A steel company invests tens of billions in real estate through its Chairman

CTCP Quốc tế Phương Anh (stock code: PAS) announced that it has entrusted more than 16.5 billion VND to its Chairman, Nguyễn Hùng Cường, for the transfer of land use rights in Cổ Rùa village, Quốc Oai district, Hà Nội. Mr. Cường will have full authority to seek and negotiate terms related to this transaction. The amount can be disbursed in one or multiple installments and in various forms. Established in 2010, PAS specializes in supplying steel and metal products, with revenue in Q2 reaching 580 billion VND, a 64% increase year-on-year. However, due to high costs, gross profit was only 16 billion VND, with a gross profit margin of under 3%. After expenses, net profit after tax was nearly 2 billion VND, doubling the same period last year. For the first half of the year, total revenue reached 847 billion VND, with a net profit of 1.7 billion VND. PAS’s shares closed at 3,400 VND per share on October 27.