Sold out 627 Quy Nhon Iconic products in phase 1, Phat Dat's profit in the fourth quarter of 2024 increased by 30.6%

In the fourth quarter of 2024, Phat Dat completed the transfer and recorded revenue of all 627 products (including 92 shophouses and 535 land plots) at Quy Nhon Iconic project phase 1.

In the fourth quarter of 2024, Phat Dat completed the transfer and recorded revenue of all 627 products (including 92 shophouses and 535 land plots) at Quy Nhon Iconic project phase 1.

Phat Dat Real Estate Development Joint Stock Company (HoSE: PDR) has just announced its consolidated financial report for the sixth quarter of 2024 with net revenue reaching more than VND 1,844 billion, 27 times higher than the same period.

Cost of goods sold and service provision recorded more than 1,100 billion VND, causing Phat Dat's gross profit to fall to 697 billion VND, but still increased 11 times compared to the same period.

During the period, Phat Dat recorded more than VND100 billion in financial expenses, of which nearly VND72 billion was interest expense. The company also recorded nearly VND60 billion in sales expenses, while this figure in the same period last year was only more than VND7.7 billion.

After deducting other expenses, Phat Dat reported a fourth quarter profit of VND369.2 billion, an increase of more than 30% over the same period last year.

Phat Dat said that in the fourth quarter, the Company completed the transfer and recorded revenue of all 627 products (including 92 shophouses and 535 land plots) in phase 1 of the Bac Ha Thanh Urban Renovation and Residential Area Project (commercial name is Quy Nhon Iconic) in Binh Dinh province.

This project has a very high net profit margin of 37% (pre-tax profit margin of 24%), contributing to bringing the fourth quarter net profit to the highest level in many years.

Accumulated for the whole year of 2024, Phat Dat recorded net revenue of VND 2,017 billion, an increase of 3.2 times compared to 2023; but profit after tax decreased slightly, reaching VND 522.8 billion.

By the end of 2024, Phat Dat's total assets increased by 14.5% to VND24,116 billion. Of which, short-term assets increased by 28% to VND21,706 billion, mainly due to increased inventories and short-term receivables.

Specifically, inventories increased by 10%, reaching VND13,400 billion, mainly the value of compensated land fund, land use fees paid to the state, site clearance costs, construction costs and investment costs for real estate projects.

Meanwhile, short-term customer receivables at the end of the period increased to VND3,860 billion, mainly from transactions at the Quy Nhon Iconic project (reaching VND1,478 billion).

Phat Dat said that in the first half of 2025, nearly 800 products from the next phases of the Quy Nhon Iconic project are expected to be launched on the market.

In addition to this project, Thuan An 1&2 Complex Housing Area in Binh Duong is completing the final legal steps. Strategic projects such as Q1 Tower in Quy Nhon, Binh Dinh, Nhu Nguyet Commercial Service Complex in Da Nang, Serenity Phuoc Hai in Ba Ria - Vung Tau and the Resort Complex Project in Con Dao are also actively being implemented.

Phat Dat expects these projects to bring in 50,000 billion VND in revenue from now until 2027.

Source: https://baodautu.vn/batdongsan/ban-het-627-san-pham-quy-nhon-iconic-giai-doan-1-phat-dat-lai-quy-iv2024-tang-306-d242748.html