According to the consolidated financial report for the second quarter of 2024 of Refrigeration Electrical Engineering Corporation (code REE), Ms. Nguyen Thi Mai Thanh's enterprise recorded revenue of VND 2,181 billion, a slight increase of 0.3% over the same period last year.

Of which, revenue from electricity and water infrastructure decreased by 20%, reaching nearly 918 billion VND; real estate revenue increased by 25%, reaching more than 330 billion VND; refrigeration and electrical engineering revenue increased by 22%, reaching nearly 935 billion VND. Due to the high cost of goods sold, gross profit decreased by 23%, to 680 billion VND.

In addition, during the period, selling expenses increased by 52%, and administrative expenses also increased by 18%, equivalent to VND 34 billion and more than VND 174 billion, respectively. Therefore, after-tax profit only reached more than VND 403 billion, down 35% compared to the same period in 2023.

In the first half of 2024, REE recorded revenue of nearly VND 4,019 billion, down nearly 12% over the same period last year. Profit after tax reached VND 952 billion, down 43% over the first half of 2023.

According to REE, the total consolidated profit after tax belonging to the parent company's shareholders in the first 6 months of 2024 reached VND 834 billion, down VND 400 billion (32.29%) compared to the same period in 2023, mainly due to low electricity output.

Although the performance of the electromechanical and real estate sectors improved, the after-tax profit of the electricity sector decreased by VND 392 billion compared to the same period in 2023, in which the main impact was from the sharp decrease in profits of member companies and affiliates in the hydropower group compared to the same period: Vinh Son Song Hinh Hydropower Joint Stock Company; Thac Mo Hydropower Joint Stock Company, Thac Ba Hydropower Joint Stock Company, Central Hydropower Joint Stock Company.

For example, according to the financial report of Vinh Son Song Hinh Hydropower Joint Stock Company, after-tax profit in the first 6 months of 2024 decreased by more than VND 669 billion, equivalent to a decrease of 90.71% compared to the same period. Electricity production in the first 6 months of the year decreased due to the impact of El Nino in the Central and Central Highlands regions, the amount of water flowing into the lakes of this region decreased sharply, affecting electricity production activities.

In 2024, REE plans to have revenue of VND 10,588 billion, an increase of 23.5% compared to the previous year. Profit after tax is expected to reach VND 2,409 billion, an increase of 10% compared to 2023 and advance dividends at a maximum rate of 15%.

With a profit of VND 952 billion in the first half of 2024, REE has completed 39.5% of the annual profit plan.

Regarding REE stock trading activities on the market, recently, Refrigeration Electrical Engineering Corporation announced that it received an amended and supplemented application for registration to purchase REE shares from shareholder Platinum Victory Pte. Ltd.

Accordingly, Platinum Victory Pte. Ltd registered to publicly offer to buy 4 million REE shares, accounting for 0.85% of capital with an expected purchase price of VND80,000/share, equivalent to an estimated expenditure of more than VND320 billion.

REE shares are currently trading at around VND69,000/share. Thus, the price offered by this foreign fund is nearly 16% higher than the market price.

Ms. Nguyen Thi Mai Thanh is currently the Chairwoman of the Board of Directors and General Director of Refrigeration Electrical Engineering (REE). Ms. Thanh holds more than 60.4 million shares, equivalent to 12.83%. Mr. Nguyen Ngoc Hai (Ms. Thanh's husband) holds more than 25.7 million shares (nearly 5.46%).

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