On June 27, 2025, Ocean Group Joint Stock Company (Stock Code: OGC) held its 2025 Annual General Meeting of Shareholders (AGM).

According to the reports, OGC recorded a consolidated revenue of VND 1,245 billion in 2024, exceeding the plan by 13%, marking the third consecutive year of revenue growth since the company began its comprehensive restructuring strategy in 2022.

Profit after tax reached VND 215 billion, exceeding the approved target by over 430%.

As of December 31, 2024, OGC’s total assets exceeded VND 4,500 billion. Key financial indicators such as liquidity ratios, debt ratios, and performance metrics including ROA and ROE showed significant improvement.

Mr. Le Vu Hai – CEO of Ocean Group – stated: “The year 2024 marks a confirmation of the effectiveness of Ocean Group’s strategic restructuring in the 2022–2024 period. These achievements lay the foundation for stable development in the coming years.”

Mr. Hai added that in 2024, hotel and food business activities at OGC’s subsidiaries expanded in both product offering and market scale. Meanwhile, key real estate projects are in the final stages of regulatory clearance in preparation for reactivation.

Also in 2024, OGC’s management announced that the group recorded partial profit from successfully restructuring one of its legacy non-performing loans.

2025 – A Strategic Year for Comprehensive Restructuring

At the AGM, Ms. Le Thi Viet Nga – Chairwoman of Ocean Group – shared the company’s medium- and long-term strategy. Accordingly, 2025 is identified as a pivotal year for the group to move into the next phase of its comprehensive restructuring plan.

Over the past three years, Ocean Group has reorganized its corporate structure to focus and optimize resources across three core business areas:

1. Real Estate Development – Led by the parent company OGC, these projects require longer development timelines but are expected to deliver substantial profits.
2. Hospitality and Services – Managed by subsidiary OCH.
3. Food Production and Distribution – Handled by One Capital Consumer (OCC), a subsidiary of OCH established in January 2025.

Ms. Nga stated: “These three business segments are developed independently but complement each other. While the regular operations generate stable cash flow and earnings, the high-margin real estate development will help expand the asset base and deliver breakthrough returns for shareholders.”

Currently, OGC owns prime land lots that remain untapped, including:

• 25 Tran Khanh Du Project, Hoan Kiem District, Hanoi – planned for commercial center, office, hotel, and serviced apartments (area: 5,450 m²)
• Lega Fashion House, District 10, Ho Chi Minh City – high-rise office and commercial project (area: 5,620 m²)
• Hotel project at 10 Tran Vu, Ba Dinh District, Hanoi

OGC is still undergoing legal procedures to proceed with these projects and is also exploring and evaluating new opportunities.

Besides the real estate sector – which typically requires long preparation periods – the other two pillars of Ocean Group’s business, hospitality and food production, have shown positive results, primarily through subsidiary OCH.

In hospitality, 5-star hotel brands such as Sunrise Nha Trang, StarCity Nha Trang, and the recently launched Dusit Palace Tu Hoa Hanoi have shown stable revenue recovery and customer base expansion.

In the food segment, long-standing brands Trang Tien Ice Cream and Givral Bakery have achieved significant progress in both brand recognition and business performance.

At the AGM, shareholders approved the 2025 business plan with expected revenue of VND 1,125 billion and pre-tax profit of VND 94 billion.

Discussion Session

Shareholder: In 2024, OGC achieved a profit of VND 215 billion, but the 2025 target is only set at VND 61 billion. Isn’t this plan too conservative?

OGC Representative: The reason the company’s management set a relatively modest and cautious target is due to the current global and domestic economic landscape, which remains volatile and full of risks.

Therefore, the Board of Directors (BOD) and the Executive Board of OGC have set a cautious plan based on the company’s core business performance over the past few years.

However, we affirm that OGC possesses strong potential and several operations that may yield profits higher than the 2025 plan.

For example, OGC currently holds an investment in the Hanoi – Bac Giang BOT Company. This investment was made over 10 years ago, and the company is now operating very well. In 2024, it posted a profit after tax of VND 170 billion. The total capital is nearly VND 500 billion, of which OGC holds over VND 100 billion. The current EPS of this BOT company is about VND 3,300/share.

We are considering seeking a partner to divest this investment. We are confident that this divestment will generate considerable profit for our shareholders.

Another contributing factor to profits beyond core business in 2025 will come from the ongoing restructuring and resolution of legacy bad debts. This process has been ongoing for more than three years, and the results in 2024 already reflect initial successes.

These are the two key activities that we believe will bring profits beyond the 2025 forecast.

Shareholder: What is OGC’s medium- and long-term strategy going forward?

OGC Representative: Over the past three years, OGC has been undergoing restructuring and reorganization, clearly defining responsibilities between the parent company and its subsidiaries.

The parent company will focus on developing real estate projects. Meanwhile, OCH will manage hotel and accommodation projects, and OCC – a company newly established in January 2025 – will focus entirely on food production and business.

Mr. Nguyen Duc Minh (OGC Board Member): OGC, via OCH, indirectly owns two 5-star hotels in Nha Trang: StarCity Nha Trang and Sunrise Nha Trang.

At StarCity Nha Trang, occupancy reached 111% of the 2024 target, and gross profit reached 172% of the plan. Similarly, Sunrise Nha Trang exceeded occupancy targets by 7% and achieved 161% of its gross profit goal. These two actively operating hotel projects by OCH reflect a very positive sign for OGC’s hospitality investments.

In addition, OGC is focusing on developing and acquiring Grade A office buildings in Hanoi and Ho Chi Minh City via OCH. In the hospitality real estate segment, OGC plans to pursue M&A and development of several new 5-star hotels.

For the resort real estate sector, we are nurturing plans to build a project next to Six Senses Ninh Van Bay.

In Hanoi, we are also planning to launch a high-end real estate project by Truc Bach Lake in 2025.

Shareholder: Could you share more about the progress in resolving legal barriers and updates on key projects?

OGC Representative: Recently, the Government has taken various measures to address difficulties in the market, particularly in Ho Chi Minh City, including streamlining administrative procedures. However, these processes are still ongoing and not yet fully resolved.

We assess that the Hanoi real estate market and neighboring northern provinces have shown signs of recovery, which is relatively positive news for OGC.

Currently, OGC owns prime land in both Hanoi and Ho Chi Minh City. In Hanoi, we have the StarCity Westlake project, the No. 10 Tran Vu project, and the 25 Tran Khanh Du project – all considered key projects slated for mixed-use and accommodation services. In Ho Chi Minh City, we have the Lega Fashion House and Gia Dinh Plaza projects.

We believe these are highly strategic locations in both cities. OGC is actively working to resolve legal hurdles, strengthen cooperation with regulatory agencies and partners to complete the required procedures and push these projects into development.

We expect the Tran Vu project to be the first to launch in the near future, with the remaining projects to follow in the coming years.