Major developer Sudico targets new name, 38% increase in pre-tax profit

Vietnam property developer Sudico plans to adopt a new name and earn pre-tax profits of VND350 billion ($14.8 million) this year, up 38.3% year-on-year.

These targets are on the agenda at the general annual meeting (AGM) of the company to be held March 20.

According to the documents to be submitted at the AGM, Song Da Urban and Industrial Zone Investment and Development JSC or Sudico, listed on the Ho Chi Minh Stock Exchange (HoSE) as SJS, will set a revenue target of VND858 billion ($36.32 million) for this year, up 60.1% from the previous year. It also plans to pay 10-15% dividend this year.

To fulfil its targets, the company will sell some properties in its Nam An Khanh urban area project in Hanoi and the expanded Bac Tran Hung Dao residential area project in the northwestern province of Hoa Binh. It will also settle contracts with old customers who are secondary investors of the Nam An Khanh project.

Most notably, the board of directors will present to shareholders a plan to change the company's name and address, saying the move aims to create added convenience and better work conditions.

Sudico hopes to present a new brand name and a new face to both domestic and international real estate markets.

The board of directors has been authorized to select, consider and decide on the new name and new headquarters address at the appropriate time. Initially, the company will move its office to 105 Chu Van An street, Ha Dong district, Hanoi and consolidate its corporate organizational structure.

A plan to increase charter capital and strengthen the firm's financial capacity and serve its long-term development investment strategy will also be tabled at the meeting.

At the stock market, SJS closed the Friday trading session at VND75,900 ($3.21) per share.