911 Group Joint Stock Company (stock code: NO1) recently announced the resolutions of the 2024 Extraordinary General Meeting of Shareholders, including the approval of a contract for the purchase and sale of automobiles and battery leasing services with VinFast Trading and Services LLC.
The contract is valued at VND 500 billion and is expected to be executed in Q2 2025.
In related news, Mr. Luu Dinh Tuan, Chairman and Legal Representative of 911 Group, passed away on November 22, just before the Extraordinary General Meeting.
Subsequently, the company appointed Ms. Nguyen Thi Thom as the new Chairman and Legal Representative for the remainder of the 2020-2025 term, effective November 23.
Ms. Thom is the sister-in-law of Mr. Tuan. In October, she divested over 600,000 NO1 shares, accounting for more than 2.5% of the capital.
Ms. Thom had previously resigned from her position as a member of the Board of Directors of 911 Group in June due to time constraints. Prior to that, the NO1 management also relieved her of her duties as Deputy General Director.
NO1 share price movement in the past month
Prior to this, the company attracted attention with its announced plan to cooperate with VinFast in launching a taxi service under the brand name “911 taxi.”
The goal is to operate 200 taxis by the end of 2024 and expand to over 2,200 taxis by the end of 2025. In the initial phase, the service will be available in Dong Nai and Binh Duong, followed by a rollout to other areas.
In late October 2024, the company signed a contract with VinFast for the purchase and sale of automobiles and battery leasing services, valued at VND 45 billion. The execution is expected in Q4 2024.
In terms of financial performance, 911 Group’s revenue for Q3 2024 reached over VND 226 billion, a 13% decrease compared to the same period last year. After expenses, the after-tax profit was nearly VND 5 billion, a 26% increase.
For the first nine months of the year, the company’s revenue was VND 672 billion, a 63% increase, and after-tax profit was over VND 19 billion, a significant 211% surge compared to the same period in 2023, surpassing the full-year plan.
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