Last updated: Wednesday, January 23, 2019


ASM Eyes Trillion VND Profit Target

Posted: Tuesday, June 12, 2018

In spite of taking real estate as a core business drive, Sao Mai Group (stock ticker: ASM) has reaped significant successes in many fields such as export-driven aquaculture and processing, fishmeal and fish fat processing, refined fish oil production, financial investment, labour supply, restaurant service, hotel and tourism. The group aims to become a billion-dollar economic group with regional influence.

Big business plan
According to the first quarter of 2018, Sao Mai Group’s profit after tax surged more than 30 times and its asset scale doubled to nearly VND21 trillion (based on market price). Aquatic export value exceeded VND6,800 billion and the profit climbed to over VND600 billion. Its revenue from Ranee premium vegetable oil was VND1 trillion. These targets are within hand of IDI, AFO and Trisedco, members of Sao Mai Group.

Recently, Sao Mai Group came to Can Tho City to seek investment cooperation opportunities. Among 46 nominated localities, tourism is chosen as the starting point by the group. Accordingly, the firm will spend VND1,000 billion to plan an ecotourism site typical of Mekong Delta soil conditions and climate. Can Tho City, the centre of the downstream region of the Mekong River, will, together with Dong Thap and An Giang provinces, create the three legs of a cauldron, thus laying a stepping stone for Sao Mai Group to reach higher and bigger targets.

Previously, Sao Mai Group bailed out tourism businesses in An Giang and Dong Thap. Just after a short time with Sao Mai, these two tourism companies turned from loss to profit. But, to sustain tourism development, the connectivity of peripherals with the centre is a long-term strategy where starting tourism business in Can Tho is considered an important link.

Entry to high-rise office business
Sao Mai-branded office complexes will be built in Can Tho City and Vung Tau City. This segment is not new to other companies but this is a new business of Sao Mai Group.

Over the past two decades, the group has been very successful with middle-class and upmarket property segment. The firm is considering property products for low-income earners and it will offer attractive investment and preferential policies so that low-income earners will have the opportunity to have settlement.
About 50 projects invested by Sao Mai Group in 12 provinces and cities across the country not only bring new living values ​​to dwellers but also turn more and more wasteland into dynamic miniature special economic zones that drive up local socioeconomic development.

At the end of the first quarter of 2018, the group’s total assets reached nearly VND21 trillion, nearly doubling from the beginning of the year. Cash and cash equivalents increased by 130 per cent. Long-term financial investment value reached VND1,123 billion, with long-term deposits rising from VND5 billion to nearly VND1,100 billion.

Notably, Sao Mai Group purchased over 21.5 million shares at IDI to own a total of nearly 93 million shares, thus raising its stake from 39.29 per cent to 51.14 per cent.

These impressive figures showed strong growth of Sao Mai Group from the beginning of the year. This is an important premise for Sao Mai Group to successfully achieve its goal of earning a hefty profit this year and beyond.

Minh Dang

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