TTC Land temporarily suspends 1 subsidiary; Sao Ta can breathe easier at the end of the year; Hai An builds a new ship

Hai An Transport borrows money to build new ships; Sonadezi Giang Dien clears debt; Rang Dong Holdings temporarily suspends 2 branches; Sao Ta predicts an easier year-end; TTC Land temporarily suspends TTC Land Hung Dien; Nam Bay Bay remains profitable despite sharp decline in real estate revenue...

TTC Land temporarily suspends TTC Land Hung Dien

Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land) has decided to temporarily suspend the business of TTC Land Hung Dien Real Estate Investment Joint Stock Company for 12 months, starting from August 1, 2024.

Currently, TTC Land holds 61% of TTC Land Hung Dien. At the end of 2018, TTC Land announced its capital contribution to establish TTC Land Hung Dien with a charter capital of nearly 1.36 trillion VND. The company is headquartered at 253 Hoang Van Thu, Ward 2, Tan Binh District, Ho Chi Minh City.

TTC Land Hung Dien Real Estate Investment JSC temporarily suspends for 12 months, starting from August 1, 2024, according to TTC Land

In early 2019, after reviewing and considering, TTC Land changed its plan. TTC Land Hung Dien's charter capital was 300 billion VND, TTC Land held 62%, equivalent to a capital contribution of 186 billion VND, and at the same time, General Director Bui Tien Thang was appointed as the parent company's capital representative on behalf of TTC Land to exercise the rights and obligations of shareholders contributing capital according to regulations. The authorization period is 3 years.

In early July 2024, TTC Land announced the simultaneous dissolution of two subsidiaries (both 100% owned by TTC Land ) to restructure the group of subsidiaries to optimize operations, including TTC Land Retail Management LLC and TTC Land Phu Quoc Real Estate Investment LLC.

In 2021, TTC Land dissolved Thuong Tin Energy JSC due to ineffective business operations and no plan to continue operations.

Sao Ta predicts an easy year-end

According to the first half year performance announcement of Sao Ta Food JSC, processed and consumed shrimp products reached 11.2 thousand tons and 8.4 thousand tons, respectively, up 19.7% and 25.6%; achieving about 44% of the consolidated shrimp consumption plan.

Meanwhile, agricultural production and consumption were not as positive as in the same period, reaching only 72.8% and 88.8% of last year's figures, respectively. However, the consumption portion still achieved 44% of the target.

In the third quarter of 2024, Sao Ta Food Joint Stock Company will focus on harvesting the main shrimp farming crop.

This result helped Sao Ta earn about VND2.4 trillion ($95 million) in revenue, up 16.6%. According to the company, sales increased less than consumption output due to smaller shrimp sizes and a slight decrease in unit prices compared to the same period last year. However, Sao Ta believes that the foundation for the rest of the year is quite solid due to good orders.

Regarding pre-tax profit, an update from the report of Dragon Capital Securities (VDSC) shows that Sao Ta earned a profit of VND134 billion, unchanged from a year ago. With this year's revenue plan of nearly VND5.2 trillion and pre-tax profit of VND320 billion, the Company has now completed 46% and 42% of the journey, respectively.

Seafood enterprises said that the main farming area is in the process of harvesting, lasting until the end of August, and the next crop will be released immediately after. The company assessed that this crop has good productivity but the price of commercial shrimp will be low.

The second half of the year is expected to be easier due to strong market demand, however, complicated developments from political conflicts and inflation in the world can always make "demand" unpredictable. Regarding supply, the two leading shrimp powers, Ecuador and India, also have no official information...

In the third quarter of 2024, the company will focus on harvesting the main shrimp crop, followed by the second crop. "The company believes that the main shrimp crop in 2024 will be a bumper crop for the business," Sao Ta informed.

Rang Dong Holdings temporarily suspends operations of 2 branches

The Board of Directors of Rang Dong Holdings Joint Stock Company has just decided to temporarily suspend the operation of the Branch - Plastic Packaging Factory No. 1 (Cu Chi, Ho Chi Minh City) for 1 year from July 20, 2024 to July 19, 2025. Previously, the Board of Directors of the Company also decided to temporarily suspend the operation of the Hanoi Branch (Thanh Xuan, Hanoi) for 1 year from July 17, 2024 to July 12, 2025.

Rang Dong Holdings strives to reach 80% operating capacity in 2024

In 2024, Rang Dong Holdings plans to have net revenue of over VND 2,722.45 billion, an increase of 5% over the previous year. Profit after tax will reach VND 22.7 billion, compared to a loss of VND 146.7 billion last year.

According to the Company's Board of Directors, the decrease in purchasing power has somewhat affected the 2024 revenue plan. The Company has proactively planned production costs including: raw material costs, labor costs, and optimal general costs to reduce production costs to compete and improve revenue.

At the same time, marketing and sales activities are closely and practically approached to market needs, expanding the purchasing audience and will build many sales programs to stimulate consumption.

Regarding operating capacity, Rang Dong Holdings' leaders said that the company is operating at about 60% capacity. The goal is to achieve 80% capacity in 2024.

Increasing capacity to 80% will reduce fixed costs per product, which means total production costs will decrease and increase competitiveness. However, increasing sales volume to 33.3% of production capacity will put pressure on receivables and inventories. In particular, capital costs and working capital needs are challenges for the Company.

In the first quarter of 2024, RDP achieved revenue of VND 510.5 billion, down nearly 13% over the same period last year. Net profit was VND 1.1 billion, 4.3 times higher than the same period.

RDP's total assets at the end of the first quarter were VND2,074 billion, down 3% compared to the beginning of the year. Short-term receivables from customers were VND350 billion, down 8%. Inventories accounted for VND856 billion, down slightly by more than 2%.

The company is setting aside a total of more than VND80 billion for bad debt provisions and inventory price reduction provisions. At the end of the first quarter, Rang Dong Holdings still had an accumulated loss of VND204 billion.

Sonadezi Giang Dien announced clean debt

As of June 30, 2024, Sonadezi Giang Dien Joint Stock Company's total assets reached nearly VND 3,824 billion, up 4% compared to the beginning of the year. Of which, cash and cash equivalents skyrocketed to VND 414 billion, 10 times higher than at the beginning of the year, with most of it being bank deposits.

In 2024, Sonadezi Giang Dien sets a cautious target with total revenue of more than 417 billion VND

The bright spot in this period’s report is that the company no longer has bank debt, nearly VND250 billion at the beginning of the year. However, Sonadezi Giang Dien still has more than VND3,034 billion in debt payable, up 5%; most of which is unrealized revenue with more than VND2,780 billion, accounting for 92% of total debt.

In terms of revenue, Sonadezi Giang Dien reported a net profit of VND30 billion, down 57% year-on-year. In the first 6 months of the year, SZG's net revenue reached over VND193 billion, net profit was nearly VND67 billion, down 23% and 36% year-on-year, respectively.

In 2024, Sonadezi Giang Dien set a cautious target of total revenue of more than VND 417 billion and after-tax profit of more than VND 122 billion, respectively 5% and 35% lower than the 2023 performance. The company plans to maintain a dividend rate of 15% this year.

SZG also plans to lease 9 hectares of industrial park land and lease/transfer 3 factories (depending on the actual progress of basic construction) in 2024.

Thus, compared to the plan, SZG has achieved 62% of the total revenue target and 55% of the after-tax profit target after 6 months.

Two leading water companies reveal 6-month profits

Thu Dau Mot Water Joint Stock Company and Binh Duong Water and Environment Corporation (Biwase) announced estimated business results for the first half of 2024, with profits decreasing in the same direction.

In the first six months of the year, Biwase estimated total revenue at VND1,874 billion, up 8% over the same period in 2023. Profit after tax was about VND302 billion, down 9%. As of June, Biwase had not recorded revenue of nearly VND214 billion from the waste and wastewater treatment sector.

Biwase 's Binh Duong Water Environment Improvement Project (WEIP Project)

In 2024, Biwase targets total revenue of VND 4,100 billion and after-tax profit of VND 700 billion. After 6 months, the Company achieved 46% of the revenue target and 43% of the annual profit target.

In Thu Dau Mot, total revenue for the first 6 months was estimated at nearly VND298 billion, down 10% year-on-year, achieving 57% of the yearly plan. Profit after tax was about VND82 billion, down 55% and achieving 42% of the yearly plan.

The company said that the profit decreased because in the same period of 2023, financial revenue was recorded as cash dividends from BWE, while in the first 6 months of this year, Thu Dau Mot recorded an increase in the amount of invested shares due to BWE paying dividends in shares. In addition, financial investment provisions and provisions for exchange rate differences increased compared to the same period.

In the first 6 months of the year, Thu Dau Mot's financial revenue evaporated 96%, reaching only 4 billion VND. Water production revenue continued to grow by 5%, reaching nearly 246 billion VND; in addition, there was an additional revenue from transferring materials of nearly 48 billion VND.

Thu Dau Mot is a strategic shareholder of BWE, owning 37.42% of capital, but in terms of scale and business efficiency, there is a large difference.

Both companies are responsible for providing clean water to the entire Binh Duong province. BWE will distribute clean water to end consumers. All water produced in Thu Dau Mot is distributed through wholesale channels to BWE.

Year Seven Seven still profitable despite sharp decline in real estate revenue

Although net revenue decreased by 92% compared to the same period, net profit of Nam Bay Bay Investment JSC in the second quarter of 2024 still recorded growth.

NBB's revenue from real estate business in the second quarter reached only over 6 billion VND.

Specifically, NBB's revenue from real estate business in the second quarter reached only over VND6 billion, while in the same period it was nearly VND176 billion, a decrease of more than 96%. Meanwhile, revenue from sales and service provision surpassed the real estate segment with more than VND8 billion, 2.2 times higher than the same period. However, with only nearly VND15 billion, NBB's total net revenue still recorded a decrease of up to 92%.

In the above context, financial activities became a bright spot of NBB when it earned approximately 76 billion VND, double the same period, mostly from interest on investment cooperation and capital support.

Another positive point is that all costs were significantly reduced, of which financial costs decreased by 35% thanks to banks adjusting lending interest rates down, while sales and management costs also decreased by 14% and 63% respectively compared to the same period.

Thanks to the above factors, NBB's net profit in the second quarter of 2024 still increased slightly by 3% over the same period, reaching more than VND 507 million.

Similar to the second quarter, NBB's net profit in the first 6 months of 2024 only reached nearly 607 million VND, down 18%.

In terms of plan implementation progress, with nearly 490 million VND in after-tax profit after the first half of the year, Nam Bay Bay has only achieved nearly 3% of the profit plan set for 2024.

Hai An Transport borrows money to build new 1,800 TEU ship

The Board of Directors of Hai An Transport and Stevedoring Joint Stock Company has approved a maximum loan of VND 414.3 billion at HSBC Bank (Vietnam) Limited - Hanoi branch.

Accordingly, the purpose of the loan is to finance legitimate credit needs related to the investment in the implementation of the project to build a new container ship No. HCY-268, excluding bank interest arising during the investment period.

HAIAN PARK is the first ship in the container fleet of the Board of Directors of Hai An Transport and Stevedoring JSC.

The collateral for the above loan package includes: property rights arising from the container shipbuilding contract No. HC2022-03 on the construction of a 1,800 TEU container ship (hull No. HCY-268) dated January 27, 2022 signed between HAH and Huanghai Shipbuilding Co., Ltd, and the Haian Mind ship.

As of March 31, 2024, HAH's total debt was recorded at more than VND 1,270 billion, down more than 8% compared to the beginning of the year. Of which, the outstanding loan at HSBC bank was more than VND 43 billion, this is a loan to finance HAH's working capital needs.

Source: https://baodautu.vn/ttc-land-tam-ngung-1-cong-ty-con-cuoi-nam-sao-ta-de-tho-hai-an-dong-tau-moi-d219916.html