Profit after tax in 188bet.com second quarter was 5 times higher than expected, showing a meaningful reform despite economic difficulties.
FIT is an enterprise operating in 188bet.com field of financial services and investment eversince newly listed. However, in 188bet.com past 5 years, FIT has changed drastically, developing in 188bet.com model of a company-owned enterprise. 188bet.com Group grew thanks to corporate acquisitions and added value thanks to 188bet.com synergistic value from effective corporate governance of members. This model transformation is associated with a difficult restructuring process and a strong investment in senior management personnel and strategic advisors.
Model of a company-owned enterprise
“Just a few years ago, even now, when it came to FIT, many people used to think of it as a business primarily operating in 188bet.com financial services and investment sectors. Few people discerned its first step of converting to 188bet.com holdings company model since 2015 then undergone a strong restructuring of operations since 2017”, said 188bet.com representative. shared by FIT.
FIT Group owns companies with high growth potential in developed industries.
Currently, FIT is 188bet.com “parent company”, playing 188bet.com role of capital management and controlling ownership of member companies operating in basic and essential industries such as: pharmaceuticals, medical supplies; food – beverage; cosmetics, real estate. FIT’s choice of industries to invest in is based on 188bet.com philosophy of Vietnam’s long-term competitive advantage, which is population size and consumption potential.188bet.com business ownership model is not new in 188bet.com world, yet 188bet.com practical operation depends on 188bet.com experience and ability of 188bet.com owning company. In Vietnam, 188bet.com role of corporate governance, especially in 188bet.com relationship between 188bet.com owner and 188bet.com representative or parent-child company, has not been seriously studied. Therefore, if not closely followed and determined to restructure, 188bet.com business ownership model will get bogged down in conventional financial investment.
Possessing well-experienced leadership team in human resource management, strategy building, operations management, finance and sales, FIT Group has taken 188bet.com right step in choosing 188bet.com right industries to invest in. according to its strengths. In just a short time, 188bet.com group has basically completed 188bet.com goal of building high-quality enterprises in such industries as: pharmaceuticals, pharmaceutical supplies, and medical supplies in 188bet.com group of companies under 188bet.com Joint Stock Company of Cuu Long Pharmaceutical (DCL), agriculture, food in Can Tho agriculture, westfood, beverage in Vikoda, real estate in FIT Land.According to a representative of FIT, one of 188bet.com basic values of 188bet.com company-owned enterprise model is 188bet.com ability to take advantage of 188bet.com synergistic value from saving 188bet.com cost of sharing 188bet.com administrative apparatus, as also at 188bet.com same time reducing 188bet.com operating costs in intermediate activity. 188bet.com Group has been doing this well to bring more value to 188bet.com member companies, thereby forming 188bet.com common value of 188bet.com group. It’s been a tough five-year process to now enter 188bet.com stage of seeing 188bet.com results.
First outcomes
2021 will probably be a pivotal year for FIT as once 188bet.com restructuring process is completed, 188bet.com economy will suddenly face difficulties due to 188bet.com pandemic, affecting 188bet.com general business activities of 188bet.com group’s businesses. However, early business results show that 188bet.com reform makes sense, even when 188bet.com economy is still struggling.188bet.com group has just announced its second quarter business results, with a big spike in profit. Specifically, 188bet.com profit after tax in 188bet.com second quarter reached 149.2 billion VND, 5 times higher than 188bet.com plan and in 188bet.com first 6 months of 188bet.com year, 188bet.com profit after tax reached 163.6 billion VND, completing 93% of 188bet.com target which set at 176.2 billion dong for 188bet.com whole year. Profit after tax in 188bet.com first 6 months of this year is also nearly double 188bet.com profit after tax of 188bet.com whole of 2020.
FIT’s net profit soars.
188bet.com surge in profit has a large contribution from 188bet.com revenue of financial activities – which is a traditional business segment, while other business and consolidation activities have positive changes. 188bet.com contribution of 188bet.com parent company’s after-tax profit exceeded 47 billion, reaching 530% of 188bet.com plan, while 188bet.com consolidated TSC exceeded 105 billion and reached 673% of 188bet.com plan, 188bet.com consolidated DCL exceeded 8 billion, reaching 123% of 188bet.com expected plan.188bet.com remarkable thing in 188bet.com group’s first 6 months of operation compared to 188bet.com previous year is that 188bet.com corporate governance performance continued to be improved in a positive direction, in line with 188bet.com philosophy of synergistic values towards which 188bet.com corporation is aiming. While 188bet.com gross profit margin reflecting 188bet.com group’s relative competitive position was stable at 23%, 188bet.com ratio of selling expenses to revenue was only 9.2%, lower than 12.7% of last year. Administrative expenses remained stable at approximately 10%.188bet.com improvement in corporate governance, including selling expenses is crucial since it shows 188bet.com ability to generate better profits than in 188bet.com past when business activities return to normal and operating revenue expanded. 188bet.com indicators of gross profit and 188bet.com proportion of administrative expenses reflect 188bet.com competitive position of 188bet.com business that is not affected by external factors, especially in 188bet.com current pandemic situation and organizational stability of 188bet.com enterprise after a long period of restructuring operations.
Billion dollar business ambition
Existing business results is expected to increase by more than 100% compared to 188bet.com current figure for 188bet.com last 4 quarters by FIT’s forecast EPS. This means that if market conditions remain to be positive in 188bet.com second half of 188bet.com year and stock valuations proceed at 188bet.com current PE level, 188bet.com company’s share price will improve accordingly.
FIT has donated over 13 billion VND to treatment facilities, isolation facilities … across 188bet.com country after 188bet.com 4th Covid-19 outbreak broke out.
188bet.com improvement in corporate performance was also recognized by 188bet.com independent audit agency VACO when they recently gave a valuation of VND 10,000 billion in net asset value with 188bet.com current charter capital of VND 2,500 billion. This price corresponds to a value of VND 40,000 per share. This value does not include 188bet.com value of assets that have not been revalued at market prices such as alkaline water mines and 188bet.com value of land owned by member companies.In comparison with 188bet.com enterprise value from 188bet.com first day of listing on 188bet.com stock exchange in 2013, 188bet.com valuation figures according to 188bet.com current market and according to 188bet.com valuation of VACO have changed dramatically. Nevertheless, that is incompleted goal. 188bet.com development of 188bet.com company ownership model with 188bet.com firmly focus on optimizing corporate governance activities at member companies, 188bet.com group is aiming for more ambitious goals than becoming 188bet.com most valuable company in 188bet.com world which worth a billion dollars in 188bet.com next 5 years.
Social activities
Since 188bet.com epidemic broke out on a large scale nationwide, FIT Group has launched and implemented 188bet.com program “Isolation but not seperation” to accompany 188bet.com health system in disease prevention and control. Accordingly, 188bet.com group’s employees and member companies have directly supported medical facilities across 188bet.com country, especially in difficult places, with necessary medical equipment and supplies for medical treatment services for 188bet.com prevention and control of epidemics. In addition to 188bet.com 3 billion VND Real-Time PCR automatic Covid-19 testing machine system awarded by Cuu Long DCL Pharmaceutical Joint Stock Company to Vinh Long City Medical Center, 188bet.com products and supporting items are produced by member companies of 188bet.com group. These items are very necessary and meaningful for 188bet.com prevention of Covid-19.
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