Mr. Doan Huu Thuan, Chairman of the Board of Construction Installers of Thua Thien Hue, informed that the orientation of investing in HUB of Hodeco aims to exploit the strengths of both sides for further development. As a result, Hodeco wants to invest more to hold 50% of the capital in HUB.
Regarding the relationship, besides being the Chairman of HUB, Mr. Thuan is also the Chairman of the Board of Directors of Hodeco. Meanwhile, Mr. Le Quy Dinh, Vice Chairman of the Board of Directors and General Director of HUB, is also a member of Hodeco’s Board of Directors.
According to Mr. Thuan, HDC and related parties currently hold approximately 43% of HUB’s shares.
As of the end of March 2024, Hodeco was the only major shareholder of HUB, holding 9.78 million shares, or 37.19%. Meanwhile, Mr. Thuan and Mr. Dinh hold 1.36% and 2.53% of HUB’s capital, respectively.
Mr. Doan Huu Thuan, Chairman of the Board of Hodeco and HUB
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Net profit for the first quarter increased by 13%
In the first three months of 2024, HUB recorded consolidated revenue of nearly VND 76 billion, up 13% over the same period last year, thanks to the strong growth of the construction installation sector, which brought in revenue of nearly VND 22 billion, 5.9 times higher than the same period last year.
Source: HUB
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In addition, all expenses decreased. Notably, management expenses were just over VND 700 million, down 92% from the previous year. As a result, Thua Thien Hue Construction Installers made a net profit of over VND 19 billion, up 13%.
Source: VietstockFinance
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In 2024, HUB sets a consolidated revenue plan of VND 450 billion, up 27% compared to 2023, while after-tax profit is nearly VND 60 billion, down 11%. Compared to the plan, HUB has achieved 17% and 33% in revenue and profit, respectively, after the first quarter.
As of the end of March, HUB’s total assets were nearly VND 945 billion, up 1% from the beginning of the year. Of this, cash and cash equivalents were nearly VND 78 billion, up 49%, and inventory was VND 127 billion, down 2%.
Construction in progress increased by 6% to nearly VND 112 billion, mainly concentrated in Phu Bai 4 Industrial Park with nearly VND 111 billion.
The Enterprise’s management board stated that the infrastructure of Phu Bai 4 Industrial Park – Phase 1 has been completed and is ready for lease. The company is actively promoting and calling for investment. As for Phu Bai 4 Industrial Park – Phase 2, the Thua Thien Hue province has assigned another unit to invest in this project.
On the other side of the balance sheet, HUB still has more than VND 358 billion in payables, up 5% from the beginning of the year. Of this, short-term and long-term financial loans account for 13% of the company’s total debt.
Dividend payment for the remaining period of 2023 in cash
The Board of Directors of HUB has just approved the payment of the remaining 2023 dividend in cash, with the ex-dividend date being June 3, 2024. The payment rate is 5%, meaning that for every share held, shareholders will receive VND 500.
With nearly 26.3 million shares currently in circulation, the company is estimated to spend more than VND 13 billion on this dividend payment. The expected payment date is July 4, 2024.
At the end of February 2024, HUB paid more than VND 26 billion, or 10%, as an advance on the 2023 dividend. Thus, with a total rate of 15% for both payments, HUB needs to spend more than VND 39 billion on dividends for 2023. For 2024, HUB plans to pay a minimum dividend of 10%.
As the only major shareholder, Hodeco will receive nearly VND 5 billion in the upcoming payment.
On May 17, HUB shares were trading at around VND 19,000 per share, up more than 18% since the beginning of 2024, with an average trading volume of nearly 62,000 shares per session.
| Share price movement of HUB since the beginning of 2024 |
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Thanh Tu
