Firstland Company Limited (Hong Kong) has reported to the State Securities Commission and Ho Chi Minh City Stock Exchange that it is no longer a major shareholder of Bao Minh Insurance Corporation (BMI) after transferring 30,000 shares, reducing its ownership to 4.99%. Firstland had become a major shareholder in 2014 when it bought over 4.25 million shares from Vietnam Airlines. After this transfer, Bao Minh has two major shareholders left: SCIC (50.7%) and AXA SA (16.65%). In Q4 2024, Bao Minh recorded revenue of over 1,285 billion VND and a net profit of only 43 billion VND, down 42.3% year-on-year, primarily due to rising operational costs, particularly health compensation expenses and losses from Typhoon Yagi. For the entire year of 2024, Bao Minh’s revenue was 5,123 billion VND, up 8.5%, but pre-tax profit dropped by 27.5% to 272.7 billion VND, with a net profit of 237.7 billion VND.
Leave a Reply