022, liabilities account for 47.7%, equity accounts for 52.3%.
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