Van Phat Hung Joint Stock Company (VPH) has just announced its financial report for the third quarter of 2024 with a sudden increase in financial revenue of more than 100 times, thereby reversing its profit report spectacularly.
Accordingly, during the period, the parent company's sales and service revenue reached 10.6 billion VND, a sharp increase compared to 1.45 billion VND in the same period last year. The cost of goods sold also increased sharply, leading to a gross profit of 41.5 million VND. However, thanks to financial revenue reaching 354.7 billion VND, an increase of 10,604.6%, equivalent to a 107-fold increase, the parent company reported a profit of 182 billion VND, while last year it lost 13 billion.
In the consolidated financial report, net revenue increased sharply by 557% compared to the same period last year to more than 18 billion VND. Cost of goods sold increased along with revenue, gross profit in the third quarter reached 7 billion, significantly improved compared to the gross loss in the third quarter of 2023.
Financial revenue increased dramatically to 356 billion, nearly 48 times higher than the same period last year. Of which, nearly 349 billion VND was profit from transferring shares. According to VPH's explanation, in the third quarter, the company completed legal procedures to approve the investment policy of the Nhon Duc Nha Be Residential Area project (16.7 hectares). From there, Van Phat Hung transferred 99% of shares in its subsidiary, Nha Be Real Estate JSC, to its partner.
As a result, VPH reported a profit of 183 billion VND while last year it lost 19.6 billion VND. This is a record high profit since the company was listed on the stock exchange.
In the first 9 months of 2024, VPH's net revenue decreased by 27% to 34 billion. Thanks to financial revenue, after-tax profit for the first 9 months reached 145 billion. In 2024, VPH is counting on a large source of revenue from divesting its subsidiaries. Therefore, the revenue target from business activities is only about 29 billion VND, less than half of what was achieved in 2023; but after-tax profit is up to 76 billion VND due to the expectation of 224 billion VND from financial activities. Compared to the target of 76 billion set for the whole year, the company has exceeded the plan by 91%.
The big profit report from the Nha Be project has been long awaited by Van Phat Hung. At the shareholders' meeting last June, Deputy General Director Phung Dien Trong said that the transfer of the Nha Be project to the previous partner Lotte Land had been approved by the 2021 shareholders' meeting. Previously, Lotte Land had also advanced 200 billion VND to VPH.
On August 1, VPH passed a resolution approving the transfer of Nha Be Real Estate JSC, the maximum number of shares transferred is 99 million shares equivalent to 99% of charter capital, with a par value of VND990 billion. The transfer price is not lower than the initial investment value.
VPH will pay a 5% cash dividend for the 2022 fiscal year, approximately more than VND47 billion. The company decided not to pay dividends or pay remuneration to the Board of Directors in the 2023 profit distribution plan.
As of September 30, 2024, VPH's total assets reached VND2,139 billion, a slight decrease compared to the beginning of the year. Of which, cash and cash equivalents were VND362 billion, with VND350 billion in savings. Short-term receivables were approximately VND995 billion, nearly one and a half times higher after 9 months. In contrast, inventories decreased sharply by 81% compared to the beginning of the year to VND208 billion.
Liabilities decreased sharply by 27% to 983 billion, of which loans were nearly 530 billion, mainly short-term debt. Undistributed profit after tax reached 200 billion, 4 times higher than at the beginning of the year. In the market, VPH shares immediately reacted to the business results with the market price hitting the ceiling in the session on October 15, reaching 9,630 VND/share.
TH (according to VnEconomy)Source: https://baohaiduong.vn/mot-doanh-nghiep-bat-dong-san-bao-doanh-thu-tai-chinh-tang-dot-bien-10-600-co-phieu-tang-kich-tran-395715.html
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