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FLC Group targets double revenue this year

Update: April, 25/2017 - 14:30
The annual shareholder meeting of FLC Group was held in Hà Nội on Monday. The meeting was organised earlier than usual as FLC is in a rush to introduce its real estate projects to the market. — Photo FLC
Viet Nam News

HÀ NỘI  Property developer FLC Group is targeting integrated revenue of VNĐ13 trillion (US$577.7 million) and pre-tax profit of VNĐ1.23 trillion in 2017, double the figures of the previous year.

This was announced at the group’s shareholder meeting held in Hà Nội on Monday. The meeting was organised earlier than usual as FLC is in a rush to introduce its real estate projects to the market.

Last year, FLC witnessed achievements in the property sector, with total sale revenue of more than VNĐ5.87 trillion, of which, its revenue from resorts reported positive results.

FLC has brought a range of large projects into operation, including FLC Quy Nhơn, the seaside ecological resort at Hồ Xuân Hương in the central province of Thanh Hóa.

In addition, it has implemented other large real estate projects nationwide, such as the second phase of FLC Sầm Sơn, Vĩnh Thịnh-An Tường (Vĩnh Phúc), Quảng Bình, Hạ Long (Quảng Ninh) and Đồ Sơn (Hải Phòng), with total investment of several thousand trillions of đồng.

It has also been successful in its sale offer of several commercial housing projects in Hà Nội, such as FLC Complex 36 Phạm Hùng and FLC Twin Towers 265 Cầu Giấy.

Following these achievements, FLC has been listed as one of top 50 most valuable brand names in Việt Nam by Brand Finance and one of the strongest brand names of 2016.

FLC’s stock continues to be one of the most active shares in terms of liquidity and average transaction amount.

The group issued stocks to its current shareholders and mobilised over VNĐ1.08 trillion, bringing its total chartered capital to VNĐ6.38 trillion since August 19, 2016.

Last year, it posted integrated revenue of VNĐ6.65 trillion, representing an 11 per cent year-on-year increase. Its pre-tax profit increased by 15 per cent from the previous year to VNĐ1.33 trillion and the company contributed VNĐ361 billion to the State budget.

Until the end of last year, its total assets reached VNĐ17.9 trillion, posting an 80 per cent increase from the previous year, while its ownership capital was VNĐ8.4 trillion.

Accordingly, FLC plans to pay dividend at the rate of 10 per cent of its charter capital, including 3 per cent in cash and 7 per cent in stocks equivalent to 44.7 million shares, in the second quarter of the year after receiving approval from the State Securities Commission.

“The rate of dividend payment from 2017 onwards would always be higher than the previous years,” Trịnh Văn Quyết, FLC’s chairman of the management board, said.

He said the group would mobilise resources to accelerate progress of its resort projects to complete the set targets. It would also negotiate to acquire other real estate projects while continuing development of industrial parks (IPs) such as Hoàng Long IP in Thanh Hóa Province and Tam Dương II and Chấn Hưng IPs in Vĩnh Phúc.

Lê Thành Vinh, FLC’s general director, said each of its resorts has created jobs for some 1,000-2,000 people per year, contributing to its prestige.

He said this was the reason many large international organisations met with FLC to seek co-operation.

Answering shareholders’ question on the construction of the Sơn Đoòng cable car in the central province of Quảng Bình, Quyết said FLC has conducted a study and survey on the project prior to calling for investment from the locality.

“It is noted that, if deployed, the cable car certainly does not enter the cave, only reaching the area near the cave’s entrance. The terminal of the cable car is a few kilometres from the entrance", he said, adding that the project would only be implemented if it received approval from relevant parties and completed all necessary procedures.

He also said FLC Group planned to merge FLC and FLC Faros Company.

In the future, the group will invest in a casino on Ngọc Vừng Island and twin towers of 60 floors each in the northern province of Quảng Ninh. — VNS

 

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