Saigon Securities Inc targets 15 percent rise in profit

 

HCM City (VNA) - Saigon Securities Incorporation (SSI) targets pre-tax profits of 1.615 trillion VND (70.8 million USD) on revenues of 3.41 trillion VND (149.56 million USD) this year, year-on-year increases of 12 percent and 15 percent.

At its annual general shareholders meeting in Ho Chi Minh City on April 20, the company also laid out its medium- and long-term business strategies for each of its areas of business like securities services, treasury, investment banking, and asset management.

Shareholders approved a change in the company’s name to SSI Securities Corporation.

The company’s rationale was that SSI was a well-known brand in the domestic and international financial markets.

Last year it was selected by Forbes Vietnam as the only securities company among Vietnam’s 40 Most Valuable Brands, with its brand valued at 26.5 million USD.

Nguyen Hong Nam, the company’s deputy general director, said SSI achieved high growth last year, with revenues rising 19.8 percent to over 3.04 trillion VND.

Its pre-tax profit was more than 1.4 trillion VND, a 23 percent rise, he said.

Its revenues from securities services were 1.328 trillion VND, a year-on-year increase of 53 percent and accounting for 43.5 percent of total revenues, he said.

SSI retained its position as the leading brokerage on both the HCM City and Hanoi exchanges with a 15.26 percent market share compared to 13.04 percent in 2016.

Vietnam’s GDP growth rate is expected to be 6.7 percent this year, and investment from the private and foreign sectors is expected to increase sharply, he said.

This year is also forecast to be the peak year for divestment and equitisation, he said.

These are positive factors that would boost the securities markets this year, he added.-VNA