Last updated: Wednesday, January 23, 2019


ASM and IDI Shareholders Meetings: Bold Goals Shaped from Impressive Results

Posted: Tuesday, May 08, 2018

Sao Mai Group (ticker symbol: ASM) and its subsidiary, I.D.I International Development and Investment Corporation (ticker symbol: IDI) successfully organised their 2018 Annual General Meetings of Shareholders reporting a lot of impressive business and self-assured business plans and goals for 2018.

In 2017, ASM continued to achieve outstanding successes. Its gross revenue totalled VND10,100 billion, exceeding the target of VND10,000 billion set for 2020 by the Board of Directors. Total profit after tax reached VND740 billion, much higher than that in 2016 with VND550 billion. Core businesses - real estate and fishery - made up more than 80 per cent of the profit.

This remarkable result enabled ASM to confidently set the target revenue of VND12,000 billion and a profit of VND1,000 billion for 2018.

Mr Le Thanh Thuan, Chairman of the Board of Directors of Sao Mai Group, said, if the above objectives are achieved, ASM will deliver on the development targets two years ahead of schedule.

In 2017, IDI was compared to a “war horse” on the front of pangasius export when it earned gross revenue VND5,330 billion and a net profit of VND350 billion. This business result brought IDI to the group of top 20 seafood exporters in Vietnam and helped its stock rise nearly 212 per cent in the year, one of 10 best performers on the local stock market.

To continue this success, IDI strives to achieve over VND6,800 billion of revenue and more than VND600 billion of profit. It plans a 30 per cent dividend, either cash/stock or cash and stock options.

Explaining IDI’s success, Mr Thuan said to shareholders at the meeting that “In business, we should not put all eggs in one basket. Lessons learned from other companies’ failures show fatal risk of excessively relying on a single market. IDI is also moving its market from Europe to Asia or adjusting its market shares to create a strong leap forward for a breakthrough development.”

Sao Mai Group now has 16 member companies, with a total investment capital of over VND6,000 billion and total assets of VND21,000 billion. They are engaged in real estate, fishery, food, tourism, construction, financial investment, clean energy and manpower export. Real estate and fishery are backbone businesses, which generate most revenue and profit for the group. Tourism and clean energy are being focused for investment priority by Sao Mai Group and expected to become main business lines soon.

Sao Mai Group owns a lot of well-located land lots in An Giang, Dong Thap, Can Tho, Tien Giang, Kien Giang, Ho Chi Minh City, Vung Tau, Thanh Hoa, Hoa Binh and other localities for real estate, industrial and tourism development projects. With its strong financial health, stable business and prestige, Sao Mai Group is very conveniently employing capital sources. These factors help it smoothly execute many projects and provide a solid basis for successful plans in the future.

IDI is a dynamic member of Sao Mai Group. IDI is now running two aquatic processing factories for export that meet international standards such as HACCP, ISO 9001: 2008, ISO 17025, BRC, IFS, HALAL and GLOBAL G.A.P. IDI will put into operation the third factory furnished with modern equipment and technology imported from Europe, bringing its total output capacity to 600 tonnes a day. IDI can meet all seafood orders from major markets around the world.

Nguyen Ngoc - Quoc Hung

Other news

Vietnam Export Gateway
Sunny World Property Development Corporation
Tong cu DL