Construction firm Xuân Mai Corp returns to stock market after six years

Update: April, 02/2019 - 18:24
The view of the Xuân Mai Sparks Tower, a real estate project developed by Xuân Mai Investment and Construction Corporation. The company has gained approval from the Hà Nội Stock Exchange to trade nearly 55 million shares on the Unlisted Public Company Market (UPCoM) after its cancellation six years ago. — Photo
Viet Nam News

HÀ NỘI — Xuân Mai Investment and Construction Corporation (Xuân Mai Corp) will return to the stock market after being removed in 2013.

Xuân Mai Corp would re-debut nearly 55 million shares on the Unlisted Public Company Market (UPCoM) under code XMC, according to the Hà Nội Stock Exchange.

In November 2013, the company cancelled its listing on the Hà Nội Stock Exchange to shake up its business organisation.

Since its listing cancellation, the company had made some changes to the board of directors and earnings reports, reported.

In the first quarter of 2018, Xuân Mai Corp reported a VNĐ23 billion (US$987,000) net loss. But in the first half of 2018, the company earned VNĐ24 billion in post-tax profit, up 72 per cent year-on-year with its real estate and construction divisions making big improvements.

The company also issued 10 million shares worth VNĐ100 billion for shareholders in early January 2018 to raise charter capital to VNĐ550 billion.

According to its information disclosure, Xuân Mai Corp recorded its net revenue rose 21.5 per cent year-on-year to VNĐ2.85 trillion last year.

Net revenue from real estate trading reached VNĐ1.33 trillion and accounted for 46.5 per cent of the total.

Industrial production and construction accounted for VNĐ1.39 trillion in net revenue, around 48.9 per cent of the total.

The company’s post-tax profit in 2018 reached VNĐ98.3 billion, down more than VNĐ1 billion from 2017.

In 2018, the company’s total assets increased by VNĐ650 billion to reach VNĐ4.38 trillion. Its payables rose by nearly VNĐ510 billion to VNĐ1.64 trillion, including VNĐ894 billion worth of short-term loans and VNĐ1.13 trillion in long-term loans.

The firm’s equity was VNĐ707 billion at the end of 2018. The company also reported it had VNĐ118 billion worth of undistributed post-tax profit.

Xuân Mai Corp has five major shareholders, including four individuals and one institutional investor – Khải Hưng Co Ltd.

Khải Hưng Co Ltd owns 24.67 per cent of the company but the biggest shareholder is Đinh Thị Thanh Hà with a 25.2 per cent stake. — VNS