DIC Corp (stock code: DIG) has released its reviewed semi-annual financial statements for 2024, revealing significant changes in its business results. Specifically, compared to the self-prepared reports released in July 2024, the company’s sales revenue for the first half of this year, after auditing, reached only VND 833 billion, a decrease of VND 186.5 billion. This decline was mainly due to a drop in revenue from the real estate and construction sectors.
As a result, gross profit decreased by nearly 29% compared to the self-prepared report, amounting to VND 108.9 billion. After deducting expenses and tax provisions, DIC Corp recorded a post-tax profit of VND 21.5 billion for the first half of this year, a reduction of over 55% from the self-prepared report.
Compared to the previous year, DIC Corp’s reviewed revenue still showed a 133% increase. However, the company’s pre-tax profit decreased by 82%.
This year, DIC Corp aims for a consolidated total revenue of VND 2,300 billion and a pre-tax profit of VND 1,010 billion, representing a 72% and 509% surge, respectively, compared to 2023. Thus, the company has accomplished approximately 27.6% of its revenue target and about 2% of its annual profit goal.
Recently, DIC Corp received conclusions from the Government Inspectorate regarding its privatization process. According to the Inspectorate, the privatization and capital withdrawal process at DIC Corp revealed certain limitations, shortcomings, and violations, including non-compliance with regulations in the privatization sequence and procedures. Additionally, there were inaccuracies in asset valuation, leading to a discrepancy in the assessed value compared to the prescribed value.
The Inspectorate determined that the leadership of the Ministry of Construction during the 2007-2009 and 2016-2017 periods and the Steering Committee for DIC Corp’s privatization are responsible for these violations.
Regarding this matter, DIC Corp announced that it would fulfill its financial obligations by paying VND 2,467,707,028 in violations related to asset valuation on land, as specified in Appendix 3 accompanying Conclusion No. 1288/KL-TTCP, before September 25, 2024.
Concerning organizational and personal accountability, DIC Corp will collaborate with the Ministry of Construction to implement administrative disciplinary actions in accordance with the Inspection Conclusions before September 25, 2024.
DIC Corp stated that it recognizes the importance of inspections by the Government Inspectorate and other authorized state agencies, contributing to the company’s development and strengthening of its management and governance systems, in alignment with the Party’s guidelines, state policies, and laws.
The corporation affirmed its commitment to operating with the utmost respect for the law, transparency, and integrity, protecting the interests of its shareholders and customers. DIC Corp also requested that shareholders remain calm, carefully consider information, and continue their support for the company, as they have in the past.
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