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CEO Group's listing fetches profits

Update: September, 30/2014 - 09:02
An image of the CEO Group's social housing project in Quoc Oai suburb in Ha Noi. — Photo hvsvn.com

HA NOI  (VNS) — Multi-industry company CEO Group (CEO) had a successful debut yesterday on the Ha Noi Stock Exchange, hitting the ceiling price of VND15,000 (US$0.7) with 2.6 million shares changing hands.

The CEO Group is mainly involved in real estate and education. It owns 16 projects in Ha Noi and the provinces of Ha Nam and Bac Ninh, covering more than 700ha of land. In the education field, CEO Group combines training with export of labour.

In the first six months of this year, its revenue and net profit climbed 125 per cent and 145 per cent year over year, reaching VND100.5 billion ($4.7 million) and VND15.4 billion ($726,000), respectively. Sales from the real estate sector accounted for 67 per cent of the total revenue.

The company plans to start the sale of three projects next month, hoping to reap remarkable profit for the remaining period of the year.

According to its Chairman Doan Van Binh, the CEO Group used primarily its own capital for developing business. Therefore, the amount of its bank loans is relatively low so far, reaching VND50 billion ($2.3 million).

Hoang Son, head of analysis of MB Securities Company, valued CEO's shares at VND16,000 to VND18,000 per unit. "It is suitable for both short-term and long-term investment," he said.

CEO's charter capital is VND343 billion ($16.1 million), and the company expects to increase its charter capital up to VND2 trillion ($94.3 million) within the next three to five years. — VNS

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