VISC Securities (VIG) only achieved 1.6% of profit plan

There were some notable highlights at the 2023 General Meeting of Shareholders of Vietnam Industrial and Commercial Securities Corporation (VIG). The first was the change of the company name from Vietnam Industrial and Commercial Securities Corporation (VICS) to Vietnam Financial Investment Securities Corporation (VISC).

In addition, the company also announced a revenue target of VND 118.8 billion in 2023, a sharp increase of 64.8% compared to 2022. Pre-tax profit is at VND 50 billion.

VISC Securities (VIG) witnessed a poor business year in 2022, achieving only 1.6% of the annual profit plan (Photo TL)

Regarding the business situation in 2022, it can be said that Vietnam Commercial and Industrial Securities had an extremely poor year. Revenue only reached 72.1 billion VND, equivalent to 20.6% of the yearly plan, although it was still 6 times higher than the 2021 performance. Profit after tax was only recorded at 2.64 billion VND, equivalent to 1.6% of the yearly plan.

This is explained by the negative developments of the macro economy causing the market to be somewhat sluggish, and revenue and profit levels could not reach the expected targets at the beginning of the year. By the end of 2022, VICS's accumulated loss was recorded at VND 167.2 billion, the financial safety index reached 649.4%, higher than the minimum requirement of the State Securities Commission.

In addition to the 2022 business results and targets, the General Meeting of Shareholders also approved the plan to offer an additional 50 million individual shares to professional securities investors at a price of VND 12,000/share. The capital raised will be used to supplement capital for production and business activities and partially erase the company's accumulated losses. Specifically, the company will lend VND 150-200 billion for securities margin trading and VND 250-300 billion for securities trading.

Source: https://www.congluan.vn/chung-khoan-visc-vig-chi-dat-16-ke-hoach-loi-nhuan-phat-hanh-them-50-trieu-co-phieu-rieng-re-post240539.html