NRC’s Annual General Meeting for 2024 was held on the afternoon of June 25, 2024. Photo: Thuong Ngoc
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NRC’s AGM approved the 2024 business plan with a total revenue of VND380 billion and a profit after tax of VND40 billion, 4.3 times and 3.4 times higher than the 2023 figures, respectively.
Commenting on the plan, NRC’s CEO, Mr. Nguyen Huy Cuong, stated that the results achieved in 2023 were modest, hence the significant increase in the 2024 plan compared to previous years.
The 2024 plan is feasible due to the expected revenue from contracts to be executed in 2024, as well as the substantial income generated from the company’s business consulting activities. NRC intends to expand its business into land and built-to-order housing. Additionally, revenue from the Astral City project will also be recognized in 2024.
Furthermore, the AGM approved the private placement of 100 million shares to professional securities investors at a price of VND10,000 per share.
The Chairman of the Board of Directors, Mr. Le Thong Nhat, stated that the Board and the management team had prepared for this issuance plan 12 months in advance, and they are confident about the outcome. Although he could not disclose the specific list of investors, he mentioned that they have already achieved more than 40% of the planned share offering.
CFO Ho Duc Toan added that the Board carefully considered the offering plan, understanding that the share issuance would result in dilution. They have communicated with major shareholder groups to accept the dilution ratio to welcome new investors and ultimately benefit the shareholders.
Regarding the offering price being higher than the market price, Mr. Toan shared that shareholders could consider the company’s book value per share of VND14,000 as of the end of 2023, and the undistributed profit as of March 31, 2024, was over VND181 billion. He hopes that investors can recognize the company’s potential.
With the potential to raise VND1,000 billion from the offering, NRC plans to use VND110 billion to fully repay overdue tax debts, VND320 billion to fully redeem issued bonds, and VND90 billion to settle all debts with the Bank for Investment and Development of Vietnam (BIDV) – Binh Hung Branch.
The remaining amount will be allocated as follows: VND195 billion to purchase a portion of the Dai Nam Residential Area (National Highway 13, Minh Hung commune, Chon Thanh district, Binh Phuoc province); VND180 billion to invest in a part of the Ham Thang – Ham Lien project (National Highway 1, Ham Thang commune, Ham Thuan Bac district, Binh Thuan province); and VND105 billion to supplement the company’s working capital.
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Explaining the choice of the Dai Nam and Ham Thang – Ham Lien projects for capital allocation, the Chairman stated that NRC’s strategy for 2024 focuses on products with complete legal procedures and high liquidity. The management team has worked diligently to identify projects that align with the strategy of investing in low-rise urban areas with existing infrastructure and housing, ensuring liquidity and creating a breakthrough for 2024.
The company is interested in investing in these two projects and is currently in the process of due diligence. At this point, no official purchase has been made. This information is to share the company’s intention, and if the financing is successful, they will work with Dai Nam to acquire the product according to the 2024 strategic plan for expanding the low-rise urban segment. Therefore, the management cannot provide detailed information to shareholders about the transaction. Even after the AGM, if a better opportunity arises, the management will decide to invest in that project instead.
In terms of personnel, the AGM approved the resignation of Mr. Nguyen Huu Quang and Mr. Vu Ngoc Chau from their positions as members of the Board of Directors, effective May 2024. Additionally, the AGM elected Mr. Ho Duc Toan as a member of the Board of Directors and Mr. Bui Duc Hoan as an independent member of the Board of Directors.
 From left to right: Mr. Ho Duc Toan, Mr. Le Thong Nhat, and Mr. Bui Duc Hoan. Photo: Thuong Ngoc
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Ha Le
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