Van Phu - Invest announced its second quarter financial report with many important information.

Van Phu - Invest ended the first 6 months of 2024 with net revenue of VND 291.8 billion, down 80% compared to the same period last year. As a result, the company's profit in the first 6 months of the year reached VND 96.9 billion, down 76% compared to the same period last year.

The recorded results partly reflect market difficulties in 2023 and the first months of 2024, a time when many businesses in the same industry recorded a sharp decline in revenue, low profits, and some businesses even reported losses.

Perspective of The Terra project - Bac Giang.

According to the leaders of Van Phu - Invest, the positive point in the business's operations is that revenue from the accommodation service sector continues to be maintained. This not only creates a stable cash flow for the business, but also partly shows that tourism activities tend to gradually recover after many difficult years.

In addition, in recent months, the interest rate level has remained low, the economy is on the path to recovery, and the real estate market is forecast to warm up after the early application of 3 new laws, including: Law on Real Estate Business, Land Law effective from August 1, 2024 and Law on Credit Institutions effective from July 1, 2024.

"Supply and absorption in tier 1 cities will continue to be the driving factors for recovery, along with a clearer recovery in the Ho Chi Minh City market and neighboring areas," Van Phu - Invest's leader predicted.

In terms of asset size, the company's total assets were VND 11,970.5 billion as of June 30, 2024, a slight decrease compared to the beginning of the year. The value of cash and cash equivalents reached VND 300.3 billion, an increase of 56.9% compared to the beginning of the year, mainly due to the recovery of some debts on loans and transfers of company assets. This helped the company significantly improve financial indicators such as quick ratio and current ratio.

In the coming time, the company is expected to continue to improve its cash flow thanks to the recording of incremental revenue from ongoing projects such as Vlasta Thuy Nguyen - Hai Phong, The Terra - Bac Giang.

According to the plan, the company will start handing over low-rise apartments at The Terra - Bac Giang project and focus resources on implementing the Vlasta Thuy Nguyen - Hai Phong project.

Perspective of low-rise area including villas at The Terra project - Bac Giang.

Regarding inventories, the enterprise's inventory value is 3,807 billion VND, a slight increase compared to the beginning of the year and mainly concentrated in projects such as The Terra - Bac Giang, Vlasta Thuy Nguyen - Hai Phong, Song Khe - Noi Hoang...

According to business leaders, real estate products in these projects can bring in revenue of about VND2,000 billion for businesses in 2024, when the market gradually receives positive impacts from the new policy.

Regarding debt, the total value of the enterprise's debt is at VND 6,219.2 billion as of June 30, 2024, an increase of 16.6% compared to the beginning of the year. Accordingly, the enterprise continues to maintain the orientation of financial restructuring towards sustainability by reducing short-term debt and increasing long-term debt.

Specifically, the value of short-term and long-term loans and financial lease debt was VND2,157.9 billion and VND4,061.2 billion, respectively, up 2.97% and 24.47% compared to the beginning of the year.

A representative of Van Phu - Invest said that with the capital mobilized from the VIAC Limited fund of the Oman National Investment Commission through the issuance of convertible bonds at the end of 2021, the two parties have reached a consensus on converting the bonds into VPI shares at maturity. The conversion price after being adjusted according to Clause 6.2 of the contract is VND 23,271 per convertible share, the number of convertible shares is 29.65 million shares.

After the conversion is completed, VOI will become a major shareholder of Van Phu - Invest.

Source: https://dantri.com.vn/bat-dong-san/van-phu-invest-cong-bo-bao-cao-tai-chinh-quy-ii-voi-nhieu-thong-tin-quan-trong-20240729152825499.htm