Taseco Land JSC (TAL on UPCoM) has announced its plans to establish a new company, Taseco Ha Nam Investment Co., Ltd., by approving a resolution from its Board of Directors.
The new company will be located in Phu Ly city, Ha Nam province, with an expected chartered capital of VND 720 billion. Taleco Land will contribute VND 576 billion, equivalent to an 80% stake in the new company.
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The contribution is expected to take place within 90 days from the date of receiving the business registration certificate from the competent state agency, in accordance with the law.
Taseco Land has authorized Mr. Vu Quoc Huy (DOB: 1975) and Mr. Tran Minh Thang (DOB: 1980) to manage the contributed capital, with a 50% and 30% stake, respectively, for a term of 5 years starting from May 19, 2025.
In terms of business performance, Taseco Land reported consolidated revenue of nearly VND 375.9 billion in the first quarter of 2025, a 21.6% increase compared to the same period last year. After deducting taxes and fees, the company recorded a net profit of over VND 22.3 billion, an increase of 118.6%.
For the full year of 2025, Taseco Land has set a target of VND 4,332 billion in consolidated revenue and an estimated consolidated after-tax profit of VND 536 billion.
As of the first quarter of 2025, the company has achieved 8.7% of its revenue plan and 4.2% of its after-tax profit target.
As of March 31, 2025, Taseco Land’s total assets slightly increased by 2.6% compared to the beginning of the year, reaching over VND 9,564.6 billion. Inventories accounted for 41.5% of total assets, while long-term assets under construction represented 13.7%.
The company’s total liabilities stood at over VND 5,169.6 billion, a slight increase of nearly VND 69.7 billion from the beginning of the year. Short-term and long-term borrowings accounted for 69.6% of total debt.
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