On the afternoon of April 25th, SSI Securities Joint Stock Company (Code: SSI) organized its annual General Meeting of Shareholders (GMS) for 2024.
At the end of 2023, SSI’s total assets recorded a 32.6% increase in profit compared to 2022. Net revenue reached VND 7,281 billion, pre-tax profit reached nearly VND 2,850 billion, growing by 11.5% and 35% respectively compared to 2022, exceeding 105% of the revenue plan and 112% of the profit plan set out by the GMS.
SSI plans consolidated revenue of VND 8,112 billion and pre-tax profit of VND 3,398 billion.
This is also the 9th consecutive year that SSI has reported a profit of over VND 1 trillion, joining the prestigious club of companies with an annual profit of VND 1 trillion. In 2023, SSI increased its capital by over VND 15,000 billion. Total assets amounted to over VND 69,241 billion, approximately USD 2.9 billion.
Securities brokerage operations contributed significantly to SSI’s profits. SSI has maintained a high position compared to peers in the industry for many consecutive years, ranking among the top 2 in the securities market for many years. Revenue from securities brokerage services reached over VND 1,500 billion for the year, a decrease of VND 200 billion compared to the same period last year amid fluctuations in the overall stock market.
Regarding the profit distribution plan for 2023, the Board of Directors proposed a cash dividend payout of 10%, equivalent to an estimated amount of VND 1,511 billion.
For this year, SSI plans consolidated revenue of VND 8,112 billion and pre-tax profit of VND 3,398 billion. Compared to the 2023 results, these targets represent an increase of 13% and 19% respectively.
If achieved, this will be SSI’s highest revenue and profit to date. This profit figure is slightly higher than the VND 3,365 billion achieved in 2021 when the stock market boomed, and all business segments were favorable.
SSI’s parent company ended the first quarter with a pre-tax profit of VND 900 billion and a post-tax profit of VND 727 billion, up by 53% and 51% respectively compared to the same period last year. This is the best result since the fourth quarter of 2021.
According to SSI, consolidated revenue is estimated to reach VND 2,022 billion and pre-tax profit is estimated to reach VND 945 billion. These figures represent 25% and 28% of the 2024 plan, respectively.
SSI also continues to implement the share offering and issuance plan approved by the GMS in 2023. At the end of December 2023, SSI shareholders approved two capital increase plans, including the issuance of over 302.2 million bonus shares to increase capital at a ratio of 100:20 and the offering of over 151 million shares to existing shareholders at a price of VND 15,000 per share at a ratio of 100:10.
In total, SSI will issue over 453.3 million new shares. SSI’s charter capital is expected to increase from over VND 15,111 billion to nearly VND 19,645 billion, solidifying its position as the number one company in terms of capital in the securities sector.
Nguyen Duy Hung, Chairman of the Board of Directors of SSI Securities Joint Stock Company.
Speaking to the press on the sidelines of the GMS, Nguyen Duy Hung, Chairman of the Board of Directors of SSI, said that the domestic stock market is presenting numerous opportunities, as the inflow of capital into real estate has declined in recent years. Meanwhile, total means of payment have not changed significantly, which is sufficient to sustain other economic activities. There is still a lot of idle money among the people, so not only the stock market but also other speculative markets such as gold and cryptocurrency have ample opportunities.
“The biggest risk is investor confidence. Fortunately, investors still have faith in the stock market, and market liquidity has also improved,” said Mr. Hung.
