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Tanimex’s Profit Will Increase 31% Thanks To Sale Of Apartments

Tanimex's profit will increase 31% thanks to the sale of apartments

In the fiscal year 2017, Tanimex will record sales of 507 Tanibuilding Sơn Kỳ 1 apartment blocks, resulting in an increase of 200% in revenue and 31% in net profit after 2016.

On January 7, Mr. Nguyen Minh Tam, Chairman of Tan Binh Investment – Import – Export Service and Investment Corporation – Tanimex said that the annual shareholders’ meeting of the fiscal year from October 1, 2016 to September 30, 2016 approved the business plan for 2017.

Accordingly, Tanimex has set a revenue target of nearly VND570 billion in 2017, three times more than in 2016. Net profit after tax was VND87.5 billion, up 31% from 2016.

In the fiscal year 2016, the total revenue reached VND180.55 billion. After-tax profit was VND66.5 billion, surpassing 11 percent of the plan. Dividend paid to shareholders is 20%, equivalent to VND48 billion.

Tanimex's profit will increase 31% thanks to the sale of apartments
Tanimex’s revenue is expected to increase sharply by 507 Tan Son Tan 1 apartments

Factors that helped Tanimex achieve high after-tax profit were 80.7% of Tanioffice Le Trong Tan’s business area was leased. 100% Son Ky Tanibuilding apartment sold out. 100% of warehouse area in Tan Binh I Industrial Zone II was filled. 7% is the average dividend yield obtained through financial investments in 11 other companies.

In the fiscal year 2017, revenue from infrastructure, financial investment and office space leasing is expected to grow slightly. However, revenue from the sale of 507 Tan Phuc Tan Phat Tan Ky apartment will increase sharply. The rate of dividends to shareholders is 20%.

In 2017 and in the coming years, Tanimex will deploy the design of apartment complex of Tan Binh II Industrial Park with the scale of 2,000 apartments. Complete the legal procedures to convert housing projects workers Tan Binh II Industrial Park into social housing. At the same time handed over 100% Tanibuilding apartment Son Ky 1 and complete the apartment ownership procedures for customers.

In 2017, Tanimex plans to build a 50,000 – 70,000 sqm warehouse for lease in one of the locations in Ho Chi Minh City, Long An, Binh Duong and Dong Nai. The investment capital is about VND300-400 billion.

The company also invested in a petrol station at Tan Binh II Industrial Park worth VND10 billion and built a garage of VND6 billion. Expected, the two works will be completed in 2017.

Tanimex's profit will increase 31% thanks to the sale of apartments
Factors that helped Tanimex achieve high after-tax profit were 80.7% of Tanioffice Le Trong Tan’s business area was leased.

In the first quarter, Tanimex will issue 2.4 million shares to raise its chartered capital from VND240 billion to VND264 billion. Of which 1.2 million shares were issued under the ESOP program and the remaining 1.2 million shares were issued to existing shareholders. Price of issuing VND20,000 dong/share.

>>>See more information about the real estate market here: Vietnam real estate market

At the closing date of shareholder list on November 25, 2016, Tanimex had 309 shareholders, decreasing 101 shareholders compared with the same period last year. In particular, domestic shareholders accounted for 71.29%, foreign shareholders 9.45%, State shareholders 19.26% of shares.

At present, Tanimex – TIX shares are traded around VND 35,000 / share. The volume of outstanding shares is 24,000,000. The market capitalization of Tanimex is VND840 billion.

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Tanimex’s Profit Will Increase 31% Thanks To Sale Of Apartments
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