The VRC Board of Directors proposes a 2025 business plan with a target of 20 billion VND in total revenue and income, and 10.1 billion VND in post-tax profit, a 27% increase and 5.7 times higher than the previous year, respectively. The VRC leadership notes that this plan does not account for the potential sale of shares owned by VRC in its subsidiary, ADEC JSC, and its associate company, My Xuan Shipbuilding and Port Services JSC (if applicable).
The VRC Board is seeking partners to transfer a portion or all of its shares in ADEC JSC for a price of no less than 20,000 VND per share and in My Xuan Port for a price of no less than 41,500 VND per share.
ADEC JSC has a charter capital of over 523 billion VND, of which VRC owns 54.33%, equivalent to 28.4 million shares. If VRC were to transfer all of this capital contribution, it could retrieve a minimum of over 568 billion VND.
Similarly, My Xuan Port has a charter capital of over 290 billion VND, with VRC owning 40.25%, or nearly 11.7 million shares. The minimum transfer value is over 485 billion VND.
In the real estate sector, VRC plans to expedite legal procedures to further develop projects, while also seeking suitable partners to collaborate with or transfer the high-rise area of the Phu My Residential Area project in District 7 and a portion or all of the New Nha Be Urban Area project. For the ADC Long An Residential Area project, VRC will support and coordinate with its subsidiary in implementing the project’s legal procedures.
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Perspective of Phu My Residential Area in District 7, Ho Chi Minh City
Source: VRC
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In the second quarter of 2024, the VRC Board of Directors approved the policy for its subsidiary, ADEC JSC, to transfer a portion of the District 7 project and a portion or all of the compensated land area in the Nha Be project. However, this has not been implemented yet due to the lack of suitable partners.
According to the proposal on the continued transfer of these two projects in 2025, VRC plans to transfer the apartment area in Lot H of the District 7 project for a price of no less than 800 billion VND. The compensated land in the Nha Be project is expected to be transferred for a price of no less than 2 million VND per square meter.
Not only in real estate, but VRC also intends to initiate legal procedures for the My Xuan Comprehensive Container Port project (Ba Ria – Vung Tau) while simultaneously seeking partners to transfer shares in My Xuan Shipbuilding and Port Services JSC, the project’s investor. The proceeds will be used to supplement VRC‘s capital for other investment activities.
Regarding profit distribution, VRC plans to not pay dividends for 2024 and not distribute any funds.
On the matter of personnel, the VRC General Meeting of Shareholders will consider dismissing Mr. Nguyen Thanh Huy from his position as a member of the Board of Directors due to his absence from Board activities for six consecutive months. A new member will be elected to the Board.
Recapping VRC‘s business performance in the first quarter of 2025, the company recorded a modest 489 million VND in net revenue, compared to 7 billion VND in the same period last year. After expenses, the company incurred a net loss of over 2 billion VND. However, thanks to an extraordinary gain of more than 14 billion VND, VRC still posted a net profit of over 10 billion VND, 18 times higher than the previous year.
The decline in VRC‘s first-quarter revenue was due to the absence of real estate business revenue, with all net revenue coming from service provision. The extraordinary gain was largely compensation received by VRC from the 52G project.
Largest shareholder of VRC divests after the company gets a new Chairman
– 13:16 06/06/2025
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