In recent years, Royal International Company has been struggling to turn a profit. However, the company is determined to achieve profitability after five years of losses. The largest casino owner in Quang Ninh, known as Royal International Joint Stock Company (RIC), revealed its plans for this goal during a shareholder meeting this year.
According to documents from the meeting, RIC is targeting a total revenue of approximately 6.4 million USD, which is a 39% increase compared to the previous year. The company expects its after-tax profit to exceed 1.2 million USD, marking a significant turnaround after experiencing losses for five consecutive years.
RIC’s management sees positive signs in the tourism industry this year and expects it to have a beneficial impact on Quang Ninh’s tourism and related service sectors. The company plans to actively attract tourists, collaborate with airlines and travel companies, and utilize commercial spaces in its hotel to generate additional revenue and improve cost control.
Established in 1994 with a charter capital of 15 million USD, RIC initially focused on building and operating 5-star hotels in Ha Long. Over the years, the company expanded its services to include a casino, hotel, and villa in Bai Chay as well as obtaining a license to operate prize-winning games for foreigners.
Listed on the Ho Chi Minh City Stock Exchange in 2007, RIC faced delisting in 2022 due to consecutive losses and was moved to the UPCoM platform. Recently, trading of RIC shares was restricted by the Hanoi Stock Exchange for delayed financial statement submissions. Despite these challenges, RIC remains optimistic about its future prospects with hopes of turning around its financial situation.
The casino industry in Quang Ninh has been challenging over the years but RIC remains determined to succeed despite losing over 548 billion VND over time.
In conclusion, Royal International Company is set on achieving profitability after five years of losses by increasing revenue by approximately 39% and targeting an after-tax profit of more than $1 million USD while leveraging positive trends in the tourism sector.
