Compared to the beginning of the year, total assets of Long Thanh Golf Investment and Trading Joint Stock Company increased by 4.7% to VND 22,113.1 billion, cash balance and cash equivalents increased by nearly VND 120 billion.
The above data was announced by Long Thanh Golf Investment and Trading Joint Stock Company in its financial report for the second quarter of 2024.
Accordingly, in terms of asset structure, the two items that account for a large proportion on the company's balance sheet are inventories of VND 4,392.5 billion (accounting for 19.9%) and long-term financial investments of VND 12,643.5 billion (accounting for 57.2%). These are investments in strategic industries, in line with the company's long-term development orientation.
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| Long Thanh Golf Course 36 holes meets international standards. |
Regarding capital structure, the company has equity of VND 6,762.8 billion (accounting for 30.6% of total assets), loans and financial lease debt maintained at a healthy level of VND 2,219.8 billion (accounting for 10% of total assets).
At the end of the second quarter of 2024, the company's revenue in the first 6 months of the year reached 175.5 billion VND, with after-tax profit growing 32.6% over the same period in 2023.
Long Thanh Golf Company is one of the important cores in the KN Holdings ecosystem of businessman Le Van Kiem. The company is currently operating the 36-hole Long Thanh Golf Course with an area of over 350 hectares, serving about 1,000 members, with more than 60% of members coming from Europe, Japan, Korea, Singapore, China, Thailand... Long Thanh Golf Course is voted the most beautiful and best course in Vietnam and one of the most beautiful courses in Asia.
In addition to golf business, the Company also invests in real estate, industrial parks, energy, and resort tourism.
In the resort real estate sector, Long Thanh Golf Investment and Trading Joint Stock Company holds 90% of shares in KN Cam Ranh Company Limited, which is the investor of the KN Paradise Resort and Entertainment Complex project in Cam Ranh, with a total investment of VND 46,371 billion. Currently, some items of the project have been completed and put into operation, including a chain of Wyndham Grand branded resort villas with 327 rooms and the 27-hole KN Golf Links course designed by Greg Norman. The project has also been handing over housing products to customers.
According to information from KN Cam Ranh Company Limited , the project is expected to continue launching new low-rise products in the fourth quarter of 2024.
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| Wyndham Grand KN Paradise resort villa chain is located in Cam Ranh City. |
The business situation of KN Cam Ranh Company Limited also had outstanding growth in 2024. At the end of the second quarter of 2024, the Company achieved revenue in the first 6 months of the year of 916 billion VND (3 times higher than the same period in 2023), profit after tax reached 80.4 billion VND (growth of 23.4%).
Regarding financial structure, the Company actively paid and reduced outstanding debt during the year thanks to revenue from home buyers. During the period, the total value of customers paid according to the progress of real estate transfer contracts increased by more than VND 3,400 billion, to VND 11,573 billion.
Along with that, the Company has reduced its outstanding debt by more than VND 950 billion compared to the beginning of the year and brought the outstanding debt to VND 8,384 billion as of June 30, 2024.
In 2024 - 2025, KN Cam Ranh aims to build, hand over houses and collect payments on schedule. At the time of handing over houses to customers, the prepayments as mentioned above will be eligible to be transferred to revenue and profit recognition.
Source: https://baodautu.vn/golf-long-thanh-kinh-doanh-khoi-sac-trong-nua-dau-nam-2024-d224066.html
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