The Electric Revolution: VinFast Speeds Ahead with a Massive Order of 2,200 Electric Cars for a New Taxi Venture.

November 15 will be the record date for shareholders of 911 Corporation (code: NO1) to receive a 5% cash dividend for 2023, equivalent to VND 500 per share. The payment is expected to be made on December 20, 2024.

With 24 million outstanding shares, the company will pay out an estimated total of VND 12 billion in dividends this time, in line with the plan approved by the Annual General Meeting held earlier this year.

Proposed VND 500 Billion Investment in VinFast Auto and Battery Leasing

In another development, on November 23, 2024, 911 Corporation will hold an Extraordinary General Meeting. According to the published agenda, one notable item is the proposed approval by the shareholders of a VND 500 billion contract with VinFast for the purchase of automobiles and battery leasing services. The contract is expected to be executed in the second quarter of 2025.

Additionally, the Board of Directors will present to the Extraordinary General Meeting (EGM) for consideration and approval, a proposal to revoke the plan to add certain business lines that were previously approved by the Annual General Meeting in 2024. Instead, they will propose to add new business lines for 911 Corporation, with a focus on serving the taxi business.

Prior to this, on October 21, 2024, the Board of Directors of 911 Corporation passed a resolution approving a nearly VND 45 billion contract with VinFast for the purchase of automobiles and battery leasing services. The contract is expected to be executed in the fourth quarter of 2024.

On October 26, 2024, 911 Corporation signed a Memorandum of Understanding with GSM Green and Smart Mobility Joint Stock Company for the lease and purchase of 2,200 VinFast electric vehicles, with the goal of establishing the “911 Taxi” brand.

As per the agreement, out of the total 2,200 vehicles, GSM will deliver the first 200 cars to 911 Corporation for operation in the fourth quarter of 2024, and the remaining vehicles will be delivered by the end of 2025.

According to the company’s website, the contract with VinFast for the purchase of electric vehicles is in line with 911 Corporation’s plan to expand into new business areas, aiming to diversify its revenue streams beyond construction equipment, concrete mixing stations, forklifts, etc.

Surpassed Nine-Month Profit Target

911 Corporation’s recently published third-quarter 2024 financial report shows a 13% year-on-year decrease in revenue to VND 226 billion. However, gross profit nearly doubled to reach VND 15 billion over the same period.

Additionally, financial expenses and management expenses were reduced by 60% and 30%, respectively. As a result, the company reported a 26% increase in after-tax profit, amounting to nearly VND 5 billion for the quarter.

For the first nine months of the year, the company recorded a 63% year-on-year increase in revenue to VND 672 billion, and a 211% surge in after-tax profit to over VND 19 billion. With these results, the company has exceeded its full-year profit target (after-tax profit plan of VND 18 billion).