TTC Hospitality’s 2024 Annual General Meeting of Shareholders was held on the afternoon of April 24th. – Photo: Khang Di
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TTC Hospitality’s 2024 Business Plan. Unit: Billion VND
Source: VietstockFinance
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TTC Hospitality said that the tourism industry is still expected to face many difficulties in 2024, therefore the Company aims to achieve a net revenue of 760 billion VND, an increase of 2% compared to 2023 and a profit before tax of only 23 billion VND, the same as the previous year.
Sharing the business results in the first quarter of the year, Ms. Phan Thị Hồng Vân – Chairman of the Board of Directors said: “The first quarter is a fierce business quarter for the tourism industry, most customers go on vacation during the Tet holidays and then they have to go back to work, so the room occupancy rate is not high. In addition, inbound tourism has not yet recovered strongly. However, the company still achieved a room occupancy rate of nearly 50% in the first quarter of the year, this is a great effort in the hotel system of TTC. Basically, the revenue reached about 160 billion VND.
In the remaining months of 2024, the Company has a strategy to launch a series of new and unique products to serve customers, upgrade management and information technology, which has also created a positive effect, helping the Board of Management and Board of Directors confident in achieving the revenue and profit plan (including exchange rate fluctuations) that the Board of Management had anticipated before submitting to the General Meeting of Shareholders”.
In the coming time, TTC Tourism will focus on higher-end segments by upgrading hotels from 4 to 5 stars. The two hotels that have completed upgrading are Michelia in Nha Trang and TTC Can Tho hotel. In the upcoming strategy, the Company will continue to upgrade more 4-star hotel groups, according to the Chairman of TTC Hospitality.
Previously, in July 2023, the Company opened a new 5-star resort in Van Phong Bay with an area of about 11.7 hectares. The Company’s leaders said that this is the most luxurious resort in Van Phong Bay, which is an important economic location in Khanh Hoa. Currently, TTC Tourism continues to invest in phase 2 of the Van Phong project.
In September 2023, the Company successfully acquired TTC Imperial Hue, which is the only hotel with a royal palace architecture in Vietnam and in the ancient capital of Hue, located in a prime location (8 Hung Vuong), creating a buzz for the Central tourism.
Although the economy is still difficult, not really recovering compared to before the pandemic, TTC Tourism has opened a series of new products in the Valley of Love tourist area, such as Ngan Thong Glass Bridge, which is the only glass bridge in the mountainous region. and Garden of Lights in late 2023.
“In the near future, there will be a new product launched in the Valley of Love. The company is also implementing the Ba Doi project with an area of over 300 hectares in Da Lat, this is a key project of the province and of TTC Tourism. With this land fund, TTC is currently the largest investor in Da Lat in the tourism sector. The company is carrying out the procedures for applying for construction permits for this Ba Doi project”, said Ms. Phan Thi Hong Van, Chairman of the Board of Directors.
Retain 2023 profit for reinvestment
In 2023, TTC Hospitality recorded revenue of 743 billion VND, an increase of 20% compared to 2022. Profit after tax was over 3 billion VND, an increase of 27%.
| TTC Hospitality’s net profit over the years |
TTC Hospitality said that in 2023, the tourism business situation will gradually recover. The Company’s business performance has met the plan. In addition, the Company completed the M&A of TTC Hue hotel and put a number of resorts and amusement parks into operation from the middle of 2023, so it incurred depreciation and interest expenses as planned.
In 2024, the Company will continue to upgrade assets, increase products, and expand the market. Therefore, the source of retained profit after tax in 2023 will continue to be reinvested by the Company in business assets to improve the quality of services to meet the changing needs of the tourism market.
Responding to a shareholder’s question about the advantages that TTC Hospotality has in key tourist destinations, General Director Chau Thi Kim Phuoc said that with a diverse ecosystem, the Company can connect many destinations for customers. This is an advantage that independent units cannot have. Customers can use products and services in Nha Trang, connect online to Da Lat and not only for relaxation, customers can also visit all the entertainment areas.
In addition, TTC has also begun to expand its management and operation sector. Specifically, last year, the company signed a management and operation contract for the Emerald Ho Tram resort hotel. In the future, TTC will expand its management and operation segment to strengthen its position in the market.
