Real estate firms witness divergent performance in Q3
Prominent real estate companies revealed varying levels of success within the market, as demonstrated by different revenue and profit figures in the third quarter.
Vinhomes Joint Stock Company (VHM) stands as the top player in the real estate market in terms of revenue and profit. During the third quarter, Vinhomes achieved a total net revenue of VND32.7 trillion, marking an impressive 84% increase compared to the same period in 2022.
For the first nine months of the year, Vinhomes' total net revenue reached VND94.6 trillion, with a consolidated profit after tax of VND32.4 trillion. This represents 62% growth compared to the same period of 2022 and surpasses the annual plan for 2023.
As of September 30, Vinhomes held cash and cash equivalents amounting to VND2.91 trillion. Within the third quarter alone, Vinhomes' cash equivalents amounted to VND427 billion. Vinhomes clarified that cash equivalents include investments and deposits in commercial banks ranging from one to three months, with interest rates ranging from 3.3% to 6.2%.
The second-largest real estate enterprise, Novaland Group (NVL), has returned to profitability after experiencing losses in the first two quarters of the year. In the third quarter, Novaland achieved a revenue of over VND1.07 trillion and a profit after tax of VND137 billion.
In the first nine months, Novaland's total consolidated revenue, including sales and service provision fees, reached VND2.74 trillion, despite recording a loss of nearly VND960 trillion.
As of September 30, Novaland held cash and cash equivalents amounting to VND3.43 trillion, which represents a 60% decrease compared to the end of the previous year.
According to Novaland, cash equivalents comprise bank deposits with original terms of one to three months and interest rates ranging from 2.5% to 6% per annum.
Quoc Cuong Gia Lai Joint Stock Company (QCG) reported a revenue of nearly VND67 billion, representing an 87% decline compared to the same period. The company's revenue structure indicates that it does not generate any revenue from real estate business activities. QCG's revenue solely comes from two segments: selling goods (over VND18 billion) and selling electricity (nearly VND49 billion).
On the other hand, LDG Investment Joint Stock Company (LDG) experienced a net loss of VND65 billion in the third quarter, marking the fourth consecutive quarter of losses for the company. When combined with losses from the first and second quarters, LDG's net loss currently exceeds VND209 billion, while it had a profit of over VND8 billion during the same period last year.
As of September 30, LDG possessed total assets of nearly VND2.09 trillion, reflecting a 14% decrease compared to the beginning of the year. However, the amount of cash and cash equivalents reached VND47 billion, which is 15 times higher than the beginning of the year, with most of it being in the form of bank deposits.
Phat Dat Real Estate Development Joint Stock Company (PDR) recorded cash and cash equivalents of nearly VND53 billion in the third quarter, indicating an 80 % decrease compared to the end of the previous year.
As of September 30, Dat Xanh Group Joint Stock Company (DXG) reported cash and cash equivalents amounting to VND644 billion, representing an almost 42% increase compared to the end of the second quarter. Among this amount, cash equivalents account for nearly VND243 billion, deposited with an original term of no more than three months in banks, earning interest rates ranging some 3% per annum. The remaining VND401 billion consists of cash.
Nam Long Investment Joint Stock Company (NLG) held cash and cash equivalents of VND2.67 trillion at the end of the third quarter, representing a 15.3% increase compared to 30 June. Within this amount, NLG recorded VND929 billion in cash and VND1.75 trillion in cash equivalents.
