API plans to hold its annual general meeting of shareholders for 2024 on May 10th. This year, the company will present a business plan to shareholders for revenue of VND 670 billion, pre-tax profit of VND 182 billion, and after-tax profit of VND 143 billion.
In 2024, API announced that it will continue to invest in and develop real estate projects on land owned by the company.
Specifically, the Royal Park Hue project is expected to generate revenue of approximately VND 288 billion from products in the new subdivision in Zone D, which will complete legal procedures and be ready for sale.
The Apec Aqua Park Bac Giang project is expected to generate revenue of VND 159 billion from the liquidation of existing inventory.
With the Apec Mandala Wyndham Phu Yen project, API will expand service activities, increasing revenue from hotel tourism at the project.
In addition, this year API will continue to develop a second high-rise building in Bac Giang with over 500 apartments, with total projected revenue of VND 1,500 billion. The APEC Dubai Tower Ninh Thuan project will also be developed in parallel with a total capital of nearly VND 3,000 billion.
In 2023, API’s real estate segment faced many challenges. Revenue from real estate, API’s main segment in 2023, reached VND 184.4 billion, of which the Aqua Park Bac Giang project contributed VND 51.7 billion, the Apec Mandala Wyndham Phu Yen project contributed VND 121.7 billion, and the Royal Park Hue project contributed VND 10.9 billion. Revenue was generated entirely from the sale of project inventory.
In 2023, API recorded revenue of VND 210.9 billion and a pre-tax loss of VND 45.7 billion due to an increase in the proportion of management and financial expenses to revenue compared to 2022. The company’s total assets reached VND 2,285 billion. In 2023, there were no significant changes or fluctuations in assets or equity because the market showed negative signs, so buying and selling activities were minimized to protect the company’s cash flow.
The majority of API’s revenue in 2023 came from three real estate projects that have completed infrastructure, construction, and are in operation: APEC Royal Park Hue, APEC Aqua Bac Giang, and APEC Mandala Wyndham Phu Yen.
In 2023, the leadership of the Apec Group was also involved in a scandal when, at the end of June 2023, Ms. Nguyen Thi Thanh and Mr. Nguyen Do Lang were prosecuted and detained for alleged manipulation of the stock market within the group of companies, according to a decision by the Hanoi People’s Procuracy. Mr. Nguyen Van Ly was subsequently appointed as Chairman of the Board of Directors to replace Ms. Nguyen Thi Thanh.
