HFIC's undistributed profit after tax exceeds 3,000 billion VND - Photo: AI drawing
HFIC is a company that holds 100% of the capital of Ho Chi Minh City Lottery Company Limited. In addition, the company also invests in many other businesses in the city.
Lottery accounts for 87% of HFIC's revenue
HFIC's audited 2024 financial report shows that total revenue last year reached VND14,343 billion, an increase of more than 3% compared to 2023.
Of which, revenue from traditional lottery business activities reached 12,539 billion VND, accounting for more than 87% of total revenue.
Coming in second is revenue from maintenance and construction activities with nearly 630 billion VND, followed by investment real estate, bringing in 623 billion VND. In addition, HFIC also has revenue from loan interest, deposits, sales and service provision...
However, the company recorded a loss of VND392 billion from capital investment activities in other units. Specifically, last year HFIC recorded revenue from capital investment activities reaching VND421 billion, while the cost was up to VND814 billion.
Not to mention the profit from joint ventures and associates also decreased sharply, from 265 billion VND in 2023 to just over 80 billion VND in 2024.
Therefore, despite cutting many costs and having additional net income from other activities of up to VND 339 billion, HFIC's pre-tax profit only reached VND 2,133 billion, down more than 16% compared to the previous year.
After deducting taxes, the company reported a net profit of VND1,634 billion, down nearly 23%.
By the end of 2024, HFIC's equity reached VND11,723 billion, down nearly 2% compared to the beginning of the year. Of which, undistributed profit after tax reached VND3,037 billion.
Liabilities increased slightly to VND4,561 billion. Most of which were taxes and other payments to the State, accounting for VND1,853 billion, up 56%. On the contrary, loans decreased sharply to VND1,259 billion.
Many stocks have made billions in profit, is HFIC a "lucky" investor?
HFIC is a one-member LLC with 100% state capital, established on the basis of reorganizing the Ho Chi Minh City Urban Development Investment Fund. The company has a charter capital of VND 7,611 billion, headquartered in District 1, Ho Chi Minh City.
HFIC directly owns three subsidiaries with capital ratios ranging from 51% to 100%, including: Ho Chi Minh City Housing Business Management Company Limited, Ho Chi Minh City Lottery Company Limited and Ho Chi Minh City Public Lighting Joint Stock Company.
In addition, HFIC also invested in about 18 joint ventures and associates, with a book value according to the equity method at the end of 2024 of VND 3,039 billion, down 36% compared to the beginning of the year.
Notably, this list includes Saigon Kim Cuong Joint Stock Company - a legal entity related to Van Thinh Phat Group.
HFIC's financial statement notes clearly state: As of December 31, 2024, the capital contribution owned by legal entities and individuals directly related to the Van Thinh Phat case at Saigon Kim Cuong was VND 1,204 billion, accounting for 66.93% of the capital contribution.
The Ministry of Public Security's investigation agency has frozen all balances of Saigon Kim Cuong's payment account and term deposit account opened at SCB, with the amounts of VND613 billion and VND185 billion respectively. At the same time, the company was required to deposit VND414 billion into a temporary account at the State Treasury of Cau Giay District, Hanoi.
In addition, HFIC also invests in many listed companies on the stock exchange, with many investments recording significant profits.
For example, the investment in HCM code of Ho Chi Minh City Securities Corporation has an original price of VND 1,010 billion, but the market value at the end of 2024 reaches VND 3,222 billion.
Similarly, HDBank 's investment in HDB code has an original price of VND 270 billion, but the market value is up to VND 2,186 billion.
The investment in REE code of Refrigeration Electrical Engineering Corporation has an original price of only 98 billion VND, but the fair value is over 1,687 billion VND. Meanwhile, CII code of Ho Chi Minh City Infrastructure Investment Corporation has an original price of 239 billion VND, but the market value is 376 billion VND.
However, HFIC also suffered a significant loss when investing in TDH code of Thu Duc Housing Development Joint Stock Company with an original price of 32 billion VND, but the fair value at the end of the year was only more than 19 billion VND...
Source: https://tuoitre.vn/hfic-lai-ngan-ti-87-doanh-thu-den-tu-xo-so-20250613211522434.htm
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