(Dan Tri) - By the end of 2024, VEFAC's total assets will reach VND98,380 billion, 10 times higher than at the beginning of the year. The asset size is only inferior to the two real estate giants Vinhomes and Novaland.
Vietnam Exhibition Fair Center Joint Stock Company (VEFAC - stock code: VEF) has just announced its financial report for the fourth quarter of 2024 with surprising figures. The company's net revenue in the last quarter was more than VND 126 million, down 99% compared to VND 6.2 billion in the same period last year.
However, the company's financial revenue skyrocketed to VND560 billion, nearly five times higher than the same period last year, due to interest from loans and investment activities of this enterprise.
In the last period, the company's financial expenses were VND8.1 billion, down more than 70% compared to the fourth quarter of 2023. Sales expenses were VND15.1 billion, nearly 7 times higher than the same period last year.
After deducting expenses, VEFAC's after-tax profit was VND434.4 billion, 4.7 times higher than the same period last year.
In 2024, the company recorded a revenue of VND 4.6 billion, down 48.8% compared to 2023. Thanks to a sharp increase in financial revenue, VEFAC's after-tax profit reached VND 698.8 billion, up nearly 61%.
Seeking profits based on financial activities instead of core business activities is a characteristic of this company. During the period of 2018-2022, the company's financial profit was larger than its net profit from business activities.
Notably, the company's total assets reached VND98,380 billion, a 10-fold increase compared to the beginning of the year. Of which, short-term assets were over VND87,994 billion, 13 times higher than at the beginning of 2024.
Items in short-term assets with strong fluctuations include cash at VND 1,209.5 billion (nearly 103 times), other short-term receivables at VND 56,567 billion (320 times), and inventories at VND 22,083 billion (17.4 times).
Most of this receivable is receivable from Vinhomes Joint Stock Company (stock code: VHM) for real estate activities. The remaining inventory is the cost of implementing the investment project of the new urban area in Dong Anh district, mainly land payment.
The size of this enterprise's assets is only less than two other enterprises in the real estate industry, Vinhomes and Novaland, on the stock exchange.
On the other side of the balance sheet, the payables at the end of the fourth quarter of 2024 were nearly VND94,605 billion, 14 times higher than at the beginning of the year and 28 times higher than the owners' equity. Of which, the amount of prepayments from buyers was VND63,261 billion. Other short-term payables were VND23,279 billion. Owners' equity reached VND3,340 billion.
Currently, the largest shareholder of this company is Vingroup Corporation with an ownership ratio of 83.32%. The remaining ownership belongs to the Ministry of Culture, Sports and Tourism and other shareholders.
VEFAC is known as a subsidiary of Vingroup Corporation (stock code: VIC), with a direct ownership ratio of more than 83% of capital. This enterprise is the owner of the National Exhibition Center project in Dong Anh in August 2024.
According to the resolution to collect shareholders' opinions in writing, VEFAC is cooperating with Vinhomes to implement the new urban area project Vinhomes Global Gate. VEFAC will receive 95% of all benefits from the project while Vinhomes will receive 5%.
On January 16, the Hanoi People's Committee issued Decision No. 241 on allowing Vietnam Exhibition Fair Center Joint Stock Company to adjust the name of the land user, extend land use, and change the purpose of use of nearly 68,383 square meters of land at 148 Giang Vo, Giang Vo Ward, Ba Dinh District to implement the project of a mixed-use complex of commercial, service, and cultural centers.
Of which, more than 40,435m2 is land for mixed-use areas combining commercial service areas and office business. The form of land use is that the State leases land and collects land rent once for the entire lease period. The land lease term is 50 years from the date of signing the land lease decision.
The project has more than 8,814m2 of land for inter-level schools. The form of land use is that the State leases land and collects annual land rent. The land lease term is 50 years from the date of signing the land lease decision.
Source: https://dantri.com.vn/bat-dong-san/doanh-thu-bat-ngo-cua-cong-ty-dia-oc-viet-co-tai-san-gan-4-ty-usd-20250123111323573.htm
Comment (0)