Property developer Sudico says it has changed its name to SJ Group and will henceforth focus on developing green, smart urban areas and eco-tourism resorts.
The name change was adopted at the firm’s annual general meeting (AGM) of shareholders held March 20, 2024. The new name was officially approved Thursday by the Hanoi Department of Planning and Investment.
SJ Group expects the name change to be a turning point in its corporate restructuring process and mark a new orientation in the Vietnamese real estate market.
Formerly a subsidiary of Song Da Corporation established in 2001, SJ Group made its real estate mark with the 36-hectare My Dinh-Me Tri Urban Area project. In 2006, it officially listed on the Ho Chi Minh City Stock Exchange (HoSE) as SJS.
In April 2022, after Song Da Corporation completed its divestment process from Sudico, the latter officially entered a new stage of development, becoming a public company with 100% private capital. In April 2024, exactly two years later, it has adopted a new name.
A SJ Group statement said that its medium and long-term product development strategy will focus on two main business areas: green, smart urban areas and eco-tourism resorts.
At the 2024 AGM, the company approved its 2024 business plan, targeting VND858 billion ($34.3 million) in revenue and VND350 billion ($14 million) in pre-tax profit, up 60.1% and 38.3% year-on-year, respectively. It also plans to pay dividends of 10-15% this year.
According to 2023 audited consolidated financial statements, SJ Group recorded revenues of VND416 billion ($16.63 million), or 77% of the annual target; and a pre-tax profit of VND253 billion, which exceeded the target by 16%.
At the end of 2023, its total assets were valued at VND7,473 billion ($299 million): VND4,142 billion in inventory and VND2,292 billion worth of long-term “unfinished” assets.
In the stock market, SJS closed Friday at VN70,000 ($2.8) per share, up 3.24% compared to Thursday close.