Sao Mai Group: Sharp Increase in Revenue in First 6 Months

10:26:47 AM | 13/8/2019

Sao Mai Group (HOSE: ASM) has just released its second quarter financial report with revenue up 76%. In the first 6 months of 2019, ASM recorded revenue of nearly VND7,200 billion, up 162%, mainly from fish food revenue (49%), a 5-time increase year on year.

In particular, the contribution to this revenue includes more than US$2 billion /day from electricity trade with EVN of Sao Mai Solar PV1 (Tinh Bien - An Giang) and Sao Mai Solar PV2 (Duc Hue - Long An), which have officially generated electricity since mid-June this year.

For 2019, ASM has set a revenue target of about VND14 trillion, an increase of 18% compared to 2018. The after-tax profit reached VND1,244 billion, up nearly 4%. Thus, in the first six months, Sao Mai Group has completed over 60% of the year plan and 35% of the profit plan.

This year, ASM determined that the real estate, fisheries and tourism sectors are still the key areas, the strength of the region, so it will continue to prioritize resources for development investment. Besides, ASM also aims to become the leading national solar power provider. Accordingly, Sao Mai Group is investing in many projects in some provinces: Ben Tre (50 MW), Kien Giang (250MW), Tay Ninh (700ha, 500MW), Ninh Thuan (100MW), Binh Thuan (150MW), Dak Lak (400 MW, area of ​​500 ha). These localities have many advantages to exploit renewable energy most effectively.

Currently, Sao Mai has more than 10,000 employees working in 17 member companies spreading across 12 provinces throughout the country and abroad. In the near future, Sao Mai Group has developed many bold business and production strategies in real estate; aquaculture & processing of export seafood; tourism; training services, labor export; fish oil and renewable energy. According to this strategy, within the next few years, Sao Mai will increase its revenue by about 20% year on year and employ 20,000 employees nationwide and abroad to work.

Nguyen Hang