In 2023, CEO Group announced a consolidated revenue of 1,439 billion VND and a post-tax profit of 121.2 billion VND, according to a report published by the corporation. The group successfully sold shares in the same year, raising its charter capital to 5,146 billion VND and achieving a market capitalization of over 11,000 billion VND. Additionally, the group ensured stable employment and income for its staff.
The report highlights CEO Group’s robust financial position, with cash and cash equivalents reaching 1,153 billion VND, nearly four times higher than the previous year. Moreover, the group has over 1,540 billion VND in term deposits with banks, a 4.7-fold increase since the beginning of the year.
For 2024, CEO Group aims to generate a consolidated revenue of 2,100 billion VND and a consolidated post-tax profit of 150 billion VND. A dividend payout ratio of 5-10% is projected. This plan has been approved by the Annual General Meeting of Shareholders.
CEO Group’s plans for 2024 include focusing on key projects such as Sonasea Vân Đồn Harbor City (Quảng Ninh), CEOHOMES Hana Garden (Hanoi), and CEOHOMES Sonasea Residences (Kiên Giang). Furthermore, the group is developing dozens of mixed-use urban and industrial park projects in major cities and high-potential provinces across the country to secure production capacity for the coming years.
On April 20, 2024, CEO Group officially inaugurated the Wyndham Garden Sonasea Van Don Resort in the Sonasea Vân Đồn Harbor City Complex, the first international 5-star resort in Vân Đồn, Quảng Ninh. The resort boasts 200 hotel rooms and seaside villas, strategically located with a mountain backdrop and bay views.
Wyndham Garden Sonasea Van Don Resort.
Alongside operating the Wyndham Garden Sonasea Van Don Resort, CEO Group plans to launch additional products in the Sonasea Vân Đồn Harbor City Complex in the near future.
In 2024, the group also intends to collaborate with a Japanese partner to establish a nursing training center in Vietnam. This center will train personnel for the Japanese healthcare industry and for the group’s own nursing facilities.
The General Meeting approved a plan to pay dividends to existing shareholders in the form of shares, with a ratio of 5% (shareholders with 100 shares will receive 5 new shares).
Regarding personnel changes, the General Meeting voted to dismiss Mr. Hoàng Thiết Hùng from his position as an independent member of the Board of Directors and elected Mr. Nguyễn Văn Đông as an independent member of the Board of Directors for the 2022-2027 term.
In response to a shareholder’s question about the group’s growth strategy, Mr. Đoàn Văn Bình, Chairman of the Board of Directors, stated that the group will prioritize developing two core products: mixed-use housing and large-scale industrial park projects.
“The group is currently preparing land acquisition and legal procedures to secure land for project development over the next 1-2 decades,” stated Mr. Bình. “The company is also developing over 10 projects in major cities, and I am confident that CEO Group has ample production capacity.”
Regarding the CEO Homes Hana Garden City project in Mê Linh district, covering 20.3 hectares, Mr. Bình said that the group aims to commence the project soon due to its large number of units. Upon completion, the project is expected to provide the market with approximately 500 affordable apartments. Consequently, there has been significant customer interest and strong market demand.
However, the project has faced legal obstacles, and despite the group’s efforts, CEO Group has been unable to initiate the project. The CEO Chairman stated that the company will expedite legal procedures to begin construction by the end of the second quarter or early in the third quarter of 2024.
When asked about the group’s outstanding bond debt, the CEO Chairman explained that the company has not issued any bonds and therefore has no outstanding debt from this source. However, Mr. Bình acknowledged that bonds are a viable fundraising channel. He revealed that CEO Group is considering issuing bonds in the future to fund the development of large-scale industrial parks and mixed-use real estate projects, subject to regulatory compliance.
Assessing the real estate market outlook, Mr. Bình said: “I would like to use a simple analogy to describe the real estate market’s lifecycle, which consists of three stages: germination, growth, and maturity. Germination occurs underground, while growth represents the emergence of a tree into the sunlight. Blossoming signifies the release of fragrance, and fruiting symbolizes the realization of potential.
“The real estate market has been in the germination phase for the past few years. It has now entered the growth phase. The tree will continue to mature between now and the end of 2024 and into 2025, depending on the level of care it receives. The market will blossom and bear fruit in 2026. The tree needs more time to develop. It may be a gradual process, but it will be sustainable,” concluded Mr. Bình.
