SSI targets over $108 million in pre-tax profits in 2023

Thursday, Apr 27, 2023 10:49

Nguyen Hong Nam, SSI’s CEO, speaks at the company’s annual general meeting of shareholders in HCM City on April 25. — VNS Photo

SSI Securities Corporation has set targets of VND6.9 trillion (US$295.2 million) in consolidated revenue and VND2.54 trillion ($108.6 million) in pre-tax profits this year, an increase of 9 per cent and 20 per cent over 2022.

These and other important proposals were approved at the company’s annual general meeting of shareholders held in HCM City on Tuesday.

Nguyen Hong Nam, SSI’s CEO, said the Vietnamese stock market experienced ups and downs through 2022. The VN-Index from its peak of 1,530 in early January plummeted to a low of 874 in mid-November.

In that context, SSI was unable to avoid disadvantages in the business environment, but the company has managed to achieve impressive results compared to other companies in the same industry, with its net revenue and consolidated pre-tax profit reaching VND6.5 trillion ($278 million) and VND2.1 trillion ($89.8 million), respectively, he said.

Entering 2023, major bank failures in the world coupled with problems related to corporate bonds in the domestic market have made investors lose confidence in the market, and this year will be a challenging year for the financial industry generally and the securities sector particularly, he said.

SSI will make more effort to accomplish the targets and constantly strive to connect partners and investors to investment opportunities in the stock market, he said.

At the meeting, shareholders approved the profit distribution plan for 2022, with a dividend of 10 per cent in cash, with more than VND1.5 trillion ($64.2 million) to be used for dividend payment.

The meeting also approved a plan to issue 10 million shares under the employee stock option plan (ESOP) in 2023.

SSI will also continue to implement a plan to issue more than 104 million individual shares in the period of 2023-2024 for the purpose of supplementing capital. — VNS

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