2021 general annual shareholder’s meeting: Cen Land (HSX: CRE) to increase business plan

At the 2021 general annual shareholder’s meeting, Century Land Joint Stock Company (HSX: CRE, Cen Land) approved the annual business plan with net revenue of VND5,000 billion, an increase of 136 per cent on-year. In which, revenue increases by 25 per cent and profit rises by 15 per cent.

Cen Land held the 2021 general annual shareholder’s meeting on April 9, 2021 in Hanoi

Revenue plan is VND5,000 billion, up 13.6 per cent over the previous year; Profit after tax is set to increase 36 per cent, equivalent to VND408 billion, approved by shareholders.

2021 is the starting year for accelerating and expanding Cen Land's market share. Cen Land chairman Nguyen Trung Vu said that Cen Land has set that plan and accelerated from the beginning of the year. In the first three months of 2021, Cen Land recorded 2,835 transactions with the total value of VND12,828 billion. Vu shared that by 2022, Cen Land revenue is expected to reach VND8,000 - 10,000 billion.

Cen Land changes business plan at the AGM

In the real estate brokerage, Cen Land has co-operated with Vinhomes and Novaland. The company has established branches in Hanoi and Ho Chi Minh City. Profit from these two big developers is not much, but it helps Cen Land affirmed its position in the real estate market. Besides, Cen Land has an important source of customers.

Cen Land has signed with many partners to develop and sell large projects such as: C-Sky View, Happy One - Central, Sakana Hoa Binh, Xanh Villas township, Kien Hung Luxury, just to name a few.

Currently, Cen Land continues to expand the ecosystem, restructure the system, upgrade representative offices into joint stock companies under the management of Cen BM in Bac Ninh, Hai Phong, Hung Yen, Vinh Phuc, Quang Ninh, Thanh Hoa, Nghe An, Khanh Hoa, Binh Dinh, and more.

Recently, Cen Land launched Cen Housing with over 1,000 realtors for the secondary and retail market, generating revenue of VND300 billion. The connected agency development team set the revenue target of VND500billion.

To become a unicorn in proptech, Cen Land has acquired Cenhomes.vn platform. In 2021, Cen Land has also invested in Cen Homes proptech platform and recruited more specialists to upgrade the platform with new technologies such as peer-to-peer connectivity, big data, and AI.

Issuance of more than 105.5 million shares, of which 10 per cent is used for dividend payment

At the AGM, Cen Land BoD approved a plan to issue more than 105.5 million shares, equivalent to a total value of about VND1,056 billion. In which, Cen Land will offer 91.19 million shares to existing shareholders at the ratio of 100: 95, at the price of VND10,000/share.

The expected amount of about VND912 billion will be channeled into the Thanh Cong co-operative building project and Hoang Van Thu new urban area. The remaining of VND112 billion will be used to repay bank loans.

In addition, the company will issue approximately 9.6 million shares to pay dividends to shareholders at the rate of 10 per cent and offer about 4.8 million shares under ESOP.

Vuong Van Tuong was elected as a member of the Board of Directors for the term 2018-2023.

The AGM elected Vuong Van Tuong to be the member of the Board of Directors. Tuong used to be the vice chairman and CEO of Cen Invest. He was also a lawyer of the Hanoi Bar Association and the head of Thang Law Office.