What happened to the female CEO who received a salary of 17 billion VND?

A dream income for many years.

Ms. Nguyen Thi Thu Huong, a member of the Board of Directors and General Director of Kinh Bac Urban Development Corporation - JSC (stock code: KBC), received a salary of nearly 17 billion VND in 2023, a 70% increase compared to the previous year.

Ms. Huong's income is nearly three times higher than that of Mr. Pham Phuc Hieu - Deputy General Director and Chief Accountant, and more than four times higher than that of Ms. Nguyen My Ngoc - Deputy General Director.

This CEO's income is significantly higher than that of equivalent positions in many other real estate companies. Vinhomes' "leading lady," Ms. Nguyen Thu Hang, also received a salary 18% lower than Ms. Huong, at nearly 14 billion VND in 2023.

In the first half of this year, Ms. Huong received an income of over 6.4 billion VND. This figure has decreased by 54% compared to the same period last year.

Ms. Huong, introduced by Kinh Bac Urban Development, was born in 1971 and has been with the company since its inception. She was elected as a member of the Board of Directors and General Director in 2012. Ms. Huong holds a PhD in Economics , a Master's degree in Business Administration, and is fluent in Chinese and English.

According to the company, Ms. Huong has extensive experience in diplomacy and plays a crucial role in promoting investment relations with large corporations as well as overseeing business operations in each industrial park.

Ms. Nguyen Thi Thu Huong (in purple shirt) - General Director of Kinh Bac Urban Development (Photo: KBC).

According to Kinh Bac Urban Development's first-half management report, Ms. Huong owns 399,304 KBC shares, representing 0.052%. Her family members own neither shares nor any significant amount of shares.

The report also states that Ms. Huong holds senior leadership positions in two subsidiaries of Kinh Bac Urban Development. Specifically, she serves as the Chairwoman of Saigon - Bac Giang Industrial Park Joint Stock Company and as the Vice Chairwoman and Deputy General Director of Saigon - Hai Phong Industrial Park Joint Stock Company.

How does the Kinh Bac urban area function?

Kinh Bac Urban Development, a company developing industrial and urban areas, is chaired by Mr. Dang Thanh Tam and was established in 2002. Mr. Tam, born in 1964, graduated with a degree in Marine Engineering from the Vietnam Maritime University; he also holds a bachelor's degree in law and a bachelor's degree in business administration.

Mr. Tâm laid the foundation for the development of Kinh Bac Urban Area by building the Que Vo Industrial Park (Bac Ninh) in 2002. Since then, the company has expanded to develop many industrial parks from North to South.

Starting with industrial park development, Kinh Bac Urban Development had previously expanded its investments into other sectors such as banking, energy, and mining, but without success. Since 2016, the company has focused on its core business of industrial park development, gradually developing urban areas and social housing integrated with its industrial parks.

According to the 2023 annual report, the company owns over 6,610 hectares of industrial park land, accounting for 5% of the country's total industrial park land as of December 31, 2023.

In terms of urban land area, the company owns 1,413 hectares in major provinces and cities across all three regions of Vietnam (North, Central, and South) and nearly 118 hectares of other land for factory construction. The company also participates in the social housing segment, developing projects in Bac Giang, Hai Phong, and Da Nang.

By the end of 2023, the company had 27 industrial parks and clusters nationwide, attracting major international corporations such as Canon, Foxconn, LG, JA Solar, Goertek, etc.

The majority of Kinh Bac Urban Development's revenue in 2023 came from Bac Ninh, Bac Giang, and Ho Chi Minh City. The company plans to develop new projects in localities such as Bac Ninh, Hai Phong, Thai Nguyen, Tien Giang, Hau Giang, Can Tho, and Vung Tau... with an additional area of ​​approximately 3,500 hectares of industrial park land and 650 hectares of urban area land.

2023 – the year Ms. Thu Huong received a high income – was also the time when Kinh Bac signed a series of large-value contracts, recording the strongest business growth since its listing.

Net revenue reached VND 5,618 billion, and after-tax profit was VND 2,245 billion, representing increases of 491% and 42% respectively compared to the previous year. Revenue mainly came from the Nam Son - Hap Linh Industrial Park (Bac Ninh), the Quang Chau Expanded Industrial Park (Bac Giang), and the Trang Due Urban Area (Hai Phong).

However, these results have not yet helped the company achieve its annual plan. Revenue has only reached 67% of the target, while profit is only 56% of the planned target. The company explained that the reason is that the urban areas expected to generate revenue this year have not yet been accounted for.

Also in 2023, Kinh Bac Urban Development fully repaid the principal and interest on its bonds totaling VND 3,900 billion. As a result, the company reduced its bond debt to zero before June 30th of the same year.

This year, the company plans for revenue of 9,000 billion VND and after-tax profit of 4,000 billion VND, representing increases of 60% and 78% respectively compared to the previous year. The company estimates revenue from leasing industrial land in projects such as Nam Son Hap Linh, Quang Chau, Tan Phu Trung, Trang Due 3, and industrial clusters in Hung Yen and Long An provinces.

In the first half of this year, Kinh Bac Urban Development achieved revenue of VND 1,044 billion and after-tax profit of nearly VND 196 billion, both significantly lower than the previous year. Compared to the annual plan, the company is still quite far from achieving its targets.

After repaying all bond debt from the previous year, in the first half of this year, Kinh Bac Urban Development still has over 405 billion VND in short-term financial debt and 4,495 billion VND in long-term financial debt. The total debt-to-equity ratio is 0.24 times.

As of June 30th, the company had accumulated profits exceeding VND 7.909 billion on equity of VND 20.417 billion.

Source: https://dantri.com.vn/bat-dong-san/nu-tong-giam-doc-nhan-luong-17-ty-dong-gio-ra-sao-20240906102118445.htm