FLC Group targets double revenue this year
FLC Group targets double revenue this year
Property developer FLC Group is targeting integrated revenue of VND13 trillion and pre-tax profit of VND1.23 trillion in 2017, double the figures of the previous year.
This was announced at the group’s shareholder meeting held in Ha Noi on Monday. The meeting was organised earlier than usual as FLC is in a rush to introduce its real estate projects to the market.
Last year, FLC witnessed achievements in the property sector, with total sale revenue of more than VND5.87 trillion, of which, its revenue from resorts reported positive results.
FLC has brought a range of large projects into operation, including FLC Quy Nhon, the seaside ecological resort at Ho Xuan Huong in Thanh Haa Province.
In addition, it has implemented other large real estate projects nationwide, such as the second phase of FLC Sam Son, Vinh Thinh-An Tuong (Vinh Phuc), Quang Binh, Hạ Long (Quang Ninh) and Do Son (Hai Phong), with total investment of several thousand trillions of dong.
It has also been successful in its sale offer of several commercial housing projects in Ha Noi, such as FLC Complex 36 Pham Hung and FLC Twin Towers 265 Cau Giay.
Following these achievements, FLC has been listed as one of top 50 most valuable brand names in Viet Nam by Brand Finance and one of the strongest brand names of 2016.
FLC’s stock continues to be one of the most active shares in terms of liquidity and average transaction amount.
The group issued stocks to its current shareholders and mobilised over VND1.08 trillion, bringing its total chartered capital to VND6.38 trillion since August 19, 2016.
Last year, it posted integrated revenue of VND6.65 trillion, representing an 11 per cent year-on-year increase. Its pre-tax profit increased by 15 per cent from the previous year to VND1.33 trillion and the company contributed VND361 billion to the State budget.
Until, the end of last year, its total assets reached VND17.9 trillion, posting an 80 per cent increase from the previous year, while its ownership capital was VND8.4 trillion.
Accordingly, FLC plans to pay dividend at the rate of 10 per cent of its charter capital, including three per cent in cash and seven per cent in stocks equivalent to 44.7 million shares, in the second quarter of the year after receiving approval from the State Securities Commission.
“The rate of dividend payment from 2017 onwards would always be higher than the previous years,” Trinh Van Quyet, FLC’s chairman of the management board, said.
He said the group would mobilise resources to accelerate progress of its resort projects to complete the set targets. It would also negotiate to acquire other real estate projects while continuing development of industrial parks (IPs) such as Hoang Long IP in Thanh Hoa Province and Tam Duong II and Chan Hung IPs in Vinh Phuc.
Le Thanh Vinh, FLC’s general director, said each of its resorts has created jobs for some 1,000-2,000 people per year, contributing to its prestige.
He said this was the reason many large international organisations met with FLC to seek cooperation.
Answering shareholders’ question on the construction of the Son Doong cable car in central Quang Binh Province, Quyet said FLC has conducted a study and survey on the project prior to calling for investment from the locality.
“It is noted that, if deployed, the cable car certainly does not enter the cave, only reaching the area near the cave’s entrance. The terminal of the cable car is a few kilometres from the entrance", he said, adding that the project would only be implemented if it received approval from relevant parties and completed all necessary procedures.
He also said FLC Group planned to merge FLC and FLC Faros Company.
In the future, the group will invest in a casino on Ngoc Vung Island and twin towers of 60 floors each in northern Quang Ninh Province.
