Viglacera’s (VGC) profit hits VND1 trillion for first time

Viglacera’s (VGC) profit hits VND1 trillion for first time

The Viet Nam Glass and Ceramics for Construction Corporation (Viglacera) recorded a pre-tax profit of nearly VND1.02 trillion (US$44.83 million) in 2017.

This number is equal to 112 per cent of the year’s plan and an increase of VND144 billion, as compared to 2016’s results.

This is the first time the corporation achieved a pre-tax profit of over VND1 trillion. The company’s revenue in the year totalled nearly VND16.5 trillion, up 2 per cent against the yearly plan, and 13 per cent higher than the previous year’s figure.

Viglacera’s strong performance was buoyed by significant contributions of its members such as Viglacera Float Glass Company, Viglacera Ha Long Joint Stock Company, Viglacera Infrastructure Development and Investment Company, and Viglacera Real Estate Company.

In 2017, Viglacera implemented a restructuring plan of the corporation and put up 120 million shares coded VGC for sale, increasing its chartered capital to VND4.27 trillion. By the end of 2017, Viglacera completed the Employee Stock Ownership Plan (ESOP) programme, raising its chartered capital to more than VND4.48 trillion and reducing State ownership to 53.97 per cent.

In 2018, the company is eyeing a 6 per cent growth in pre-tax profit and it plans to make a 9.5 per cent dividend payout.

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