Dam Sen Water Park Joint Stock Company (DSN) has released its second-quarter and six-month financial report for 2024, including insights into the compensation of its leadership team.
According to the report, due to a decrease in revenue and profits, labor costs for the first six months also saw a significant decline. Notably, the remuneration of key leaders decreased by 44% compared to the first half of 2023. The total compensation paid to the Board of Directors, Executive Management, and Supervisory Board for the six months was nearly VND 5.5 billion, while it was over VND 9.77 billion in the previous year.
The highest-paid individual was CEO Vu Ngoc Tuan, who earned a total of nearly VND 1.22 billion in the first six months, equivalent to over VND 200 million per month. In the same period last year, Mr. Tuan received more than VND 2.16 billion, corresponding to approximately VND 360 million per month.
The second-highest earner was Deputy CEO Nguyen Quang Truong, who was paid VND 921 million for the six-month period, equivalent to VND 154 million per month. In the previous year, Mr. Truong received nearly VND 1.7 billion in remuneration.
Chief Accountant Tran Thi Chau Dan also experienced a nearly 50% reduction in total compensation compared to 2023, earning over VND 783 million. Last year, in the same position, Ms. Dan received more than VND 1.45 billion.
Meanwhile, Mr. Tran Viet Anh, Chairman of the Board of Directors, received remuneration of over VND 611.1 million, equivalent to nearly VND 102 million per month. In the first six months of last year, Chairman Tran Viet Anh was paid more than VND 998.8 million. Two members of the Board of Directors, Phuong Xuan Thuy and Tran Oanh, each received over VND 311.1 million during the same period this year.
The three members of the Supervisory Board earned between VND 361 million and VND 211 million in the first half of the year.
At the 2024 Annual General Meeting of Shareholders held earlier this year, the shareholders approved the salary and remuneration fund for employees, with the remuneration for the Board of Directors and Supervisory Board set at 25% of total net revenue.
Dam Sen Cultural Park, spanning 50 hectares with 60% greenery and 20% water bodies, is considered the green lung of Ho Chi Minh City. (Photo: TL)
DSN’s report also revealed a decrease in both revenue and profits for the second quarter compared to the same period in 2023.
In the second quarter, Dam Sen Water Park recorded revenue of over VND 85.3 billion, a drop from the previous year’s figure of VND 97.6 billion. This decrease in revenue led to a reduction in profit after tax, which fell by more than VND 8 billion to just over VND 39 billion.
For the first six months, the water park brought in over VND 136 billion in revenue, with a profit after tax of more than VND 55.4 billion. These figures are relatively low compared to recent years. In the first half of 2023, Dam Sen had recorded revenue of over VND 151.6 billion and a profit after tax of over VND 67 billion. For 2024, the company set targets of VND 240 billion in revenue and VND 104 billion in profit after tax.
As of the end of June, the company’s total assets amounted to over VND 360 billion, an increase of more than VND 14 billion from the beginning of the year. Short-term financial investments increased from over VND 273 billion to over VND 307 billion, mainly in securities and term deposits. DSN has over VND 265 billion in term deposits with interest rates ranging from 4% to 7.5% per annum and has no bank debt.
2023 was a record-breaking year for Dam Sen, with revenue of VND 248 billion and a profit after tax of VND 112 billion, the highest in the company’s operating history.
Located in the heart of Ho Chi Minh City, Dam Sen Water Park occupies 50 hectares within the larger Dam Sen Cultural Park. The cultural park, constructed in 1976, blends Eastern cultural characteristics with modern Western influences in its design.
To date, Dam Sen Cultural Park remains Vietnam’s largest and most diverse amusement park, offering thousands of games, service areas, tourism, entertainment, and culinary experiences.
DSN’s stock is listed on the stock exchange, with a current trading price of around VND 55,000 per share.
