Ms. Dang Thi Hoang Yen continues not to receive salary at Tan Tao

The Chairman and Vice Chairman of Tan Tao's Board of Directors did not receive salaries in the first quarter, while Ms. Dang Thi Hoang Yen has not received a salary since 2021.

Tan Tao Investment and Industry Corporation (ITA) has just announced its first quarter financial report. The explanatory part of the report states that Ms. Dang Thi Hoang Yen - Chairwoman of the Board of Directors and Mr. Dang Quang Hanh - Vice Chairman, both did not receive salaries in the first three months of this year. Mr. Dang Quang Hanh is Ms. Yen's younger brother.

The total income of other members of the Board of Directors and the Board of Supervisors of this enterprise is nearly 1 billion VND. This figure in 2023 is more than 4.3 billion.

Previously, since 2021, Tan Tao's financial report did not record income for Ms. Yen. The first quarter of this year was the first time Mr. Hanh did not receive a salary.

Ms. Yen (current name is Maya Dangelas) founded Hoang Yen Company Limited, the predecessor of Tan Tao Group in 1993. The enterprise then converted into a joint stock company and listed its shares on the Ho Chi Minh City Stock Exchange in late 2006.

Tan Tao's charter capital as of the end of the first quarter was approximately VND9,385 billion. Ms. Yen is currently a major shareholder with an ownership ratio of 5.79%.

Ms. Dang Thi Hoang Yen attending the 2021 online ITA shareholders' meeting. Photo: Anh Tu — Ms. Dang Thi Hoang Yen attending the 2021 online ITA shareholders' meeting. Photo: *Anh Tu*

In recent years, Tan Tao’s Chairman has been doing business in the US. In fact, Ms. Yen started doing business in the US in 2002 when she founded US Southern Homes LLC and US Southern Joint Stock Company, which operate in the field of real estate development. Due to her absence in Vietnam, Tan Tao’s Chairman often appears at ITA’s annual meetings via online format.

In the first three months of this year, Tan Tao recorded more than VND71 billion in net revenue, an increase of more than 16% over the same period last year. Gross profit increased by nearly 27%. This result helped the company achieve more than VND20 billion in pre-tax profit in the first quarter, an increase of 16%.

At the end of the first quarter, the total assets of the enterprise were more than 12,100 billion VND. Of which, the highest proportion was the value of inventory recorded at Tan Duc E-City Area and investment costs in Kien Luong Thermal Power Center.

Last year, Tan Tao reported a return to profit after a heavy loss in 2022. Due to not recording returned sales as in 2022 (liquidation of long-term land lease contracts related to Kien Luong Power Center), ITA achieved revenue of more than VND560 billion, mainly from leasing land for infrastructure development and providing services. Expenses were also reduced, helping them earn a net profit of more than VND200 billion, compared to a loss of nearly VND260 billion a year earlier.

Minh Son

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