Shortage of financial revenue, Dat Xanh Group earns 33 billion VND in profit in the second quarter

Dat Xanh Group Joint Stock Company and Dat Xanh Services both reported profits of tens of billions of VND in the second quarter of 2024 - Photo: DXG

On July 29, Dat Xanh Group Joint Stock Company (stock code: DXG) announced its consolidated financial report for the second quarter of 2024 with revenue reaching VND 1,126 billion, an increase of 58% over the same period last year.

Gross profit increased sharply from VND290 billion to VND539 billion. In the same period last year, Dat Xanh had financial revenue of VND342 billion, but this year it only reached over VND4 billion while sales expenses also increased by more than VND100 billion.

At the end of the second quarter, Dat Xanh recorded a decrease in pre-tax profit from VND249 billion to VND164 billion, causing the parent company's after-tax profit to decrease by 79%, from VND156 billion to VND33 billion.

Accumulated for 6 months, Dat Xanh net profit was 64 billion VND, an increase of 3 billion VND compared to the business results of the same period last year.

As of June 30, 2024, Dat Xanh's total assets reached nearly VND 29,000 billion, but the inventory was large with a value of nearly VND 13,900 billion and short-term receivables amounted to nearly VND 11,300 billion.

Mr. Bui Ngoc Duc, General Director of Dat Xanh, said that Dat Xanh's consolidated after-tax profit in the second quarter decreased by more than 40% compared to the same period last year due to increased selling expenses from boosting quarterly business activities and no revenue from financial activities.

Meanwhile, another company "in the same family" as Dat Xanh Group, Dat Xanh Real Estate Services Joint Stock Company (Dat Xanh Services, stock code: DXS), specializing in real estate services of Dat Xanh Group, also announced its financial report on July 29.

Dat Xanh Services' net revenue in the first 6 months of 2024 reached VND 1,237 billion, an increase of 25% over the same period in 2023 (VND 991 billion).

Deducting cost of goods sold, gross profit reached VND 520 billion, up 84% over the same period, and the parent company's after-tax profit reached VND 69.2 billion compared to a loss of VND 57.7 billion in the same period in 2023, completing 82% of the target for the first 6 months of the year and reaching 41% of the target for 2024. In the second quarter alone, Dat Xanh Services had a net profit of more than VND 38 billion.

Real estate business revenue decline

Khai Hoan Land Group Joint Stock Company (stock code: KHG) recorded net revenue of more than VND 90 billion in the second quarter of 2024, 27 times higher than the same period last year.

However, the cost of goods sold increased sharply to more than 80 billion VND, causing the company's gross profit margin to drop sharply to more than 9 billion VND. At the end of the second quarter, Khai Hoan Land earned more than 16 billion VND, down 64% compared to the same period last year, but this was the highest profit in the past 4 quarters.

In the first 6 months, Khai Hoan Land brought in net revenue of 127 billion VND, down 52% compared to the same period last year and after-tax profit of 29 billion VND, down 71% compared to the same period last year.

The consolidated financial report for the second quarter of 2024 of Van Phu Invest Joint Stock Company (stock code: VPI) recorded net revenue from sales and service provision of VND 165 billion, down 75% compared to the same period last year.

Due to a sharp decrease in revenue, Van Phu Invest recorded a sharp drop in after-tax profit, reaching only 27 billion VND.

Source: https://tuoitre.vn/hut-doanh-thu-tai-chinh-tap-doan-dat-xanh-lai-33-ti-dong-trong-quy-2-20240729210457784.htm