Despite a decrease compared to the same period last year, Hoang Huy TCH's revenue and profit in the third quarter of 2024-2025 increased sharply compared to the first two quarters of the fiscal year, contributing greatly to helping the company exceed its business plan after the first 9 months of the year.
A corner of Hoang Huy New City project. Photo: Trong Tung
Hoang Huy Financial Services Investment Joint Stock Company (HOSE: TCH) has just announced its consolidated financial report for the third quarter of the 2024-2025 fiscal year (accounting period from April 1, 2024 to March 31, 2025), recording net revenue of VND 1,561 billion, down 3.2% over the same period last year. With the cost of goods sold slightly increasing to over VND 1,000 billion, Hoang Huy's gross profit in the third quarter of 2024-2025 decreased by 15% to VND 554 billion.
Although down from the third quarter of 2023-2024, this is TCH's highest revenue in the 2024-2025 fiscal year, surpassing the results of VND828 billion achieved in the first quarter and VND1,414 billion in the second quarter.
During the period, TCH's financial revenue decreased by 62% compared to the same period to VND33 billion. On the contrary, Hoang Huy's expenses were significantly reduced, of which financial expenses decreased by 72% to VND9.5 billion, and sales expenses decreased by 34.4% to VND74.3 billion.
Excluding taxes and fees, Hoang Huy reported a profit after tax of VND380 billion, down 17.3% compared to the results achieved in the third quarter of 2023-2024. Similar to revenue, this is also Hoang Huy's highest profit in 2024-2025, surpassing VND264 billion in the second quarter and VND229 billion in the first quarter.
In the first 9 months of the 2024-2025 fiscal year, Hoang Huy's total revenue reached VND3,808 billion, an increase of 74.4% compared to the first 9 months of the 2023-2024 fiscal year. Real estate accounted for the majority of TCH's revenue structure with VND3,180 billion, an increase of 86.3%. Revenue from the sale of tractors and recovered components also increased by 45.3% to VND484 billion.
With strong revenue growth, TCH's after-tax profit reached VND867 billion, up 19% over the same period. In 2024, TCH plans to do business with VND2,500 billion in net revenue and VND800 billion in after-tax profit. Thus, the company has exceeded 52.3% of the revenue plan and 8.4% of the profit target after 9 months of operation.
As of December 31, 2024, TCH's total assets reached VND15,349 billion, an increase of nearly 5% compared to the beginning of the fiscal year. Of which, the company owns VND3,413 billion in term deposits, an increase of 130% and equivalent to 22.2% of TCH's asset structure.
Accounting for the largest proportion in TCH's asset structure is VND 8,676 billion of inventory, a significant decrease compared to VND 9,837 billion at the beginning of the fiscal year, mainly from VND 217 billion of finished real estate products at the Hoang Huy New City project and VND 5,088 billion of unfinished production and business costs at the Hoang Huy New City - II project.
Hoang Huy New City is located along Do Muoi Street extended to Duong Quan Street, Thuy Nguyen City, Hai Phong City. Located in the center of the new urban area Bac Song Cam, Hoang Huy New City is one of the key projects of TCH at the present time.
On the other side of the balance sheet, total liabilities as of December 31, 2024 reached VND 2,072 billion, down 5.4% compared to the beginning of the year, including VND 748 billion in short-term payables to sellers, VND 478 billion in short-term prepayments from buyers, VND 269 billion in short-term payable expenses, and VND 239 billion in other short-term payables.
Unlike many other real estate developers in the market, TCH does not record short-term financial debt, while long-term financial debt is nearly VND 90 billion, accounting for less than 0.1% of the company's capital structure.
Source: https://www.hoanghuy.vn/tin-tuc-su-kien/tch-hoan-thanh-1523-ke-hoach-kinh-doanh-ca-nam-tai-chinh-2024/
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