Although revenue decreased, thanks to optimizing many costs, Phat Dat's profit doubled compared to the same period in 2023.
Phat Dat Real Estate Development Joint Stock Company (Code: PDR) has just announced its consolidated financial report for the first quarter of 2024 with results reaching more than 162 billion VND in revenue and nearly 53 billion VND in net profit, down 16% in revenue but 2.2 times higher in profit compared to the same period last year.
This result was achieved because in the last quarter, Phat Dat mainly sold apartments and did not record cost of goods sold, unlike in the first quarter of 2023, revenue from land transfer recorded cost of goods sold.
In addition, financial expenses decreased by 32% compared to the same period to 66 billion VND, a decrease of 31 billion VND. The company had other income of nearly 34 billion VND explained as late payment penalties.
Business results were more positive than the same period last year, but Phat Dat's net cash flow from operating activities recorded a negative of more than VND938 billion (the same period last year was positive VND931 billion), mainly due to large receivables and payables. The remaining prepayment from homebuyers was VND3.6 billion.
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| In the first quarter of 2024, Phat Dat mainly sold apartments and did not record cost of goods sold. Photo: Le Toan |
As of March 31, Phat Dat's total assets were over VND21,428 billion, an increase of over VND300 billion compared to the end of last year. Of which, inventories were over VND12,300 billion and short-term and long-term receivables were over VND5,500 billion.
The company's inventory has not fluctuated much compared to the end of last year, only increasing slightly in three projects including Bac Ha Thanh Urban Renovation and Residential Area, Ngo May project and Nhon Hoi Eco-tourism Urban Area.
According to the plan, Phat Dat will hold the 2024 Annual General Meeting of Shareholders on April 26. The company plans to submit to shareholders its 2024 business plan with the goal of earning VND2,982 billion in revenue and VND880 billion in profit after tax, up 383% and 29% respectively over the same period last year.
If this plan is achieved, this will be the highest revenue and net profit in 3 years.
With this net profit, Phat Dat plans to use 92% to pay dividends to shareholders in shares, 3% to the investment and development fund, and 3% to the bonus and welfare fund.
In the 2023 annual report, Mr. Nguyen Van Dat, Chairman of Phat Dat's Board of Directors, said that this year the company will focus solely on the real estate sector. Accordingly, priority development projects will be in line with real needs.
The leader of this real estate developer said he is preparing to launch 4-6 large projects to the market with a total expected revenue value of up to 40,000 billion VND.
Of these, four key projects are expected to be launched on the market this year: Thuan An 1 and 2 in Binh Duong, Poulo Condor in Con Dao, Cadia Quy Nhon and Bac Ha Thanh in Binh Dinh.
According to the plan, in the first half of 2024, the company will focus on perfecting its products and sales strategies, as well as carefully preparing financial solutions, resources and conditions to ensure the speed of project implementation. In the second half of the year, Phat Dat will promote its business and sales plan.
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