BCG Land announced its third quarter 2024 financial report with revenue of VND 287.3 billion and profit increased sharply by 273.3%, showing impressive recovery and growth momentum.
BCG Land announced its third quarter 2024 financial report with revenue of VND 287.3 billion and profit increased sharply by 273.3%, showing impressive recovery and growth momentum.
BCG Land Joint Stock Company (UPCoM: BCR) has just announced its financial report for the third quarter of 2024, recording spectacular growth results with net revenue reaching VND 287.3 billion, an increase of 25% over the same period in 2023. In particular, profit after tax in the third quarter increased by 273.3%, showing a strong and effective recovery in the company's business operations.
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| Revenue and profit Q3/2024 |
Accumulated in the first 9 months of 2024, BCR's consolidated net revenue and after-tax profit reached VND 594.9 billion and VND 105.4 billion, respectively, completing 27.2% and 24.9% of the plan set at the 2024 Annual General Meeting of Shareholders. This source of revenue and profit mainly comes from handover activities at two resort projects, Malibu Hoi An and Hoian D'or. Specifically, in the first 9 months of the year, BCR handed over 6 villas, 147 condotels in Malibu and 6 shophouses in Hoian D'or.
Expenses such as business management costs and sales costs continue to be controlled at an effective level. Specifically, sales costs in the third quarter of 2024 were recorded at VND 14.2 billion, only 38.4% compared to the same period. Business management costs in the third quarter of 2024 were VND 18 billion, thereby accumulating this cost in the first 9 months of 2024 at VND 51.5 billion, almost equivalent to the first 9 months of 2023 (VND 49.6 billion).
In addition, as of September 30, 2024, BCG Land maintained a safe debt/equity ratio of 1.19 times, as a result of effective debt management and financial structure safety. Compared to the second quarter of 2024, BCR's liabilities decreased slightly by VND 19.4 billion to VND 7,197.8 billion. The company's new loans during the year are being used to expand its real estate project portfolio in strategic locations including Ho Chi Minh City, creating a premise for long-term growth.
Notably, in the "Prepayments from Buyers" item, the Company recorded VND 1,174 billion as of the end of September, including: VND 386.4 billion from the Malibu project and VND 759.9 billion from Hoian D'or. This is a potential source of revenue for the Company in the future, especially when the Company is promoting product handover activities in the coming time, in which the Malibu Hoi An project is qualified to welcome guests from October 2024. When the handover is completed, the above item will be recorded directly in the Company's revenue. At the end of November 2024, the Company will also open the sale of the King Crown Infinity project, promising to create a new wave in the real estate market with the "unique" advantages that the project brings to customers, which is expected to bring a large cash flow to BCG Land.
Malibu Hoi An project is one of BCG Land's outstanding beach resort projects that has received approval from Quang Nam province to welcome guests at the end of 2024. BCG Land is completing the final steps to hand over to the international operator Radisson Hotel Group - a prestigious brand in the field of high-end hotel management, to ensure international service quality for customers and investors. Next November, phase 1 of the project will complete 14 villas, in parallel with the implementation of phase 2 including 12 villas.
Overall, BCG Land had a very successful third quarter, demonstrating a strong recovery and growth potential in the current real estate market context. Along with this financial growth, the company is accelerating its plan to launch the high-end project King Crown Infinity - a new iconic project of BCG Land in the center of Thu Duc, Ho Chi Minh City.
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| King Crown Infinity – New investment highlight in the center of Thu Duc City |
King Crown Infinity is not only a high-end real estate project, but also an ideal destination for those looking for a luxurious and comfortable living space. With diverse amenities and a prime location, this project is expected to make a strong impression on the real estate market and promises to not only attract investors but also generate positive revenue, bringing sustainable value to customers and shareholders at the end of the year.
With strong support from the ecosystem of Bamboo Capital Group (HoSE: BCG), BCG Land is in a pioneering position to seize golden opportunities as the Vietnamese real estate market enters a recovery phase. The company continues to focus on expanding its project portfolio, from luxury apartments to high-end resorts. Determined to continuously enhance value for shareholders and customers, BCGLand is ready to welcome new opportunities, creating conditions for investors to exploit profit potential and move towards a more prosperous future.
Source: https://baodautu.vn/loi-nhuan-tang-ngoan-muc-2733-bcg-land-but-pha-quy-iii2024-d228796.html
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