Golden Gate Acquires 99.98% of The Coffee House Chain’s Parent Company for VND 270 Billion
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Golden Gate Group will hold its 2025 Annual General Meeting of Shareholders on the morning of June 30 in Hanoi. According to the meeting documents, the company targets net revenue of nearly VND 8,124 billion, up 22.5% compared to 2024. Expected profit after tax is VND 205 billion, more than double the same period and the highest in 3 years if completed.
However, the 2025 profit plan is still quite far from the pre-COVID-19 period and is significantly lower than the net profit of VND 659 billion recorded in 2022.
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This year, Golden Gate continues to focus on enhancing customer experience and selectively expanding its operational scope. The company will concentrate on developing key brands, building management systems, applying technology to optimize operations, and improving the performance of underperforming restaurants.
Golden Gate currently operates nearly 400 restaurants under more than 22 brands in 40 provinces, serving about 18 million customers annually. Notable chains include Manwah, Gogi, Hutong, Kichi Kichi, and Vuvuzela. Notably, in February 2025, the company completed the acquisition of The Coffee House chain from Seedcom Group. This coffee brand once grew rapidly but now has only about 100 outlets, mainly in major cities.
According to the 2024 Financial Statements, Golden Gate deposited VND 54 billion to purchase shares of Vietnam Tea and Coffee Commercial Services Joint Stock Company, the owner of The Coffee House. As of January 8, 2025, the company had completed the purchase of 99.98% of the shares, with a total estimated value of about VND 270 billion. Mr. Tran Viet Trung, Chairman of Golden Gate’s Board of Directors, also took on the role of General Director and legal representative of The Coffee House, replacing Mr. Ngo Nguyen Kha from Seedcom. Prior to the deal, The Coffee House’s charter capital was increased from about VND 150 billion to VND 408 billion.
In terms of financial results for 2024, Golden Gate recorded net revenue of nearly VND 6,634 billion, up 5.5% compared to the previous year, but profit after tax decreased by 28% to over VND 100.5 billion. This is the second consecutive year that the company has seen a decline in profit, mainly due to increasing sales expenses. The gross profit margin in 2024 also decreased from 63% in the same period to 61.5%. Compared to the plan, revenue reached nearly 94%, and profit achieved only 62% of the target.
Golden Gate assessed that 2024 was a challenging year as consumers tightened their spending due to macroeconomic fluctuations, leading to a significant decrease in dining and entertainment demand. However, the company still launched three new brands and maintained a system of about 500 restaurants.
In 2025, the company plans to focus on strengthening its core operating capabilities to lay the foundation for the next development phase. To ensure financial resources, Golden Gate will continue to not pay dividends, marking the third consecutive year of retaining all profits for reinvestment.
– 14:58 13/06/2025
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