Although the economic recession in 2009 dragged on its operations, Saigon General Service Corporation (Savico) still managed to achieve positive results. With its flair and positive business solutions, the corporation made VND3,096 billion of revenues and VND125.7 billion of profit, equalling 138 percent and 178 percent of the targets, respectively.
On April 16, 2010 in Ho Chi Minh City, Savico held the Annual General Meeting for the fiscal year 2010, reviewing the business results in 2009 and putting forward the operation orientations for 2010.
In spite of being hit by economic recession in 2009, Savico still attained positive results in all operating aspects. In the service and trading fields, the automobile system of Savico continued to lead other suppliers, with 9,225 vehicles, up 30 percent compared with 2008, helping to bring up the profit before tax to VND140 billion, a rise of 52 percent from 2008. The motorcycle field also witnessed an increase of 35 percent in pre-tax profit over 2008. At the same time, the automobile trading system of the corporation focused on expanding the business network and improving the service quality by launching new service facilities like Toyota Phap Van and Toyota Long Bien agents in the capital city of Hanoi, Toyota Can Tho in the Mekong Delta city of Can Tho and Ben Thanh Ford and Hyundai Tran Hung Dao agents, all meeting 3S requirements.
In the real estate field, the corporation focused on investing and carrying out key projects like commencing Savico Plaza Hanoi in June 2009, completing Toyota Can Tho in the third quarter of 2009, building Khahomex - Savico project and preparing to put into service a property project at 91 Pasture Street, District 1, Ho Chi Minh City in the second quarter of 2010.
In the financial sector, with its initiatives in grasping new investment opportunities, restructuring old and new portfolios, the corporation made very positive profit. Savico successfully issued 4.6 million shares in private placement to investors to increase the charter capital to nearly VND259 billion. The earnings per share (EPS) of the corporation was VND3,525 in 2009.
In 2010, Savico will more actively participate in social and community-driven activities, planning to finance over VND5.3 billion for this activity. Savico also won many important awards such as Vietnam Gold Star Award, Prestigious Securities Brand, Top Trade Services Award and Vietnam Strong Brand Gold Cup amongst others. The General Director of Savico was personally presented the Vietnam Oustanding Entrepreneur Award 2009.
Under the business development strategy in 2010 and for the 2010-215 period, the corporation will continue to be a strong investor in trade - service sector, real estate sector and financial sector in the nation and in the region in 2015 and in the world in 2020.
In 2010, Savico targets to attain VND4,000 billion in revenues and VND100 billion in profit.
Quoc Hung
Vietnamese
