Viglacera: The parent company's profit in the first 6 months of 2018 is estimated at over 300 billion VND, exceeded 32% of the plan

10:33 | 03/07/2018

On July 2nd 2018, Viglacera Corporation held a meeting to assess the business results in the first 6 months and deploy production and business tasks in the third quarter and the last 6 months of 2018. According to the results, Viglacera basically implement the targets approved at the Annual General Meeting of Shareholders on June 29th.

Overview of the meeting

From the beginning of 2018 up to now, the construction material market is facing difficulties due to strong competition from domestic producers and import sources. However, with the advantages of a parallel operation in the fields of construction materials and real estate, Viglacera is estimated to achieve pre-tax profit of nearly 500 billion VND in the first half of 2018, exceeded 3% of the plan. The parent company's profit was 300 billion VND, exceeded 32% of the plan and reached 51% of the full year target.

Particularly, the parent company's profit accounted for 82% of the total profit of the whole Corporation, of which, the major contribution to the parent company's result is the profit from the Real Estate department (accounted for 64%).

Deputy General Director Nguyen Anh Tuan reported at the meeting

Besides implementing the business plan, Viglacera's equitization program has achieved many positive results such as the successful mobilization of capital for development investment purposes, an increase in capitalization, ESOP program to support the key projects of the Corporation. Viglacera is following the approved capital withdrawal plan of the State. Moreover, Viglacera's stock (VGC) is considered as a long-term and effective investment channel by investors. Currently, the number of Viglacera employees holding VGC shares is increasing strongly.

Based on the results achieved in the first half of 2018, Viglacera plans to achieve a pretax profit of 231,5 billion VND in Q3/2018 and 518,1 billion VND in the last 6 months. The parent company plans to reach 120,3 billion VND and 288.5 billion VND in Q3/2018 and the last 6 months respectively. With this plan, the parent company's total profit in 2018 is estimated at over 600 billion VND, an increase of 7% compared to 2017.

General Director Nguyen Anh Tuan directed at the meeting

In order to complete the plan, General Director Nguyen Anh Tuan directed: "All departments of the Corporation and subsidiaries should implement the synchronous solutions to improve the competitiveness of the following products: building glass, tiles, terra cotta; Focus on the development of new product designs, market development, especially export markets in order to reduce the pressure on domestic competition; Implement investment in key projects, ensure the progress and objectives of thesse projects; Prepare sufficient resources, conditions for operating and exploiting completed projects, as well as starting new projects in accordance with the schedule."

The results show that Viglacera actively follows the planned targets with the determination to complete the business plan, ensuring the dividend payout of 9.5% has been approved at the Annual General Meeting of Shareholders 2018 and at the same time, set the foundation for the roadmap to divest the State capital in 2018 and 2019 under Decision No. 1232/QĐ-TTg dated 17/8/2017 of the Prime Minister.

Some other photos at the meeting: