Danh Khoi escaped losses in the second quarter of 2024 thanks to other income

Thanks to the amount of 60 billion VND from compensation due to the liquidation of the contract to transfer part of the East Thu Luu Canal Housing Project, Danh Khoi escaped losses in the second quarter of 2024.

Danh Khoi Group Joint Stock Company (HNX: NRC) has just announced its consolidated financial report for the second quarter of 2024 with net revenue reaching just over VND 6.3 billion. However, financial expenses accounted for VND 25 billion, plus other expenses, causing Danh Khoi to have a net loss from business operations of VND 26 billion.

However, Danh Khoi escaped losses and reported a profit after tax in the second quarter of more than 4 billion VND thanks to other income of 60 billion VND from compensation due to the liquidation of the contract to transfer part of the project of the East Housing Area of ​​Thu Luu Canal in Long Toan Ward, Ba Ria City, Ba Ria - Vung Tau.

In the first 6 months of the year, Danh Khoi's net revenue reached 11.7 billion VND and after-tax profit was over 7 billion VND. In 2024, Danh Khoi aims for total consolidated revenue of 1,926 billion VND and after-tax profit of 40 billion VND. Thus, after half a year, the company has only achieved 0.6% and 18% of the yearly plan.

In the first half of the year, Danh Khoi incurred two short-term receivables of VND258 billion at ABFAST Joint Stock Company and VND198 billion at Tan Tien Trading and Investment Company Limited.

Along with that, Danh Khoi has recovered the entire principal of 185 billion VND, which is the prepayment to Danh Khoi Holdings Investment Joint Stock Company to receive the transfer of part of the Thu Luu Canal East Housing Project that the two parties have liquidated.

Regarding Danh Khoi Holdings, Danh Khoi still has 227 billion VND in short-term receivables and 450 billion VND in long-term receivables.

Specifically, the company still has a business cooperation amount for the mixed-use apartment project in Subdivision No. 4 of Nhon Hoi Eco-tourism Urban Area, Quy Nhon City, Binh Dinh with Danh Khoi Holdings Company. Accordingly, Danh Khoi is the capital contributor, Danh Khoi Holdings is the capital recipient, the parties agree on the investment cooperation value in which Danh Khoi contributes 75 billion VND and shares a minimum profit of 30 billion VND for the capital contributor when this investment cooperation contract ends.

Danh Khoi also contributed 450 billion VND to cooperate in investing in the Binh Duong 1 Trade Center and Luxury Apartment Project and was divided the cooperation results by the cooperation revenue. Danh Khoi paid on behalf of Danh Khoi Holdings Company to DKPM Asset Management - Service Company to build a model house for the Binh Duong 1 Trade Center and Luxury Apartment Project.

In addition, Danh Khoi also contributed 350 billion VND to cooperate in real estate investment in urban development investment projects in Sub-areas 2, 4, 9 of Nhon Hoi Eco-tourism Urban Area. Accordingly, Danh Khoi will conduct business in 195 land products of the project and the parties will divide pre-tax profits, in which Danh Khoi will enjoy the revenue difference between the fixed selling price and the actual selling price. Up to the time of preparing this financial report, Danh Khoi has recorded a lot of divided profits and is recovering the principal.

This year, Danh Khoi plans to offer 100 million shares at a par value of VND10,000/share to professional securities investors. With the VND1,000 billion raised if the issuance is successful, the company plans to use VND520 billion to pay off all tax debts, settle all bonds, and pay off all loans at BIDV Bank.

Next, the company plans to use 195 billion VND to pay for a part of the Dai Nam Residential Area project and 180 billion VND to pay for a part of the Ham Thang - Ham Liem residential, handicraft and commercial service area project. The implementation time is in the fourth quarter of 2024 and 2025. The remaining 105 billion VND will supplement working capital to serve the company's production and business activities.

At the annual general meeting of shareholders held at the end of June, Mr. Ho Duc Toan, Chief Financial Officer of Danh Khoi Group, said that this plan had been carefully considered by the Executive Board. Because when issuing separately, there will be a dilution rate, but the Company still accepts it to welcome more investors. At the same time, the Company also has more capital to carry out plans... the ultimate goal is to bring the highest value to shareholders.

Regarding the issue price of shares higher than the market price, Mr. Toan said that the book value at the end of 2023 was 14,000 VND/share. In addition, the Company's undistributed profit after tax in 2023 was more than 9.6 billion VND... During the meeting, some investors also assessed and recognized the Company's future prospects.

Speaking more about the capital usage plan if the capital mobilization is successful, Mr. Le Thong Nhat, Chairman of the Board of Directors of Danh Khoi Group, said that purchasing a part of the Dai Nam Residential Area project and the Ham Thang - Ham Liem residential area for small-scale industrial, commercial and service activities is the initial plan.

However, the Board of Directors has also researched a number of other projects with criteria of complete legal status, complete infrastructure, and high liquidity. The product line mainly focuses on the land and low-rise townhouse segment. The aim is to create a new breakthrough in 2024.

Source: https://baodautu.vn/danh-khoi-thoat-lo-quy-ii2024-nho-thu-nhap-khac-d222060.html