Update on business situation in the first 9 months of 2023 and project implementation progress of Hoang Huy Finance
Within the framework of the meeting to welcome the Investment Funds, the Company's Board of Directors updated the business results of the first 9 months of the 2023 fiscal year with an expected profit of over 700 billion VND. At the same time, the implementation status of typical projects was updated. Accordingly, most of the projects have been fully handed over. 100% of TCH's projects have full legal documents, 100% of customers have been granted full red books, 100% of financial obligations to implement the project have been paid.
Recently, TCH has welcomed investment funds interested in visiting and learning about the company such as: Sumitomo Mitsui AM Fund Hong Kong branch visited the company on October 31, 2023, Muddy Water Capital AM Fund - USA visited the company on November 16, 2023, KB Global Fund - Korea visited the company on December 13, 2023.
At the meetings, the company's Board of Directors shared about the production and business activities as well as provided information about the projects the company has been and is implementing.
Business results for the first 9 months of the year
At the working sessions with Investment Funds, the representative of the Company's Board of Directors, Mr. Do Huu Hung, Deputy General Director, said: In the recent past, the Company has continued to focus highly on sales activities. The Company's Automobile and Real Estate products have been consumed quite well. It is expected that by the end of the first 9 months of the 2024 fiscal year (April 1, 2023 - December 31, 2023), sales revenue and service provision are estimated to reach over VND 2,000 billion, an increase of 40% over the same period last year, profit after corporate income tax is estimated to reach about VND 700 billion, an increase of about 160% over the same period.
In the automobile business, the Company also achieved positive results. The Company's tractor products are consumed relatively well. Revenue from the sale of tractors and components is expected to reach over 300 billion. Regarding the real estate and leasing business, the Company is currently handing over products of the Hoang Huy Commerce project, so the revenue recorded in the first 9 months of the year is expected to be relatively large.
Progress of some typical projects
On the sidelines of the meetings, the Company also organized for representatives of investment funds to visit and introduce some projects that the Company has been and is implementing in Hai Phong and Hanoi. Along with that, the progress of each project is also specifically informed by the Company's management board.
As one of the leading units in implementing social housing projects in Hai Phong, starting from 2016, the Company implemented its first project, the Pruksa Town Housing Project in An Dong, An Duong District, Hai Phong City. By 2020, the project was fully completed. 100% of residents who received their houses received full red books.
Pruksa Town project has been put into use.
In the period of 2019-2022, TCH will implement high-quality commercial housing projects in Hai Phong, typically the Hoang Huy Riverside project and the Hoang Huy Mall project. The above two projects provide more than 500 townhouses and villas for customers. The total investment of the two projects is about 1,700 billion VND. In 2020, the Company also invested in the Social Housing project in An Dong, the project provides about 1,000 social housing units for residents. Currently, the above projects have been 100% sold out, and all 100% of home buyers have received full red books.
Hoang Huy Riverside Project
Another typical project that the company has implemented is the Hoang Huy - So Dau project, with a prime location with 3 frontages. The north side faces Hung Vuong Street, the south side faces Hong Bang Street, the east side faces the overpass south of Cau Binh Bridge. The project provides over 1,000 apartments, townhouses and pedestal shophouses. This is also the project that contributes the most to the Company's revenue and profit in 2022. To date, the entire project has been sold out, 100% of home buyers have received red books.
Front image of Hoang Huy project – So Dau
Projects in Hanoi: In addition to focusing on developing real estate projects in Hai Phong City, TCH also invests in projects in Hanoi. The two projects that the Company has implemented in Hanoi are the Golden Land Building - N01 project and the Gold Tower project. Located at 275 Nguyen Trai Street, Thanh Xuan District, Hanoi City. This is considered the western gateway of the capital, in front of the project is Nguyen Trai Street with 12 lanes and the Cat Linh - Ha Dong elevated railway. Going about 400m to the west is the Nguyen Trai - Khuat Duy Tien intersection and the elevated Ring Road 3. The project easily connects the entire city's transportation system and the transportation system with neighboring provinces. Started from 2012-2015 for the Golden Land project and from 2017-2020 for the Gold Tower project, the total area of the 2 projects is about 2.1 hectares, providing over 900 apartments to customers. The 2 Golden Land and Gold Tower projects have been 100% handed over, 100% of residents have received full red books.
Gold Tower at 275 Nguyen Trai, Thanh Xuan, Hanoi
Ongoing projects will record profits in 2023 and 2024.
Currently, TCH is focusing on investing in two key projects: Hoang Huy Commerce project (Building H1) on Vo Nguyen Giap street, Kenh Duong ward, Le Chan district, Hai Phong city and Hoang Huy New City project in Bac Song Cam urban area, Thuy Nguyen district, Hai Phong city.
Hoang Huy Commerce project is a high-end apartment complex project with many high-class amenities for residents. With an airy, bright, borderless glass design. Every apartment receives natural light, creating an airy feeling for residents. In addition, the project is also provided with high-end technology utilities, improving the quality of life of residents such as facial recognition technology, fingerprint recognition at the entrance to help ensure security and privacy for residents living in the apartment. The project provides about 2,500 apartments, starting to be handed over to residents from the third quarter of fiscal year 2023. Hoang Huy Commerce is expected to be a key project bringing large revenue and profits to the Company in 2023-2024.
Panoramic view of Hoang Huy Commerce project (Building H1) from above
Unlike the Hoang Huy Commerce project, Hoang Huy New City mainly provides products such as townhouses and social housing. The project covers an area of 8 hectares, located in the North Cam River Urban Area, Thuy Nguyen District. This is considered a new city in Hai Phong. Thuy Nguyen District is expected to become a city in 2025, so it is considered to have a lot of room for development. The Hoang Huy New City project is expected to be handed over to residents and record profits at the end of 2024.
Construction progress of Hoang Huy New City Project December 2023
Projects to be implemented in 2024
After careful preparation, the Hoang Huy Green River project is expected to start construction in 2024. Located on the Ngoc River, with clear blue water, the total area is up to 32.5 hectares. The main products the project will provide to customers will be luxury apartments, villas and social housing. This is considered a large project, bringing revenue and profit to the company for many years.
Hoang Huy Commerce Project (Building H2). With positive signals from the absorption of products and customer feedback on the quality of products in Building H1, the Company plans to continue implementing investment procedures for Building H2. This will be a project that provides additional products with more utilities than Building H1.
Investing in other new projects: In addition to focusing on investing in completing ongoing projects, as well as projects on available land funds, TCH also continues to implement the policy of expanding land funds through land auctions, bidding, and project sales with the aim of accumulating more land funds, ensuring long-term and sustainable development space for the Company.
Source: TCH
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