Shareholders of the HCM City-listed Hoang Anh Gia Lai Group, which has interests in property, hydropower development and rubber farming, have approved the management's plans to set higher turnover and profit figures for this year.
At its annual shareholders meeting last Friday, the company announced it targeted a net profit of VND2.01 trillion (US$104.6 million) on a turnover of VND5.76 trillion, up 56 per cent and 25 per cent respectively from last year.
This year, the group will begin work on three new apartments projects in HCM City that will have more than 1,500 units – Hoang Anh Incomex, the second phase of Phu Hoang Anh, and Hoang Anh Tan Phu – and continue work on seven others that are already under way.
It will also begin construction of a 165,000-sq.m office block-shopping mall in the city, according to Chairman Doan Nguyen Duc.
In other plans, the company will plant 12,000ha of rubber trees in Viet Nam, Laos and Cambodia this year, targeting to plant 51,000ha of rubber in the three countries by 2012. It had completed planting on 12,000ha by the end of last year.
Two of HAGL's hydropower plants, each with a capacity of 42MW, are expected to go on stream in the second quarter while work will begin on three others.
Shareholders also approved the payment of 10-per-cent cash dividends for 2009 and an issue of bonus shares at the rate of two shares for every share owned.
This year the company will also convert 1.45 million convertible bonds it issued last October into common shares.