Inside Royal Ha Long Casino – Photo: Royal Ha Long Hotel.
Royal International Corporation (RIC: MCK) has just announced that on March 26, 2024, the company will finalize the list of shareholders to exercise rights to attend the Annual General Meeting of Shareholders in 2024. The meeting is expected to take place on April 26, 2024 at the headquarters of Royal International Corporation.
According to research, Royal International Corporation operates in the hotel business and gambling business for foreigners. This company is known as the investor of Royal Ha Long casino hotel (Quang Ninh).
According to RIC’s Q4/2023 financial report, the company’s Q4 net revenue reached nearly 25 billion VND, an increase of 21% compared to the same period last year. However, continuing to operate below cost still caused RIC to have a gross loss of over 5 billion VND.
In terms of revenue structure, in Q4/2023, RIC earned nearly 14 billion VND from clubs and 10.8 billion VND from hotels and villas.
During the period, financial revenue increased from 1.6 billion VND to 2.3 billion VND, thanks to the exchange rate difference. However, financial costs also increased to 5.5 billion VND. The positive point is that RIC was able to reduce sales expenses and business management expenses, which were 3.5 billion VND and 6.6 billion VND respectively.
As a result, in Q4/2023, RIC had a net loss of over 18 billion VND, marking the 17th consecutive loss-making quarter.
For the whole year of 2023, RIC’s net revenue decreased by 5% to nearly 112 billion VND, and the net loss was nearly 73 billion VND, marking 5 consecutive years of loss.
RIC said that the economic situation in 2023 in general and the tourism market in particular after the pandemic still face many difficulties, and domestic tourists limit their travel. Not only did domestic customers decrease, but also international customers of the company, primarily Chinese customers who come to Ha Long through checkpoints in Quang Ninh province, also decreased significantly due to China still applying measures to restrict foreign tourists. This has led to a sharp decline in revenue in all business areas of the company.
It is known that RIC was listed on HoSE in 2007. However, continuous losses have caused RIC shares to be delisted from HoSE since May 2022 and are currently traded on UPCOM. Specifically, the stock still maintains the control status since April 2020 because the post-tax profit and undistributed post-tax profit are still negative.
