Construction firm Xuan Mai Corp returns to stock market after six years

Tuesday, Apr 02, 2019 19:00

The view of the Xuan Mai Sparks Tower, a real estate project developed by Xuan Mai Investment and Construction Corporation. The company has gained approval from the Ha Noi Stock Exchange to trade nearly 55 million shares on the Unlisted Public Company Market (UPCoM) after its cancellation six years ago. — Photo

Xuan Mai Investment and Construction Corporation (Xuan Mai Corp) will return to the stock market after being removed in 2013.

Xuan Mai Corp would re-debut nearly 55 million shares on the Unlisted Public Company Market (UPCoM) under code XMC, according to the Ha Noi Stock Exchange.

In November 2013, the company cancelled its listing on the Ha Noi Stock Exchange to shake up its business organisation.

Since its listing cancellation, the company had made some changes to the board of directors and earnings reports, reported.

In the first quarter of 2018, Xuan Mai Corp reported a VND23 billion (US$987,000) net loss. But in the first half of 2018, the company earned VND24 billion in post-tax profit, up 72 per cent year-on-year with its real estate and construction divisions making big improvements.

The company also issued 10 million shares worth VND100 billion for shareholders in early January 2018 to raise charter capital to VND550 billion.

According to its information disclosure, Xuan Mai Corp recorded its net revenue rose 21.5 per cent year-on-year to VND2.85 trillion last year.

Net revenue from real estate trading reached VND1.33 trillion and accounted for 46.5 per cent of the total.

Industrial production and construction accounted for VND1.39 trillion in net revenue, around 48.9 per cent of the total.

The company’s post-tax profit in 2018 reached VND98.3 billion, down more than VND1 billion from 2017.

In 2018, the company’s total assets increased by VND650 billion to reach VND4.38 trillion. Its payables rose by nearly VND510 billion to VND1.64 trillion, including VND894 billion worth of short-term loans and VND1.13 trillion in long-term loans.

The firm’s equity was VND707 billion at the end of 2018. The company also reported it had VND118 billion worth of undistributed post-tax profit.

Xuan Mai Corp has five major shareholders, including four individuals and one institutional investor – Khai Hung Co Ltd.

Khai Hung Co Ltd owns 24.67 per cent of the company but the biggest shareholder is Dinh Thi Thanh Ha with a 25.2 per cent stake. — VNS

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