According to the audited consolidated financial statements for 2023, as of March 21, 2024, Saigonres Group Corporation (Saigonres, HOSE: SGR) has made advance payments to organizations and individuals for the land transfer receipt at Le Sat – Tan Huong Street, Tan Phu District, Ho Chi Minh City of over VND 267 billion. This amount is recorded in the short-term advance payment item, and compared to the beginning of 2023, this item increased significantly, mainly from the land transfer receipt of Le Sat – Tan Huong.
Source: Audited consolidated financial statements 2023
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In mid-September 2023, SGR announced that it had successfully acquired 90% of the shares of Duc Nhi Construction – Trading & Import-Export Company Limited (Duc Nhi Company), thereby officially becoming the owner of the land with a total area of about 7,700m2, located on the frontage of Le Sat – Tan Huong Street.
SGR considers this land a valuable asset for the development of the Company’s project in Ho Chi Minh City in the future and the “result of a long-term process of research, investigation, and negotiation by the Corporation’s Board of Directors, in which the most notable is the strategic decision of the Chairman of the Board of Directors”.
In the newly released 2023 annual report, SGR said that this project has completed full compensation, the land area recorded in the report is 7,900m2. At the same time, the Company’s total investment in the project is VND 1,400 billion, and is currently completing the legal procedures for the land, adjusting the planning and investment policy.
According to the latest update of Duc Nhi Company’s shareholder structure in January 2023, the Company has a charter capital of VND 125 billion; in which Ms. Nguyen Thi Van holds 99%, Mr. Le Anh Tuan 0.9% and Ms. Nguyen Thi Kim Ngan 0.1%. In May 2023, Mr. Pham Tuan became the Director of the Company and legal representative. Mr. Tuan has been a Member of the Board of Directors and Deputy General Director of SGR since August 2022, and is the son of Mr. Pham Thu – Chairman of the Board of Directors of SGR.
What’s noteworthy about the business that sold the “gold” land in Tan Phu to Saigonres Group?
In 2024, SGR plans to achieve a revenue of VND 628 billion, three times higher than in 2023; pre-tax profit of VND 190 billion, 48% and an investment value of VND 1,645 billion, 3.4 times more. Along with that, the Company also set out some business targets for its subsidiaries.
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Some business targets of SGR‘s subsidiaries
Source: VietstockFinance
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| Revenue and profit of SGR for the period 2013-2023 |
| Assets and liabilities of SGR for the period 2013-2023 |
