GVR targets 13% increase in revenue this year

Tuesday, Mar 12, 2024 07:56

A worker at a rubber latex processing line of a unit under Vietnam Rubber Group in Gia Lai Province. — VNA/VNS Photo

Vietnam Rubber Group has released its business results for 2024, with a positive outlook, according to the company’s document for its extraordinary shareholders' meeting in 2024.

This year, it plans to achieve a revenue of nearly VNĐ25 trillion (US$1.02 billion) and a profit after tax of over VNĐ3.4 trillion. These targets represent a 13 per cent and 2 percent increase, respectively, from the previous year.

The rubber producer has also presented a restructuring proposal to shareholders, which is set to be implemented by 2025.

Particularly, the company plans to divest its capital from majority-owned companies, such as Rubber Trading and Tourism Services JSC, and seven other firms where the group does not hold a controlling share.

It will also explore additional capital investment to maintain controlling stakes in Ben Thanh Rubber JSC and initiate the dissolution of the Visorutex Joint Venture Enterprise in compliance with legal requirements.

Vietnam Rubber Group sets out to transform four entities, namely the Rubber Industry College, Vietnam Rubber Magazine, Rubber Healthcare Centre and Vietnam Rubber Research Institute, into enterprise-operated models.

As a part of the plan, the company has set a target of reaching a total consolidated revenue of nearly VNĐ28.6 trillion for the entire group in 2025, with an average annual growth rate of approximately 5 per cent and a consolidated profit before tax amounting to VNĐ5.05 trillion.

From 2021 to 2025, the accumulated total consolidated revenue is projected to reach VNĐ135 trillion, while the estimated total consolidated profit before tax is expected to be nearly VNĐ25.1 trillion.

During the period, the average annual workforce for the entire group is 82,848 individuals per year. By 2025, this number is anticipated to reach 87,070 employees, with an average income of VNĐ101 million per person per year.

For the core business sector until the end of 2025, Vietnam Rubber Group is planning to engage in the planting, cultivating, exploiting and trading of products derived from rubber trees.

It will also invest in the expansion and upgrading of wood processing factories, focusing on increasing the production capacity of high-value-added products that meet market demands.

On the stock market, shares of the company closed Monday at VNĐ29,550 per share, up 1.9 per cent. — VNS

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