SSI targets 19 per cent profit growth in 2024
SSI targets 19 per cent profit growth in 2024
SSI Securities Corporation shareholders have approved the targets of VNĐ8.1 trillion (US$318.69 million) in consolidated revenues and VNĐ3.4 trillion ($133.8 million) in pre-tax profits for 2024, up 11 per cent and 19 per cent, respectively, from last year.
Nguyễn Duy Hưng, SSI chairman, takes questions from shareholders at the company’s annual general meeting in HCM City on April 25. — Photo courtesy of SSI |
They approved these and other important targets at the company’s annual general meeting in HCM City on April 25.
Nguyễn Hồng Nam, the company’s CEO, said despite challenges, SSI achieved impressive results last year, with revenues and pre-tax profits going up by 11.5 per cent and 35 per cent to VNĐ7.28 trillion ($286.4 million) and VNĐ 2.85 trillion ($112.1 million), exceeding the targets by 5 per cent and 12 per cent.
All core business segments such as securities services, proprietary trading, treasury, investment banking, and fund and portfolio management saw good growth, he said.
This year, as the economic recovery gains momentum, with GDP projected to grow between 6-6.5 per cent, the securities market is poised for further resurgence. The VN-Index is anticipated to soar to 1,300 points by year-end, accompanied by a surge in market liquidity to VNĐ18-20 trillion ($708 - 787 million) per session.
Earnings of listed companies are expected to grow by 14 per cent, drawing strong interest from both domestic and foreign investors.
After a year of net withdrawal in 2023, foreign investors are poised to reverse this trend in 2024. This shift is attributed to the gradual reduction of interest rates by the US and the potential upgrade of Việt Nam's stock market by FTSE Russell between 2024-25.
Nam also spoke about the company’s tasks this year like fostering digital transformation to innovate business models, creating new opportunities that offer higher revenues and value and target customers with specialised needs, providing unique products to customers, aligning the organisational structure and human resources with its innovative business model, ensuring safe and effective management of money, and others.
Shareholders approved a 10 per cent cash dividend for 2023, costing the company more than VNĐ1.5 trillion.
The meeting also approved a plan of additional share issue under the employee stock ownership plan (ESOP) in 2024.
SSI will also issue a total of over 453.3 million shares to raise its charter capital from VNĐ15.1 trillion to over VNĐ19.6 trillion ($784 million).
In the first quarter, SSI reported revenues of over VNĐ1.9 trillion and pre-tax profits of VNĐ900 billion, up 33 per cent and 53 per cent year-on-year, respectively.
