Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land - stock code: SCR) has just announced its audited consolidated financial report for 2023 with not very optimistic results. The company's vice chairman of the board of directors is Mr. Dang Hong Anh, often referred to as shark Hong Anh in a TV show about startups.
Profit after tax decreased by 72.5%, business cash flow was negative by more than 1,500 billion VND
Specifically, in 2023, the company recorded VND371.2 billion in net revenue, down 58.4% compared to the previous year. In addition, financial revenue in 2023 was VND343.8 billion, down 15.2%.
Financial expenses were recorded at VND305.1 billion, down 23.4% compared to 2022. Of which, interest expenses amounted to VND304.5 billion, down nearly 2%. Business management expenses in 2023 were at VND108.7 billion, up slightly by nearly 3%.
After deducting expenses, after-tax profit reached VND15.4 billion, down 72.5% compared to 2022. Explaining the difference in figures, TTC Land said the decrease in profit was mainly due to a decrease in real estate transfer revenue because real estate projects have not yet delivered products in 2023.
TTC Land's after-tax profit decreased by 72.5% compared to 2022 (Photo: Financial statements).
The decline in core business activities resulted in the company's operating cash flow in the year being negative by nearly VND1,586 billion. In the same period last year, this item recorded a negative of nearly VND631 billion.
Meanwhile, financial cash flow in 2023 reached nearly VND1,084 billion, 3.2 times higher than the same period. This cash flow was mainly due to increased borrowing to offset the deficit in operating cash flow. Accordingly, revenue from borrowing was VND2,244.7 billion, 1.8 times higher than in 2022.
As of December 31, 2023, TTC Land's total assets were VND 10,631 billion, up 9.7% compared to the beginning of the year. Of which, short-term receivables increased by nearly 20% compared to the beginning of the year. Inventories also increased by nearly 32%.
On the capital side, short-term debt was recorded at VND3,712.1 billion, up 9.7%. Long-term debt increased sharply by 44.7%, to VND1,793.9 billion. The total short-term and long-term debt of the enterprise was VND2,993.7 billion, up nearly 57% compared to the beginning of the year.
Leadership income decreased
In the context of gloomy business, the income of TTC Land's leadership team also decreased sharply. Accordingly, the total income of members of the Board of Directors and the Board of General Directors in 2023 is nearly 3.8 billion VND, down nearly 65% compared to 2022.
TTC Land's board of directors' income decreased by nearly 65% compared to 2022 (Photo of financial report).
The financial report also said that Mr. Dang Hong Anh's income in 2023 was about 973 million VND, down nearly 76% compared to more than 4 billion VND in 2022. On average, Shark Hong Anh's income last year was more than 81 million VND/month, while last year it was about 500 million VND/month.
Similar to Mr. Hong Anh, the income of General Director Mr. Vo Quoc Khanh is also 884 million VND, down more than 74% from 3.4 billion VND in 2022.
The only member of TTC Land's board of directors whose income increased was Chairman of the Board of Directors Huynh Bich Ngoc. In 2023, Ms. Ngoc's income was more than 1.1 billion VND, an increase of nearly 44%.
Set pre-tax profit target for 2024 to decrease
In the recently released 2024 Annual General Meeting of Shareholders document, TTC Land set a revenue target of VND705 billion this year, up 89.9% year-on-year. However, the pre-tax profit target is expected to be VND16 billion, down 2.4% compared to the actual level in 2023.
To achieve the above target, aiming for 2024, TTC Land said it will focus on sales and research on business strategies for key projects, research and develop innovative sales forms, suitable for market tastes, expand customer access...
The company's vision strategy to 2030 is to expand industrial real estate and logistics real estate in the Southern market area.
Source: https://dantri.com.vn/bat-dong-san/thu-nhap-shark-hong-anh-giam-tu-500-trieuthang-xuong-con-81-trieu-dong-20240409111114065.htm
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