Tu Liem Urban Development Joint Stock Company (Lideco - stock code: NTL) has just announced its financial report for the fourth quarter of 2023 with profits skyrocketing dozens of times.
In the last quarter, this real estate company achieved VND 746.6 billion in net revenue, 11 times higher than the same period in 2022. This revenue level accounted for nearly 82% of the accumulated net revenue in 2023 (about VND 914 billion). The company's full-year net revenue in 2023 was 2.3 times higher than in 2022.
Other sources of revenue from financial activities in the fourth quarter of 2023 remained largely unchanged. Only other expenses increased sharply to VND15.2 billion, 38 times higher than the same period last year. The company's financial report did not explain where these other expenses came from.
After deducting expenses, the profit after corporate income tax in the last quarter was VND363 billion, 279 times higher than the profit in the fourth quarter of 2022. This is also the quarter with the highest profit in the history of this company. On average, this real estate company earns more than VND4 billion per day.
The sudden increase in fourth quarter profit brought the full-year profit in 2023 to VND 366.8 billion, nearly 3.4 times that of 2022.
The real estate company said that its profit in the fourth quarter of 2023 increased sharply due to the Bai Muoi Urban Area project in Cao Thang, Ha Khanh, Ha Lam wards - Ha Long city (Quang Ninh province). The company recorded revenue from the sale of a part of the Bai Muoi Quang Ninh project.
At the end of the year, the company's total assets were VND2,037.5 billion, up 20.9% compared to the beginning of the year. Of which, inventories were VND1,002.6 billion (accounting for 49.2% of total assets). Most of the inventories were in production costs and unfinished business at the Dich Vong project (VND395.1 billion), the 23ha Bai Muoi project (VND516.7 billion).
In the past year, this enterprise also promoted short-term financial investment. As of December 31, 2023, this item was at VND 762.7 billion, 13.5 times higher than at the beginning of the year. The largest proportion was bank deposits of VND 762 billion, with terms of 1-6 months, with interest rates of 2.1-5.3%/year.
The company maintains a low leverage ratio. As of December 31, 2023, liabilities stood at VND572.7 billion, up 34% from the beginning of the year. Equity stood at VND1,464.8 billion, up 16.4%.
Although the company's revenue in 2023 skyrocketed, net cash flow from operating activities remained at negative VND7.1 billion, improving from negative VND137 billion in 2022. Notably, other expenses for business activities were VND877.2 billion, 55.2 times higher than in 2022.
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