How are the real estate 'giants' doing business?

Dat Xanh Group Corporation (code: DXG) has just released its consolidated financial report for the third quarter of 2024. Of which, DXG's net revenue reached VND 1,013 billion, down 17% over the same period last year. Minus cost of goods sold, gross profit decreased by 15% to VND 505 billion. Dat Xanh's after-tax profit was VND 73 billion, down 34% over the same period last year.

DXG explained that the third quarter profit decreased compared to the same period last year due to the slower speed of delivering products to customers. Revenue from selling apartments and land in the third quarter only reached 597 billion VND, while in the same period last year it reached more than 1,000 billion VND.

Revenue and profits of large real estate businesses are gradually recovering. (Photo: D.V)

In the first 9 months, Dat Xanh brought in total revenue of nearly 3,204 billion VND, up 39% over the same period last year. Profit after tax reached 244 billion VND, up 63% over the same period last year.

In 2024, Dat Xanh aims to achieve net revenue of VND3,900 billion, up 5% compared to 2023. Profit after tax is VND226 billion, up 31% compared to last year. After 9 months, the group has completed 82% of its revenue target and exceeded its annual profit target.

As of September 30, Dat Xanh's total assets reached nearly VND28,851 billion, a slight increase compared to the beginning of the year. Of which, 48% of total assets were inventories, accounting for about VND13,830 billion. Unfinished real estate accounted for more than VND11,300 billion, and unfinished basic construction costs were nearly VND716 billion.

Another "big guy" in the real estate industry has also announced its third quarter financial report, No Va Real Estate Investment Group Corporation ( Novaland ; code: NVL). Accordingly, Novaland had net revenue of VND2,010 billion, up 87% over the same period last year.

At the same time, the company's financial revenue also increased by 141% over the same period, to nearly VND3,900 billion. This figure increased sharply thanks to profits from investment cooperation contracts, loan interest, capital transfer and bank deposit interest.

Novaland's after-tax profit in the third quarter reached VND2,950 billion, up 21.5 times compared to the same period last year. This is also the highest quarterly profit of this group in the past 8 years.

Novaland explained that the main reason for the company's sudden increase in Q3 profit was the increase in financial revenue compared to the same period last year. Of which, the increase in revenue came from financial revenue for the first 6 months of this year worth more than VND3,000 billion. Novaland completed recovering this amount in Q3.

Vinhomes Joint Stock Company (HoSE: VHM) has just announced its financial report for the third quarter of 2024. Accordingly, the company recorded net revenue of more than VND 33,300 billion and after-tax profit of nearly VND 9,000 billion.

Vinhomes is still the industry's leading "giant" with market-leading revenue and profit. (Photo: Micc)

In the third quarter of 2024, Vinhomes continues to affirm its position in the real estate market by launching new subdivisions in super projects in Hai Phong, Hanoi, and Thu Duc City (HCMC).

In the first 9 months, Vinhomes recorded net revenue of nearly VND70,000 billion. Total consolidated net revenue including revenue from VHM's operations and business cooperation contracts brought in nearly VND91,000 billion. The company's consolidated profit after tax reached VND20,600 billion thanks to the handover of projects.

Vinhomes' sales in the first 9 months reached nearly VND89,600 billion, with unrecorded revenue at the end of the third quarter reaching more than VND123,000 billion. As of September 30, Vinhomes' total assets reached more than VND524,600 billion, up 18% compared to the beginning of the year. The company's equity reached nearly VND216,000 billion, up 18.3% compared to the beginning of the year.

Previously, Phat Dat Real Estate Development Corporation (code: PDR) also announced its consolidated financial report for the third quarter of 2024. Accordingly, the company's net revenue from sales and service provision only reached VND 2.6 billion. However, the company's after-tax profit recorded more than VND 51 billion.

Revenue and profit from core business activities are quite “modest”. However, financial revenue earned Phat Dat 194 billion VND, this amount comes from profit from transferring shares of affiliated companies.

A representative of Phat Dat said that in the context of the real estate market still being difficult, the top priority of the enterprise is still to survive and develop. Therefore, the enterprise chose to sell assets to maintain business cash flow and prepare for the new cycle.

In the first 9 months, Phat Dat recorded net revenue of VND 173 billion and after-tax profit of nearly VND 154 billion. In 2024, Phat Dat set a revenue target of nearly VND 3,000 billion and after-tax profit of VND 880 billion. Thus, after 9 months, PDR achieved 6% of the revenue target and nearly 18% of the profit target.

As of September 30, PDR's total assets reached over VND22,600 billion, up 7% over the same period last year. Of which, inventories accounted for nearly VND12,900 billion, accounting for more than 50% of Phat Dat's total assets.

DAI VIET

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