Hoang Quan Real Estate (HQC): Profit in the second quarter of 2024 is more than 10 billion VND, 8.3 times higher than the same period
At the end of the second quarter of 2024, HQC recorded net revenue of nearly 316 billion VND, 3 times higher than the same period; mainly from the projects of Binh Minh Residential Area, Nha Trang, HQC Plaza, HQC Binh Trung Dong.
According to the financial report of the second quarter of 2024 of Hoang Quan Real Estate Consulting-Trading-Service Joint Stock Company (HQC), the company's returned goods in the second quarter increased dramatically, causing net revenue to be recorded at just over 5 billion VND, and the cost of goods sold was also "refunded" at a negative 47.5 billion VND. As a result, gross profit was recorded at 52.5 billion VND. As a result, the company reported a profit after tax of 10.39 billion VND, 8.3 times higher than in the second quarter of 2023.
In the first 6 months, HQC recorded net revenue of VND 18.5 billion and profit after tax of VND 12.56 billion. Although growing, this figure is still far from the plan approved by the 2024 Shareholders' Meeting with revenue of VND 2,000 billion, up 520% over the same period, profit after tax of VND 100 billion, up 18.23 times compared to the implementation in 2023.
As of June 30, total assets were over VND10,378 billion, up 42% compared to the beginning of the year. Of which, there was a sharp increase in some cash and cash equivalents of nearly VND45 billion, double the beginning of the year, short-term receivables skyrocketed by VND1,370 billion, up to VND4,324 billion.
Capital structure, positive point when the item of short-term prepayment from buyers increased, up to 804 billion VND - will be recorded in revenue when the company hands over houses to customers. Short-term debt is more than 99 billion VND, however, long-term debt has increased sharply to 1,269 billion VND, while at the beginning of the period, this item did not arise.
According to HQC, the company has invested more than 1,700 billion VND in 4 projects including HQC Tan Huong Social Housing Project, Tra Vinh New Urban Area Project and Golden City Social Housing Project in Tay Ninh and GranDora Tower Project in District 2 ( Ho Chi Minh City). These projects are expected to bring in revenue of 950 billion VND in 2024.
In which, the Golden City Social Housing Project (Golden City Investor) in Tay Ninh , HQC invested a total capital of more than 2,233.3 billion VND. In 2024, HQC poured 1,000 billion VND into this project with expected revenue in the year of 599 billion VND.
HQC Tan Huong Social Housing Project, HQC invested a total investment capital of 532.8 billion VND, of which HQC invested 200 billion VND with expected revenue of 145 billion VND in 2024.
Tra Vinh New Urban Area Project, with a total capital of 975 billion VND, in 2024, HQC invested 300 billion VND with expected revenue of 496 billion VND. Currently, the project has built, completed and handed over 70% of the total products of the project.
Grandora Tower Luxury Villa and Apartment Project in District 2 (Ho Chi Minh City), HQC invested with a total investment of 528.7 billion VND and in 2024 HQC invested with a capital of 210 billion VND.
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