Samland (SLD) plans to return to profitability in 2024 after two consecutive years of losses

In 2024, Samland aims for total revenue to increase by 460% year-on-year to 29.6 billion VND, with a projected pre-tax profit of 1.17 billion VND, compared to a loss of 15.62 billion VND in the same period last year.

Regarding the market outlook, Samland noted that in 2024, the company will still face challenges in real estate investment and project development. The overall economy remains difficult to predict but is expected to recover without significant fluctuations.

For business operations, in 2024, Samland is focused on diligently completing legal procedures and site clearance for the Samland Riverside project and the Nhon Trach project (55.2 hectares).

Additionally, the company will seek to engage with financial institutions and investment funds to raise new capital at reasonable costs to finance upcoming projects.

In 2023, Samland faced similar difficulties in its key projects, including the Samland Nhon Trach residential area (55 hectares) and the Samland Riverside apartments, as legal procedural issues impacted project progress.

Regarding the profit distribution plan, due to continuing losses in 2023, Samland proposed to its shareholders not to pay dividends for the year.

In terms of business performance, in 2023, Samland reported revenue of 3.8014 trillion VND, a decrease of 52.2% compared to the same period last year, and a net loss of 15.6195 trillion VND compared to a loss of 61.7859 trillion VND in the previous year.

Thus, Samland has experienced two consecutive years of negative profits, with cumulative losses reaching over 48 billion VND as of December 31, 2023, accounting for 6.1% of its charter capital.

It is known that Samland is the investor of two major projects: Nhon Trach 55.2 hectares in Dong Nai and the Samland Riverside project in Binh Thanh (Ho Chi Minh City), both of which are significantly delayed. Notably, the Samland Riverside project is currently hindered by land law regulations and cannot proceed.

During the annual General Meeting of Shareholders for SAM Holdings (stock code SAM – the parent company holding 85.71% of Samland's capital), the leadership consistently promises to resolve difficulties and expedite the implementation of the aforementioned projects, considering them valuable assets that have not yet been exploited. However, for many years, the company has missed favorable opportunities to commercialize these projects.

According to tinnhanhchungkhoan.