"Strange" company boss surpasses billionaires Pham Nhat Vuong and Nguyen Van Dat in income

By now, most listed joint stock companies have announced their audited financial statements for 2022. In addition to information on the business results of the year, this report also reveals other details such as the income of the board of directors (BOD) and the company's management.

According to Dan Tri 's statistics of more than 60 real estate companies on the stock exchange, the income of the board chairmen is quite diverse.

There are chairmen of the board of directors who do not receive remuneration, such as Mr. Pham Nhat Vuong of Vingroup Corporation (stock code: VIC), Ms. Thai Thi Thanh Hai of Vincom Retail Joint Stock Company (code: VRE), Ms. Dang Thi Hoang Yen of Tan Tao Investment and Industry Joint Stock Company (code: ITA).

There are also people who receive the highest income in the company. For example, last year, Mr. Nguyen Van Dat, Chairman of the Board of Directors of Phat Dat Real Estate Development Joint Stock Company (code: PDR) received an income of 11.97 billion VND, an increase of nearly 30% compared to 2021.

The chairmen who received high incomes mostly came from large, well-known enterprises in the market. For example, Mr. Pham Thieu Hoa of Vinhomes Joint Stock Company (code: VHM) received 3.96 billion VND. Mr. Nguyen Van Hung of Industrial Development and Investment Corporation - JSC (code: BCM) received 3.63 billion VND. Chairwoman Mai Tran Thanh Trang of Khang Dien House Investment and Trading Joint Stock Company (code: KDH) had an income of 3.17 billion VND.

Or another case is Mr. Nguyen Xuan Quang of Nam Long Investment Joint Stock Company (code: NLG) received an income of 5.14 billion VND, an increase of 46% compared to 3.52 billion VND in 2021. It is not surprising that last year, Nam Long was one of the few companies with optimistic business results when the real estate market plummeted.

A rather surprising point is that Mr. Tran Tho Thang - Chairman of Kien Giang Construction Investment Consulting Group Joint Stock Company (CIC Group - code: CKG) is the person with the highest income with 13.71 billion VND. CIC Group is a small real estate company, little known in the market. Mr. Thang's income last year was even nearly double compared to 2021.

Mr. Tran Tho Thang (Photo: CIC Group).

What company is this and how is it operating that it spends so much on its chairman?

As of 2022, the group has 10 member companies and 1 affiliate.

According to its self-introduction, this unit was established in 1992 and is the investor and developer of many key projects worth thousands of billions of VND in Rach Gia City and Kien Giang Province.

This enterprise owns a series of residential projects, commercial centers, and resorts such as Cay Men - Nam Du beach, Rach Gia City's new urban area reclaiming the Northwest sea, Rach Gia Commercial Center Agricultural Market Residential Area Project, Bai Vong Eco-tourism Resort Villa Area (Phu Quoc), Phu Quoc Rivea Villas luxury villa area, Bung Goi luxury villa project, etc.

In 2022, the group's net revenue reached VND 1,445.8 billion, an increase of 31% compared to 2021. Profit after tax recorded VND 169.4 billion, an increase of 10.9%.

The company said that last year, sales and service revenue increased sharply, mainly due to a sharp increase in revenue from real estate business. The reason is that the Covid-19 epidemic was controlled, so the progress of real estate projects was guaranteed according to plan and the local housing demand increased, leading to a sharp increase in the number of apartments handed over, especially the Northwest Rach Gia City Sea Reclamation Urban Area project and the Nam An Hoa Residential Area project.

In addition, this company also saved maximum costs and debts during the year, so it recovered a lot, so the provision for receivables decreased sharply.

By the end of 2022, this enterprise had total assets worth VND 4,748.2 billion, a slight increase of 1% compared to the beginning of the year. The largest proportion was inventory at 59.3%, mainly in residential projects, Hoa Vien Eternal Cemetery, and Villas in Phu Quoc.

The debt-to-equity ratio is 3.2 times. Regarding equity, as of December 31, 2022, Mr. Thang contributed VND 79.1 billion, equivalent to about 8.3% of the total value of VND 952.6 billion.

Source: https://dantri.com.vn/bat-dong-san/sep-cong-ty-la-vuot-ty-phu-pham-nhat-vuong-nguyen-van-dat-ve-thu-nhap-20230408102739653.htm