Royal International Corporation (RIC) recently reported revenue of nearly 46.9 billion VND in the second quarter of 2025, a 31% increase compared to the second quarter of 2024. This also marks the highest revenue in the past five and a half years.
According to RIC management, this positive performance is attributed to the economic rebound in quarter II, particularly in the tourism and service sectors after a prolonged period of stagnation. The company also implemented measures to stabilize its customer base and enhance revenue-generating strategies.
Financial activity revenue decreased by 34% to just over 5.4 billion VND this quarter. This decline is primarily due to RIC's exchange rate valuation. Other income also decreased, but insignificantly.
Total recurring expenses and cost of goods sold were reduced by 8% in quarter II, with the most significant reductions in management expenses and cost of goods sold. This was achieved through minimizing salary expenses and repair costs.
Overall, RIC recorded a profit after tax of over 10 billion VND, a significant improvement compared to the nearly 2 billion VND loss in the same period last year. This is the company's first profitable quarter since quarter III of 2019, ending nearly 6 years of consecutive losses.
For the first 6 months of 2025, RIC reported revenue of approximately 76.3 billion VND, a 21% increase compared to the same period last year. While the company had a loss of nearly 14.8 billion VND in the first half of 2024, it returned to profitability in the first half of this year with a profit of over 559 million VND.
Royal International Corporation projects revenue of over 7.2 million USD (equivalent to over 187 billion VND) and a profit after tax of over 1.3 million USD (approximately 34 billion VND) for 2025. The company will focus on controlling fixed costs and financial expenses, particularly interest expenses. Management is also exploring ways to improve cash flow from operating activities by enhancing asset utilization and increasing revenue from high-margin services.
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Inside the casino owned by Royal International Corporation. Photo: RIC |
Inside the casino owned by Royal International Corporation. Photo: RIC
Royal International Corporation was established in 1994 with a charter capital of 15 million USD (nearly 378 billion VND), aiming to build and operate a 5-star hotel in Ha Long. Eight years later, the company increased its capital to 22 million USD (over 554 billion VND) and obtained a license to operate gambling services for foreigners. RIC currently operates a casino, hotel, and villas in Bai Chay (Ha Long, Quang Ninh).
The company was listed on the Ho Chi Minh City Stock Exchange (HoSE) in 2007. In 5/2022, RIC's stock was forcibly delisted from HoSE due to three consecutive years of losses and was transferred to the UPCoM exchange. At the close of trading on 24/7, the stock price hit the ceiling at 5,500 VND per share, a surge of over 57% compared to the beginning of the year. However, RIC's liquidity remains low, with sporadic trading and some sessions with no matching orders.
From 2016 to the present, the Ha Long casino owner only had a profitable year in 2018. According to RIC's management, due to the specific nature of the gambling business, wins and losses depend entirely on chance. Neighboring countries (Cambodia, the Philippines, Myanmar, etc.) have also added more casinos, leading to a dispersion of customers and a fragmented market share.
Tat Dat
