ASM: AGM votes to approve 29% revenue growth & 2-3 times profit increase target

DNHN - The COVID pandemic wreaked havoc on the global economy, forcing a slew of enterprises to shut down or go bankrupt. In the midst of the global economic crisis, Sao Mai Group must pass a difficult test in order to achieve exceptional commercial outcomes.

Mr. Le Thanh Thuan, General Director of Sao Mai Group, is committed to driving ASM forward in 2022

Mr. Le Thanh Thuan, General Director of Sao Mai Group, is committed to driving ASM forward in 2022. 

Among the Top 10 in the 500 fastest-growing companies in Vietnam (FAST500); Leading the Top 50 Vietnam Best Growth in 2022. 

The meeting approved the production and business plan for 2022
The meeting approved the production and business plan for 2022. 

Sao Mai Group had a net revenue of VND 11,398 billion in 2021 and a profit after tax of VND 703 billion, up 23%. As a result of this, the Board of Directors proposed paying a 15% cash dividend in 2021, equivalent to VND 504.7 billion, which is expected to be implemented in the second/third quarter of 2022. 

The Presidium of the Meeting
The Presidium of the Meeting.

Sao Mai aims to achieve a significant breakthrough in production and business in 2022, with net revenue of VND 14,700 billion, up 29% from 2021, and profit after tax of VND 1,630 billion, up 2.3 times from 2021. In 2022, the dividend payout ratio is estimated to be between 20% and 30%.

The Board of Directors of the Sao Mai Group proposed the above aims for approval to the General Meeting on April 9, 2022, at the Convention Center of Long Xuyen Hotel, Long Xuyen City, An Giang Province. Simultaneously, Sao Mai will issue 168.2 million shares to current shareholders at a price of VND 12,000 per share, with the goal of raising VND 2,019 billion for the Group's operations. In particular, An Giang Tourism Joint Stock Company will receive VND 253 billion in capital, while An Giang Tourism Joint Stock Company will receive VND 77 billion, Dong Thap Tourism Joint Stock Company will receive VND 69 billion, and additional working capital will be VND 1,616 billion.

Leaders of Sao Mai Group and its strategic shareholders
Leaders of Sao Mai Group and its strategic shareholders.

The Sao Mai Group is involved in a variety of industries, including real estate, construction, architecture, tourism, aquaculture and seafood processing for export, aquatic food processing, solar energy, and labor export.

Following the pandemic, these industries are making a strong comeback and contributing to the Group's earnings. 

Lap Nguyen

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