In the context of a challenging real estate market, TTC Land has maintained stable and positive business results in 2024, laying a solid foundation for the next steps of development.
Ms. Huỳnh Bích Ngọc - Vice Chairman and CEO of TTC Group, on behalf of the shareholders, presented flowers to congratulate the new members of the TTC Land Board of Directors for their new term, including Mr. Nguyễn Thành Chương - Chairman of the Board, and the new board members Mr. Nguyễn Văn Bảnh, Mr. Nguyễn Thái Sơn, Mr. Trần Văn An, and Mr. Nguyễn Văn Hòa - Photo: TTC Land.
On April 24, Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, ticker symbol SCR) successfully held its annual general meeting for the 2024 fiscal year.
The meeting approved several important topics, including the 2024 business results, the 2025 plan, and the long-term strategy, affirming that TTC Land is entering a new growth cycle with a solid foundation and clear strategic direction.
TTC Land Exceeds Expectations in Growth
In the context of a slow recovery in the real estate industry and pressure from capital costs, TTC Land still reported positive results. In 2024, net revenue reached 799 billion VND, an increase of 115% compared to the same period last year, exceeding the plan by 13%. Pre-tax profit reached 34 billion VND, up 106%, achieving 110% of the target.
As of the end of the year, total assets reached 11,847 billion VND, an increase of more than 11%, primarily driven by long-term investments in projects such as TTC Plaza Da Nang and Selavia Phu Quoc.
The charter capital and shareholders' equity increased by 9% and 7%, respectively, reflecting improvements in financial strength and the ability to adapt flexibly to market fluctuations.
TTC Land has identified 2025 as a pivotal year for proactive growth, with the goal of achieving pre-tax profit of up to 50 billion VND, a record figure that reflects the confidence and high determination of the leadership team - Photo: TTC Land.
In addition to positive business results, TTC Land continues to enhance its governance and operational standards by gradually digitizing internal management, improving control processes, and implementing appropriate technologies. These steps are crucial in laying the foundation for the next phase of development.
TTC Land Targets 800 Billion VND in Revenue
As the real estate market sees positive changes from the end of 2024 and gradually recovers in the early months of 2025, TTC Land considers 2025 a pivotal year to transition from a defensive strategy to proactive growth.
With a revenue target of 800 billion VND and pre-tax profit of 50 billion VND, the company is determined to reposition its operational capabilities and lay the groundwork for the next growth cycle.
TTC Land's leadership team has developed a clear action roadmap, focusing comprehensively on strategic pillars: stabilizing liquidity, boosting business activities at key projects, resolving legal bottlenecks, and enhancing overall governance and operations.
In response to shareholder questions at the meeting, Mr. Võ Thanh Lâm, CEO of TTC Land, stated that while the real estate market has experienced considerable fluctuations, the general trend for 2025 is optimistic and positive.
According to Mr. Lâm, TTC Land is focusing on sales at key projects such as TTC Plaza Da Nang, Selavia Phu Quoc, Panomax River Villas, and the newly prominent Cu Lao Tan Van project, which emerged following the M&A deal with Tín Nghĩa - Á Châu Investment Joint Stock Company.
Additionally, the company is intensifying its leasing operations for commercial floors, building management, and landscape construction to increase cash flow from operations. The liquidity optimization program continues to be implemented to optimize the investment portfolio and improve liquidity.
At the 2024 annual general meeting, TTC Land announced its ambitious business plan for 2025, along with clearly defined development strategies, promising a new phase of growth full of potential - Photo: TTC Land.
Regarding legal matters, TTC Land is focused on resolving obstacles in its projects to ensure that they meet the requirements for construction in the upcoming phase.
At the same time, the company is strengthening its cash flow management, restructuring its organization to be leaner and more efficient, and focusing investments only on projects with high feasibility that have been thoroughly vetted.
TTC Land is also enhancing internal cooperation within the TTC Group ecosystem and expanding partnerships with strategic partners to ensure capital sources and legal support.
With a focus on sustainable development, the company continues to pursue a transition to IFRS financial reporting standards, while also exploring the application of 4.0 technology in management and operations to enhance overall efficiency.
TTC Land Focuses Resources on Key Projects
This meeting also highlighted the stability in the leadership structure, with the management role continuing to be held by Mr. Nguyễn Thành Chương - Chairman of the Board, and Mr. Võ Thanh Lâm - CEO.
Additionally, the addition of 4 new members to the Board of Directors, with experience in real estate and urban development, is expected to strengthen the company's operational capacity and effectively support its strategic direction in the coming period.
Mr. Nguyễn Thành Chương - Chairman of the Board of Directors of TTC Land - stated that TTC Land does not pursue growth at any cost, but instead aims to grow based on its strong foundation, proactivity, and transparency - Photo: TTC Land.
Speaking at the general meeting, Mr. Nguyễn Thành Chương shared that the real estate market has been very sluggish in the past 2-3 years, but he forecasts a brighter outlook in the second half of 2025, despite ongoing global economic volatility.
With investment channels like gold and USD increasing in value, real estate is seen as a relatively safer haven.
According to Mr. Chương, TTC Land will introduce various products to meet emerging demand, and the company is fully confident in the plans and strategies it has set forth.
“We do not seek growth at any cost, but instead, we aim to grow based on a solid foundation, proactivity, and transparency. TTC Land is ready to enter a new growth cycle with a strong mindset, a clear strategy, and a more professional governance system,” said Mr. Chương.
With the philosophy of "sustainability from internal strength" and a focus on substantial development, TTC Land is steadily proving its ability to manage risks, maintain effective growth momentum, and reaffirm its position in the real estate market.
Strategic moves such as M&A, land bank expansion, standardizing governance according to international standards, and broadening financial cooperation will serve as the foundation for TTC Land's continued growth in the coming period.
According to Tuoi Tre