Amidst global economic turbulence, ROX Key (Ticker: TN1) swiftly adapted to the new normal and adjusted its business strategy accordingly. In 2024, the business maintained stable business results, with total assets growing by 26.8%.
Expanding Investment and Increasing New Customers
2024 was considered a challenging year due to complex global and domestic developments. For ROX Key, it was also a year marked by significant milestones and positive outcomes.
As a multi-industry corporation operating under a holdings model, the business focuses on resource management, optimization, and facilitating business cooperation among its member companies. At the same time, ROX Key continued to expand its ecosystem by investing in new projects to complete its value chain. Notably, Popplife Joint Stock Company became a new associate after ROX Key acquired a 49% stake.
ROX Key CEO Nguyen Van Hiep at the 2025 Business Conference
As of December 31, 2024, ROX Key's total assets reached VND 2,141.2 billion, an increase of VND 452.5 billion (equivalent to 26.8%) compared to 2023. Consolidated net revenue reached VND 965.5 billion, surpassing the set target. Profit after tax also saw a slight increase over 2023, reaching VND 52 billion.
The revenue growth was significantly contributed by member companies TNTech, TNTalent, and TNPM, especially through the successful development of new customers, well exceeding initial targets. The strong synergy within the ecosystem enabled these units to develop unique products and service packages, creating a distinct competitive edge in the market.
In addition, TNTech, TNTalent, TNPM, and other affiliated units such as IMC, Nhat Viet, and C-One effectively utilized customer data, converting it into tangible revenue. The customer portfolio continued to expand, including prominent names in the premium segment such as the National Convention Center, Van Ho Government Complex, Kosmo Tay Ho Apartment, and La Casta.
Throughout the year, ROX Key reported no overdue debts. The busniess consistently fulfilled principal and bond interest payments as scheduled. As previously disclosed, by March 2025, the busniess had completed payment for a bond lot worth VND 490.8 billion. Earlier, on December 27, 2024, the company successfully raised VND 200 billion through bond issuance.
Governance and Management Highlights
Alongside business operations, ROX Key also achieved notable milestones in governance and management.
In February 2024, the business rebranded from TNS Holdings to ROX Key, accompanied by a new brand identity. After over a year of operation, the new brand has been well-received by customers, partners, and the community.
Several key digital transformation projects have been completed. Among them, the Bravo ERP project plays a pivotal role in synchronizing and consolidating information on budgeting, finance, assets, etc., across the entire system. This has optimized management activities and laid a solid foundation for ROX Key's future consolidation and expansion strategy.
In parallel with developing and enhancing digital governance tools, the business also focused on improving technological competencies among its personnel. TNPM was designated to carry out a project aimed at enhancing nine digital transformation capabilities and achieved 98% of the targeted objectives. Training courses on AI, Agile, Data, and digital transformation competencies were also regularly conducted at member companies.
A training course to improve staff capabilities
In 2024, for the first time, ROX Key implemented a monthly customer satisfaction scoring system across all member units. The satisfaction index recorded was 92.8%.
As a member of the ROX Group, the business consistently strives to realize its mission of “Creating convenient and beneficial values for life by enhancing quality living experiences and elevating customer journeys. The services provided by ROX Key contribute to improving quality of life across all aspects—from enhancing residential spaces in urban areas and operating industrial parks to creating technological and human resource solutions for customers.
ROX Key's continuous efforts to maintain its market position, alongside those of its member units, have been recognized through a series of prestigious awards. ROX Key was honored with the 2024 Vietnam Gold Star Award and was once again included in the National Brand enterprise group for its TNPM real estate operation services. TNPM won the “Gold Cup for Products and Services under the Asia-Pacific Excellent Brand 2024, while TNTech received the Silver Prize for Make in Vietnam.
ROX Key's CEO receives the National Brand certificate in 2024
ROX Key is scheduled to hold its 2025 Annual General Meeting of Shareholders to report on 2024 performance, outline its 2025 strategy, and present key proposals for shareholder approval. The event is expected to take place on April 17, 2025. This will be an opportunity for shareholders and investors to reflect on the business's growth journey, engage in discussion, and contribute to strategic planning for the next phase. The General Meeting will also elect members of the Board of Directors for the 2025–2030 term.
With its achieved milestones and long-term vision, ROX Key remains committed to innovation, sustainable development, and delivering optimal value to shareholders, customers, and the community.