Business

Rubber group targets increase in revenue and profit

The Vietnam Rubber Group JSC (GVR) targets increases of 8 percent and 5 percent in revenue and post-tax profit this year, respectively.
Rubber group targets increase in revenue and profit ảnh 1Rubber latex being processed for automobile tyre production at the MTV Rubber JSC under the Vietnam Rubber Group JSC in the central province of Quang Nam (Photo: VNA)

Hanoi (VNA) - The Vietnam Rubber Group JSC (GVR)targets increases of 8 percent and 5 percent in revenue and post-tax profit thisyear, respectively.

The information was released during the 2020 Annual GeneralMeeting of Shareholders (AGM) held in Ho Chi Minh City on June 12.

This was the group’s first AGM after moving its listing fromthe Unlisted Public Company Market (UPCoM) to the Ho Chi Minh Stock Exchange(HoSE) on March 17.

The group aimed to earn nearly 24.7 trillion VND (1.05billion USD) in revenue and more than 4 trillion VND in profit.

It plans to pay 2019 dividend in cash at a rate of 6 percent,equivalent to 2.4 trillion VND. Dividend pay-out ratio for 2020 is expected toalso stay at 6 percent.

According to the Board of Directors, the prices of key exportproducts, such as rubber and wood, all fell sharply and products could not selldue to lower demand.

“The rubber industry is facing difficulties due to theimpacts of climate change, natural disasters, floods and storms. Theunpredictable development of the COVID-19 pandemic is also a challenge for thegroup,” said GVR General Director Huynh Van Bao.

The group plans to improve the quality of corporategovernance, restructure its business activities, focusing on five maintraditional business areas including planting, processing rubber latex;processing rubber wood; rubber industry products; industrial zone investment onrubber cultivation land and hi-tech agriculture.

The land fund which is unsuitable for rubber trees will beconverted into cultivation land for other crops, the group said.

As of December 31, 2019, the group had divested capital fromnon-core member units and collected nearly 2.4 trillion VND.

Bao said the divestment helped the group earned a significantsource of capital to balance investment.

He said the group would proceed to convert 20 limitedliability companies, in which it is holding 100 percent of capital, into jointstock companies.

This created transparency for businesses, thereby attractingforeign investment more easily, Bao said./.
VNA
#Vietnam Rubber Group #Ho Chi Minh Stock Exchange #HoSE #UPCoM #rubber industry #hi-tech agriculture #corporate governance #updated Vietnam news #Vietnamplus #Vietnam News Agency
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