HCM CITY -- SACOM Investment and Development Joint Stock Company has said it will continue to focus on financial investment this year.

At its annual general meeting in HCM City on Tuesday, SAM Holdings, as the company is commonly known, reported that financial investment in the first quarter of this year had helped it achieve 40 per cent of the full-year profit target.

CEO Trần Anh Vương said based on the forecast for the stock market this year financial investment would continue to contribute greatly to the company’s business.

SAM would withdraw from inefficient areas, he said.

“The company will focus its investment in key sectors of the Vietnamese economy, IPO companies and start-ups with high potential.”

Besides financial investment, real estate is also expected to be profitable for the company this year.

Last year its member company, SAMLAND, had got approval to develop Samsora Riverside with 1,000 apartments.

The project would bring revenues in 2018 and 2019, the company reported.

This year it targets revenues to grow by 20 per cent to VND2.95 trillion (US$129 million) and profit before tax by 26 per cent to VND180 billion ($7.9 million).

Shareholders approved an increase in registered capital to VND3.5 trillion ($153.5 million).

Last year SAM’s revenues grew by 30 per cent to VND2.4 trillion, or marginally short of the target.

Profits grew four-fold to VND143 billion.

In 2017 the company’s main business of wire and cable trading saw revenues double.

Income from financial investment was VND238 billion, or 190 per cent of the target.

SAM Holdings, which began life as a telecom manufacturer and distributor, has now grown into a conglomerate with interests in fanancial investment, housing development, amusement-related property development and agricultural technology. — VNS