Real estate firms witness divergent performance in Q3

Friday, Nov 03, 2023 07:09

Vincom Centre Landmark 81, the tallest building in Việt Nam, developed by Vinhomes Joint Stock Company (VHM). — Photo courtesy of Vinhomes Joint Stock Company (VHM)

Prominent real estate companies reveal varying levels of success within the market, as demonstrated by different revenue and profit figures in the third quarter.

Vinhomes Joint Stock Company (VHM) stands as the top player in the real estate market in terms of revenue and profit. During the third quarter, Vinhomes achieved a total net revenue of VNĐ32.7 trillion, marking an impressive 84 per cent increase compared to the same period in 2022.

For the first nine months of the year, Vinhomes' total net revenue reached VNĐ94.6 trillion, with a consolidated profit after tax of VNĐ32.4 trillion. This represents a 62 per cent growth compared to the same period of 2022 and surpasses the annual plan for 2023.

As of September 30, Vinhomes held cash and cash equivalents amounting to VNĐ2.91 trillion. Within the third quarter alone, Vinhomes' cash equivalents amounted to VNĐ427 billion. Vinhomes clarified that cash equivalents include investments and deposits in commercial banks ranging from one to three months, with interest rates ranging from 3.3 per cent to 6.2 per cent.

The second-largest real estate enterprise, Novaland Group (NVL), has returned to profitability after experiencing losses in the first two quarters of the year. In the third quarter, Novaland achieved a revenue of over VNĐ1.07 trillion and a profit after tax of VNĐ137 billion.

In the first nine months, Novaland's total consolidated revenue, including sales and service provision fees, reached VNĐ2.74 trillion, despite recording a loss of nearly VNĐ960 trillion.

As of September 30, Novaland held cash and cash equivalents amounting to VNĐ3.43 trillion, which represents a 60 per cent decrease compared to the end of the previous year.

According to Novaland, cash equivalents comprise bank deposits with original terms of one to three months and interest rates ranging from 2.5 per cent to 6 per cent per annum.

Quốc Cường Gia Lai Joint Stock Company (QCG) reported a revenue of nearly VNĐ67 billion, representing an 87 per cent decline compared to the same period. The company's revenue structure indicates that it does not generate any revenue from real estate business activities. QCG's revenue solely comes from two segments: selling goods (over VNĐ18 billion) and selling electricity (nearly VNĐ49 billion).

On the other hand, LDG Investment Joint Stock Company (LDG) experienced a net loss of VNĐ65 billion in the third quarter, marking the fourth consecutive quarter of losses for the company. When combined with losses from the first and second quarters, LDG's net loss currently exceeds VNĐ209 billion, while it had a profit of over VNĐ8 billion during the same period last year.

As of September 30, LDG possessed total assets of nearly VNĐ2.09 trillion, reflecting a 14 per cent decrease compared to the beginning of the year. However, the amount of cash and cash equivalents reached VNĐ47 billion, which is 15 times higher than the beginning of the year, with most of it being in the form of bank deposits.

Phát Đạt Real Estate Development Joint Stock Company (PDR) recorded cash and cash equivalents of nearly VNĐ53 billion in the third quarter, indicating an 80 per cent decrease compared to the end of the previous year.

As of September 30, Đất Xanh Group Joint Stock Company (DXG) reported cash and cash equivalents amounting to VNĐ644 billion, representing an almost 42 per cent increase compared to the end of the second quarter. Among this amount, cash equivalents account for nearly VNĐ243 billion, deposited with an original term of no more than three months in banks, earning interest rates ranging from three per cent to three per cent per annum. The remaining VNĐ401 billion consists of cash.

Nam Long Investment Joint Stock Company (NLG) held cash and cash equivalents of VNĐ2.67 trillion at the end of the third quarter, representing a 15.3 per cent increase compared to 30 June. Within this amount, NLG recorded VNĐ929 billion in cash and VNĐ1.75 trillion in cash equivalents. — VNS

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