According to the Hanoi Stock Exchange (HNX), Long Thanh Golf Investment and Trading Joint Stock Company has just announced its business results for the first half of 2024 with after-tax profit still at a low level, nearly 15 billion VND, compared to approximately 11.3 billion VND in the same period last year.

This is a low profit compared to the equity scale as of the end of June 2024, which was nearly VND 6,763 billion. The total assets of this enterprise are also very large, up to VND 22,115 billion, of which VND 15,352 billion (about nearly USD 614 million) is payable debt.

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Long Thanh Golf has low profits, debt is still large until the end of June 2024. Source: HNX

In 2023, Mr. Le Van Kiem's ​​company recorded a profit after tax of more than 242 billion VND. The previous year, 2022, the profit after tax of Long Thanh Golf Investment and Business was nearly 192 billion VND.

Overall, Golf Long Thanh's return on equity is expected to reach 0.2-0.4%, up from a high of nearly 3.2% in 2023.

A notable point is that the total debt of Long Thanh Golf Investment and Business as of the end of June 2024 is still about 614 million USD, although in the first 6 months of the year, the company's debt has decreased sharply.

Specifically, by the end of 2023, Long Thanh Golf Investment and Business recorded a total debt of more than VND 36,000 billion (equivalent to USD 1.44 billion). This figure by the end of the second quarter of 2024 was VND 15,352 billion (approximately USD 614 million).

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Long Thanh Golf has a very large total debt payable by the end of 2023. Source: HNX

Mr. Le Van Kiem's ​​company did not disclose details about the reduced debts. However, this is a business in the golf course and real estate sectors,... the debts payable could be bank loans, bond debts, prepayments from buyers...

Bond debt also did not fluctuate much, according to the report. Therefore, it is likely that there is a reduction in debt or a decrease in the amount of down payment made by buyers.

According to HNX, Golf Long Thanh only has one batch of GLTCH2124001 bonds in circulation with a total value of VND 1,000 billion, 3-year term, issued on December 21, 2021 with an interest rate of 9.5%/year.

The decrease in total debt also goes hand in hand with the decrease in assets. By the end of the second quarter of 2024, the total assets of Long Thanh Golf Investment and Business were VND 22,115 billion, a sharp decrease compared to the level of more than VND 43,600 billion at the end of 2023.

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Mr. Le Van Kiem. Photo: VNN

Long Thanh Golf is a business within the KN Investment Group ecosystem - a corporation of tycoon Le Van Kiem. KN Investment Group operates in four main areas: golf courses, real estate, minerals and solar energy.

Another notable enterprise of Mr. Kiem is KN Cam Ranh Company Limited. This enterprise has the main capital contributing member being Long Thanh Golf Investment and Trading Joint Stock Company.

KN Cam Ranh Company Limited has not announced its business results for the first 6 months of 2024.

By the end of 2023, Mr. Le Van Kiem's ​​KN Cam Ranh recorded a 15% increase in equity to more than VND 7,819 billion. The debt/equity ratio remained unchanged at 3.06 times. By the end of 2023, KN Cam Ranh's debt was more than VND 23,926 billion, equivalent to about USD 960 million.

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KN Cam Ranh also has very large liabilities. Source: HNX

KN Cam Ranh Company Limited is the investor of the KN Paradise project with a scale of nearly 800 hectares in Cam Ranh with a total investment of nearly 2 billion USD.

Mr. Le Van Kiem (1945) is a businessman from Hue, started his business in 1979 and became successful during the period of national renovation. In the early days, Mr. Kiem used rubber seed oil to produce paint and fertilizer and then switched to garment, construction, industrial zones, golf courses and in the past decade focused on finance and real estate.

Mr. Kiem is a pioneer in the golf course business with Long Thanh Golf (1,200ha) and is also one of the first people to participate in the establishment of VPBank.

Besides, KN ​​Investment Group has a number of large projects such as Long Thanh - Vientiane economic zone (600ha), KN Van Ninh solar power, KN Cam Lam solar power, KN Paradise resort and entertainment complex, The Vista An Phu luxury apartment complex...

KN Paradise project is a large-scale resort and entertainment complex in Bai Dai, Cam Ranh, Khanh Hoa. The project has a 27-hole golf course, thousands of shophouses, villas and townhouses along with many hotels, spa resorts and tens of thousands of condotels.

Long Thanh Golf is the investor of the Long Thanh urban area, golf course, sports and eco-tourism project (Bien Hoa, Dong Nai) with a scale of over 333 hectares and the Long Thanh eco-tourism urban area project (Long Thanh district) with a scale of 843 hectares. This is one of the largest golf courses in the country.

In addition, Long Thanh Golf also invested in a 5-star hotel project, luxury villas and a 560-hectare golf course in Vientiane (Laos).

Golf tycoon Long Thanh's business announced its 2023 financial results, with many notable points. The leading businessman in the country's renewal period, Le Van Kiem, is the owner of the Long Thanh Golf and KN Paradise ecosystems. These businesses have just announced their 2023 financial results with many notable points.