Examining the "wallets" of real estate tycoons in difficult times

Dat Xanh Group Joint Stock Company (stock code: DXG) announced its financial report for the third quarter of 2023, recording a value of VND 643 billion in cash and cash equivalents as of September 30, down nearly 30% compared to the end of 2022. Of which, cash was VND 10 billion, bank deposits were VND 391 billion and cash equivalents were VND 242 billion.

In addition, Dat Xanh has a term deposit of 116 billion VND and bond investment of 27 billion VND.

Thanks to that, revenue from financial activities was recorded at VND 368 billion including: loan interest, deposits, investment liquidation interest and other financial income.

In the first 9 months of the year, Dat Xanh achieved net revenue of VND 2,305 billion, down 50% compared to the same period last year, and after-tax profit of VND 149 billion, down 84%.

Currently, the Group has a debt of VND 16,222 billion while its equity is VND 14,276 billion. The total value of inventories is VND 14,788 billion, an increase of VND 750 billion compared to the end of 2022.

Phat Dat Real Estate Development Corporation (stock code: PDR) has a portfolio of cash and cash equivalents as of September 30 of only VND52.58 billion, down 80% compared to the beginning of the year. Of which, cash is VND59 million and bank deposits are VND52.53 billion.

Phat Dat's bad debts have not been recovered since 2022. Inventory value remains the same as last year, reaching VND12,157 billion.

At the end of the first 9 months of the year, this enterprise recorded a profit after tax of 399 billion VND, down 71% compared to the same period. Net revenue decreased 63%, at 549 billion VND.

No Va Real Estate Investment Group Corporation (Novaland - stock code: NVL) said that the amount of cash it held at the end of the third quarter was VND4 billion; bank deposits were VND1,268 billion and cash equivalents were VND2,162 billion. In total, the cash and cash equivalents portfolio was worth about VND3,434 billion.

In addition, Novaland has a term deposit with interest rates from 4.2% to 9.2%/year of about 46 billion VND and bond investment of 3.1 billion VND.

This enterprise also invested capital in other units and lent short-term loans without collateral to other parties with a total amount of VND 3,825 billion.

As of September 30, NVL recorded a debt of more than 205 billion VND while its equity was 43 billion VND.

Explaining the sharp decrease in after-tax profits compared to the same period, the above enterprises all said that the reason was due to the prolonged difficulties of the real estate market.

Meanwhile, although not a very large real estate company, CEO Group Corporation (CEO Group, stock code CEO) attracted attention when its total assets as of September 30 increased by 35% compared to the beginning of the year, reaching VND9,536 billion. The main reason was that the amount of non-term bank deposits increased sharply from more than VND68 billion to nearly VND2,616 billion. The value of inventories also increased by 11% to VND1,638 billion, mainly from unfinished production and business costs.

However, the group's business targets still decreased, such as revenue in the first 9 months reached more than 942 billion VND, down more than 10% compared to the same period last year; profit after tax reached 89 billion VND, down 20%. This result is equivalent to 31% and 28% of the whole year plan.

Source: https://nld.com.vn/kinh-te/soi-tui-tien-cua-cac-dai-gia-bat-dong-san-thoi-kho-20231101130008453.htm