Solid first-half performance after bleak first quarter.
Saigon Securities Inc. (SSI) announced its business results in the second quarter and the first half of 2015 on July 20.
Profit before tax in the second quarter increased 52.8 per cent compared to the same period last year, to VND449.1 billion ($20.9 million). The figure was VND679.6 billion ($31.6 million) for the first half, up 13.9 per cent against the first half of last year.
The market situation was quite bleak in the first quarter, according to SSI, and its financial safety ratio in June was 723 per cent.
Revenue from brokerage activities in the second quarter stood at VND71.2 billion ($3.3 million), an increase of 4.9 per cent compared to the second quarter of 2014.
SSI leads in brokerage services on both the HoSE and HNX exchanges, with a market share of 13.52 per cent and 8.54 per cent, respectively. The number of new accounts opened during the first half increased 48 per cent over the same period last year.
In terms of investment activities, revenue reached VND181.5 billion ($8.4 million) in the second quarter. Despite increasing 8 per cent against the previous quarter it was down a significant 36 per cent compared to the second quarter of 2014.
SSI also announced that it sold its investment in the Southern Seed Company (SSC), adding to the profit in its securities investment activities. SSC is therefore no longer an affiliated company of SSI on the latter’s consolidated financial statements.