[Press release] Royal International Corporation AGM: brightening alongside local tourism

(Ha Long) On 26 April 2023, Royal International Corporation – Royal (ticker: RIC) held its 2023 annual general meeting, reviewing its business performance in 2022 and setting out its plan for 2023 — a marker of the company’s efforts as tourism begins to pick up again.

Business results in 2022: effort on many fronts

Although the Covid-19 epidemic has been brought under control and tourism has picked up, the numbers of international and domestic visitors remain limited.

In 2022 the company recorded revenue of more than VND 117.76 billion, up 57% on 2021. Restructuring its operating model allowed the business to cut costs, bringing the 2022 loss more than VND 44.3 billion below that of 2021. The company worked hard to roll out a coordinated set of measures to strengthen its commercial activity, restructure its operating model and put its finances on a steadier footing, in order to drive the accommodation and entertainment services of Royal Hotel, particularly among international guests.

Also in 2022, Royal International Corporation brought the Royal International Convention Palace into operation, making it a venue for major national and regional events and welcoming more than 4,000 delegates — among them the 3rd APEC Business Advisory Council meeting (ABAC 3), the East Asia Inter-Regional Tourism Forum (EATOF) and an international conference of the Ministry of Industry and Trade.

In the first quarter of 2023 alone, Royal International Corporation’s net revenue was 3.5 times that of the same period a year earlier — encouraging growth that lays the foundation for expectations of the company’s performance this year. Notably, administrative expenses fell by a third, a sign that Royal’s operations are returning to steady efficiency.

2023: doubling the revenue target and returning to profit

In 2023 the government and local authorities are working to widen the drive to bring international visitors back. This gives Royal Hotel the chance to roll out a coordinated set of programmes to attract more international travellers, working with airlines, tour operators and agents at home and abroad to build a varied and distinctive range of tours suited to many kinds of visitor.

The 2023 plan targets revenue growth of 109%, equivalent to VND 246.5 billion. Alongside this, the Company will press ahead with upgrades and prepare to invest in, expand and develop the Villas and Hotel project. In the longer term, Royal’s direction is to maximise value and to become an appealing tourism and leisure brand and destination in Vietnam with standing on the international market.

This shows Royal International Corporation’s determination to develop new products, stay close to its business targets, and continue to raise revenue and profit this year and in the years ahead, contributing to local tourism and investment.