Many real estate businesses report record profits thanks to handover of key projects

After the Lunar New Year holiday, real estate businesses announced their 2024 business results, recording a year of strong growth. Many businesses reported record profits.

After the Lunar New Year holiday, real estate businesses announced their 2024 business results, recording a year of strong growth. Many businesses reported record profits.

Vingroup (VIC): Record revenue thanks to quick handover of major projects

Vingroup Corporation (VIC) marked 2024 with impressive business results. According to the consolidated financial report for the fourth quarter of 2024, net revenue reached VND 65,243 billion, an increase of 139% over the same period last year, marking the highest revenue in the company's history.

This significant growth is mainly due to the rapid handover of real estate in major projects, especially Vinhomes Royal Island (Vu Yen Island, Hai Phong). In addition, the VinFast electric vehicle segment also contributed significantly to the overall growth.

It is expected that many real estate projects will be opened for sale in 2025. Photo: Le Toan

In 2024, Vingroup's total revenue will reach VND192,159 billion (about USD7.5 billion), up 19% year-on-year. Pre-tax profit will reach VND16,720 billion and after-tax profit will reach VND5,251 billion, up 21.5% and 155.4% respectively compared to 2023.

Vinhomes (VHM): Leading in revenue and profit

Vinhomes Joint Stock Company (VHM) continues to maintain its leading position in the real estate industry when recording net revenue in the fourth quarter of 2024 of more than VND 33,000 billion, an increase of nearly 4 times over the same period last year. Net profit in the fourth quarter reached more than VND 14,000 billion, an increase of more than 7 times compared to the fourth quarter of 2023.

In 2024, consolidated profit after tax reached VND35,052 billion (about USD1.4 billion), up 4.5%. The key factor contributing to the strong growth results was the on-time handover of major projects, especially Vinhomes Royal Island.

Khang Dien (KDH) and Nam Long (NLG): Stable growth

Khang Dien House Investment and Trading Joint Stock Company (KDH) reported net revenue in the fourth quarter of 2024 reaching VND 2,048 billion, net profit of VND 398 billion, marking the highest level in the past 3 years. For the whole year of 2024, KDH recorded revenue of VND 3,279 billion, up 57%, net profit of VND 810 billion, up 13% compared to 2023.

Nam Long Investment Joint Stock Company (stock code NLG) also recorded positive business results in the last quarter of 2024 with net revenue of more than VND 6,368 billion, nearly 4 times higher than the same period last year, from the handover of many key projects in Ho Chi Minh City, Long An, and Dong Nai.

In 2024, Nam Long recorded net revenue of VND 7,196 billion, 2.2 times higher than the previous year. Unfinished real estate projects were recorded such as Izumi, Waterpoint phase 1 and 2, Can Tho project...

Phat Dat (PDR): Expanding large projects

Phat Dat Real Estate Development Joint Stock Company (stock code PDR) has just announced its financial report for the fourth quarter of 2024 with impressive figures. Net revenue reached VND 1,844 billion, pre-tax and after-tax profits reached nearly VND 478 billion and VND 370 billion, respectively. For the whole year of 2024, net revenue reached VND 2,017 billion, a significant increase compared to VND 617.5 billion in 2023.

This result comes especially from the Quy Nhon Iconic Phase 1 project (commercial name of Bac Ha Thanh urban area). This project has a very high net profit margin of 37% (pre-tax profit margin of 24%), contributing to bringing the fourth quarter net profit to the highest level in many years. Total assets at the end of 2024 are VND 24,116 billion, an increase of 14.5% compared to VND 21,068 billion at the end of 2023.

Entering 2025, Phat Dat Company will accelerate the implementation of major projects, not only to consolidate its position but also to diversify its investment portfolio. Quy Nhon Iconic is still the key project, along with Thuan An 1&2 Complex Housing Area in Binh Duong, which is completing the final legal steps.

Strategic projects such as Q1 Tower in Quy Nhon, Binh Dinh, Nhu Nguyet Commercial Service Complex in Da Nang, Serenity Phuoc Hai in Ba Ria - Vung Tau and the resort complex project in Con Dao promise to contribute significantly to revenue in the near future. Phat Dat expects these projects to bring in VND50,000 billion in revenue from now until 2027.

Source: https://baodautu.vn/batdongsan/nhieu-doanh-nghiep-bat-dong-bao-lai-ky-luc-nho-ban-giao-cac-du-an-trong-diem-d243972.html