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Searefico's 2025 growth plan is driven by expectations of new contracts
On April 24, 2025, Searefico’s Annual General Meeting of Shareholders (AGM) approved all proposals, including an ambitious business plan targeting a more than 40% increase in parent company profit compared to 2024. This highly feasible plan is backed by a record-breaking backlog of over VND 3,000 billion and expectations to secure an additional VND 2,000 billion in new contracts over the next eight months of 2025.
Reinforcing the foundation and receiving early positive signals
In his report at the AGM, Mr. Le Tan Phuoc, Chairman of the Board of Directors, stated that 2024 was a year of many challenges, but also an opportunity for Searefico to demonstrate its resilience and transformation capabilities. The company proactively restructured its operations, improved efficiency, and maintained its position in the industrial refrigeration and M&E (Mechanical and Electrical) sectors.
By the end of 2024, Searefico recorded over VND 1,000 billion in revenue and VND 1.2 billion in profit. The company has also addressed approximately 40% of the audit exceptions noted in 2023. SRF shares have been removed from the restricted trading list and are approaching removal from the watchlist.
At the AGM, company leadership noted that accounts receivable in Q1/2025 decreased by more than 31% thanks to the successful collection of outstanding debts, with these improvements to be reflected in the H1/2025 financial report. Once again, SRF’s management reaffirmed their determination to fully resolve all audit exceptions.
Looking ahead, the company will prioritize the development of industrial and high-tech projects, focusing on three strategic pillars: technological innovation—investing heavily in R&D and adopting new technologies; corporate culture—developing a team of engineers with technological mastery.
Additionally, in a move to explore new opportunities for Arico—a subsidiary specializing in industrial refrigeration equipment—Searefico signed a strategic cooperation agreement with Hoshizaki Group, the number one manufacturer of refrigeration equipment in Japan, with nearly 80 years of experience. Following this partnership, Arico will become the first facility in Southeast Asia capable of producing commercial refrigeration equipment under the Hoshizaki brand. Post-M&A, Arico’s products are expected to achieve an export ratio of 80–90%.
Potential to win an additional VND 2,000 billion in contracts
Mr. Nguyen Khoa Dang, General Director of Searefico, presented the 2025 business plan: targeted contract value of VND 2,700 billion, up 22% compared to 2024; expected revenue of VND 2,200 billion, more than double that of 2024; and projected consolidated after-tax profit of VND 39 billion, 3.2 times higher than 2024’s results.
For the parent company alone, after-tax profit is projected at VND 12.6 billion, representing a 5.25-fold increase from the 2024 target and over 40% growth from 2024 actuals. Searefico to consider reinstating dividend payments in 2025, with a tentative payout ratio of 10%.
As of the end of Q1/2025, the company’s backlog reached a record VND 3,000 billion, tripling 2024’s revenue and ensuring a steady stream of work and income for upcoming quarters.
Mr. Khoa Dang noted that the 2025 business plan is considered conservative, based on an estimate of recognizing only about 60% of each project’s revenue, making the target highly achievable.
In the industrial real estate and logistics segment, Searee is investing in the construction of the Searee Industrial Building (SIB), a LEED & FM-certified complex aimed at expanding its logistics network. The SIB project was granted a construction permit on April 18, 2025, and is expected to be inaugurated in Q1/2026.
At the 2025 AGM, shareholders elected a new member to the Board of Directors: Mr. Tadashi Kono, currently Executive Director of Management Planning at Sanyo Engineering & Construction, who will replace Mr. Yoshihiko Shiotsugu, the outgoing board member.
FiLi
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