DIC Corp (DIG) has only reached 2.1% of its annual plan, increasing capital for the Vi Thanh project.

(CLO) The General Corporation for Investment and Construction Development - DIC Corp (Code: DIG) has just announced a change in the purpose of using the capital raised from the offering of 200 million shares, allocating funds to the Vi Thanh project while only completing 2.1% of the plan.

DIC Corporation (Code: DIG), the parent company of DIC Construction Investment Development Corporation, has just approved a plan to adjust the public offering of 200 million shares to existing shareholders, changing the offering period from Q2/2024 to Q4/2024.

Furthermore, the planned use of the projected 3,000 billion VND will be revised. Of this amount, 1,135 billion VND will be used to invest in phases 2 and 3 of the Cap Saint Jacques Complex (CSJ) project; 1,426 billion VND will be used to invest in the Vi Thanh project; and the remaining 439 billion VND will be used to repay bonds code DIGHT2124003 (maturing on November 26, 2024).

DIC Corp (DIG) has only completed 2.1% of its annual plan and is expected to increase capital for the Vi Thanh project (Photo: Provided).

Thus, compared to the initial plan, the Vi Thanh Commercial Residential Area project has received an additional investment of 461 billion VND from the 3,000 billion VND mobilized.

The Vi Thanh Commercial and Residential Area project is located in Ward 4, Vi Thanh City, Hau Giang Province, with a scale of 83.46 hectares. The total investment capital is VND 5,649.27 billion, and only 75.68 hectares of land had been cleared by the end of 2023.

In terms of business performance, in the first half of 2024, DIC Corp recorded revenue of VND 635.2 billion, an increase of 76.8% compared to the same period last year. Despite the high revenue increase, the company's after-tax profit only reached VND 3.9 billion, a decrease of 95.5%.

The decline in profits stemmed from a financial revenue shortfall of 82.5% compared to the same period last year, amounting to only 34.9 billion VND. Meanwhile, business management expenses increased by 55.9%, reaching 99.1 billion VND.

Compared to its 2024 business targets of VND 2,300 billion in revenue and VND 1,010 billion in pre-tax profit, DIC Corp has only achieved 2.1% of its annual plan.

Source: https://www.congluan.vn/tang-huy-dong-von-cho-du-an-vi-thanh-dic-corp-dig-moi-hoan-thanh-21-ke-hoach-nam-post317354.html