HAGL fulfills 91% of 2014 plan, sees $141m in revenue

The group's Board of Directors set a pre-tax profit target of VND2.1 trillion ($97.2 million), an increase of 18 per cent over 2014. — Photo BizLIVE

HA NOI (Biz Hub) — HAGL Group (HAGL) recorded revenue of VND3.05 trillion (US$141 million) last year, fulfilling 91 per cent of last year's business plan, said General Director Vo Truong Son at the company's annual shareholders meeting yesterday.

Of the total revenue, only revenues from real-estate business and commercial sales exceeded the projections by 19 and 209 per cent respectively, he said.

Son said that sugar production brought HAGL revenue of VND1 trillion ($46.3 million), 92 per cent of the plan. Rubber production recorded the lowest revenue, VND227 billion ($10.5 million), which was only 67 per cent of the yearly plan.

HAGL's income from finance operations was more than VND1.47 trillion ($68 million), an increase of 47 per cent over 2013, he said.

At the end of last year, HAGL's outstanding loans were more than VND18 trillion ($833 million), an increase of 22.2 per cent over 2013. Short-term loans doubled to VND6.84 trillion ($316.6 million) and long-term loans amounted to VND11.3 trillion ($523 million), Son reported.

HAGL will issue 79 million shares from last year's undistributed after-tax profits and pay a ten-per cent dividend to its shareholders. The group will also issue an additional 10 million shares as a reward to its employees, he said.

This year, HAGL projects a total revenue of VND5.34 trillion ($247 million), an increase of 75 per cent over 2014.

Of the total revenue, cattle for meat production would constitute 46 per cent of revenue, equal to VND2.47 trillion ($114.3 million); real estate VND769 billion ($35.6 million), 14 per cent; and construction business VND785 billion ($36.3 million) 15 per cent of the 2015 plan.

The group's Board of Directors set a pre-tax profit target of VND2.1 trillion ($97.2 million), an increase of 18 per cent over 2014.

Of the planned VND2.1 trillion, the BoD will use 5 per cent for investment and development, 3 per cent for social welfare and 10-15 per cent for dividends in the form of money or shares. — VNS