Paying Miss Ngoc Han nearly 1 billion VND, how is the business doing?

Ninh Van Bay Tourism Real Estate JSC (NVT) has just announced its business results for the second quarter and the first 6 months of 2023.

According to the consolidated financial report for the second quarter, profit after corporate income tax recorded a profit of VND20.1 billion, an increase of VND9.8 billion over the same period last year.

Ninh Van Bay representative said that profit in the last quarter increased because the company reduced financial expenses incurred during the period because it recorded a reversal of 18.3 billion in provisions for capital investment in other units.

On the other hand, due to the stable business performance of subsidiaries in the first 6 months of 2023, sales and service revenue increased sharply and achieved positive business results.

Ninh Van Bay's 5-star project. (Photo: NVT)

The parent company received dividends from the business performance of its subsidiary in the second quarter of 2023. Meanwhile, in the same period of 2022, the company did not record revenue from dividends.

Accumulated profit after tax for the first 6 months of the year was 7.2 billion VND.

According to Ninh Van Bay’s assessment, up to now, the business performance of the resorts in the first 6 months of the year has been very positive. The company has set a business plan target to achieve good results this year.

In 2022, the parent company's profit after tax of Ninh Van Bay's shareholders recorded a loss of VND 12.9 billion.

Regarding the stocks being put on warning list, Ninh Van Bay explained the remedial measures. The company follows the business strategies and marketing strategies that have been built with the criteria of recognizing reality and evaluating the orientation suitable to the target market and customer segment that the company's resorts are aiming for.

In particular, the company carries out marketing activities for foreign markets to attract international visitors to resorts in the period of welcoming the reopening of international flights.

In addition, the company also strengthens business strategies specifically set up for domestic tourism festival programs and promotes the brand through the media to attract domestic visitors to the resorts.

In 2023, Ninh Vay Bay plans to conduct consolidated business with net revenue of VND 383 billion and after-tax profit of nearly VND 34.5 billion.

Regarding the 2023 investment plan, the company continues to implement projects of existing real estate. In particular, the company aims to start construction based on the master plan of the Six Senses Ninh Van Bay phase 2 development project, implement the Bao Viet eco-tourism project, and upgrade the Ana Mandara Villas Dalat Resort & Spa project.

The first 6-month management report said that Ms. Dang Thi Ngoc Han (Miss Ngoc Han) is a member of the executive board of Ninh Van Bay. Ms. Han was appointed as Deputy General Director from March 2022.

According to the 2022 audited financial report, Deputy General Director Dang Thi Ngoc Han received a salary of more than 933 million VND last year, or more than 90 million VND per month.

Ninh Van Bay Real Estate: Chairman's salary is 0 VND, Miss Ngoc Han receives nearly 1 billion VND . While the Chairman and members of the Board of Directors and Supervisory Board receive a salary of 0 VND, Miss Ngoc Han receives a salary of more than 930 million VND at the real estate company.

Source