Quoc Cuong Gia Lai Joint Stock Company's financial report shows that cash has increased from VND28 billion at the beginning of the year to VND115 billion at the end of 2024. Many debts have also been reduced.
Quoc Cuong Gia Lai's cash increased sharply in the last quarter of the year - Photo: QUANG DINH
The financial report for the fourth quarter of 2024 of Quoc Cuong Gia Lai Joint Stock Company (QCG) recorded sales revenue of VND 485 billion in the fourth quarter, nearly 3.2 times higher than in the fourth quarter of 2023.
After deducting cost of goods sold, QCG's gross profit reached more than 157 billion VND, about 4 times higher.
In this quarter, more than 81% of total revenue structure came from real estate.
Given the nature of this industry, it is not surprising that the sudden revenue has led to an increase in selling expenses from VND 437 million in the same period in 2023 to nearly VND 33 billion in the fourth quarter of 2024.
As a result, Quoc Cuong Gia Lai's pre-tax profit reached 76.5 billion VND, nearly 5.4 times higher than the same period in 2023.
Thanks to positive results in the fourth quarter, combined for the whole year of 2024, QCG's revenue from sales and service provision reached VND 729 billion, an increase of nearly 1.7 times; and pre-tax profit reached VND 88.09 billion, more than 17 times higher than the previous year.
Business results are improving, another positive point when looking at the financial report is the amount of cash. QCG's cash has increased from 28 billion VND at the beginning of the year to 115 billion VND at the end of 2024. The hottest increase was in the 4th quarter with more than 60 billion VND.
Of this, nearly 106 billion VND is being deposited in the bank by the company with Mr. Nguyen Quoc Cuong (also known as Cuong Do La) as CEO to earn interest.
In addition, when releasing nearly 620 billion VND of real estate inventory, the value of QCG's unfinished inventory will only be 5,914 billion VND as of December 31, 2024.
Compared to many businesses in the same industry, QCG is not a unit that depends too much on bank loans.
By the end of last year, the company still had two loans with the Vietnam-Russia Joint Venture Bank - Da Nang branch worth VND91.5 billion and the Joint Stock Commercial Bank for Foreign Trade of Vietnam - Gia Lai branch worth over VND223 billion. Both of these loans have decreased compared to the beginning of the year.
In return, this enterprise has many loans from other individuals and organizations. The financial statement notes show that QCG still has nearly 180 billion VND in payables, but this figure has also decreased significantly compared to the beginning of last year. It can be seen that QCG is accelerating the debt restructuring process with a tendency to reduce the scale of many loans.
In addition, the financial report for the fourth quarter of 2024 also recorded the amount of "receiving money from Sunny for the Phuoc Kien project" of VND 2,882 billion, remaining "unchanged" compared to the beginning of the year.
Source: https://tuoitre.vn/tien-mat-cua-quoc-cuong-gia-lai-nhieu-len-tang-nong-cuoi-nam-20250129212108911.htm
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