Real estate developer Vingroup (VIC) announced an estimated profit of VND1.1 trillion (US$49.2 million) for the first quarter of 2016 at its annual shareholder's meeting in Ha Noi on April 22. Vingroup's consolidated turnover was VND34 trillion for the whole of 2015, up 23 per cent compared with 2014, with after-tax profits of VND1.419 trillion (US$63.3 million). At the meeting, Vingroup said it would pay shareholders an 11 per cent dividend in shares for 2015.
The group said it planned to pay the dividend, or over 213 million shares, in the second quarter of 2016, adding there was no restriction on the transfer of those shares.
The shares, equivalent to some VND2.1 trillion, for the dividend, would make the charter capital of the group to more than VND21.5 trillion.
Vingroup has targeted achieving VND45 trillion in net revenue this year, an increase of 32 per cent over 2015, and a profit-after-tax of VND3 trillion, doubling its increase from 2015.
At present, the group has six ongoing projects – Vinhomes Gardenia in Cau Dien Ward in Ha Noi, with a total investment of VND4.85 trillion and Vinhomes Riverside No. 2 in Long Bien District, with a total investment of VND4.9 trillion.
In addition to a combination Metropolis project on Pham Hung Street in Tu Liem District, Vinhomes Central Park project in Binh Thanh District in HCM City, Vinhomes Hai Phong in Hai Phong City and Vinhomes Dragon Bay in Ha Long City, with a total investment of some VND4.8 trillion, VND37.7 trillion, VND4.9 trillion, and VND12 trillion, respectively.
The group is also expected to open some 15 trading centres and launch 19 shophouse projects across the country this year.
On April 22, each VIC share rose 5.8 per cent to reach VND54,500 (US$2.5) on the HCM Stock Exchange.