KN Cam Ranh Company Limited of golf course giant Le Van Kiem has just announced information about its financial situation in 2023. Accordingly, this business recorded a 16% decrease in profit compared to the previous year, down to 173 billion VND. .
By the end of 2023, KN Cam Ranh of Mr. Le Van Kiem recorded a 15% increase in equity to more than 7.819 billion VND. The debt/equity ratio remained unchanged, at 3,06 times. This means increased liabilities.
By the end of 2023, KN Cam Ranh's liabilities will be more than 23.926 billion VND, equivalent to about 960 million USD.
The reason KN Cam Ranh has a financial report is because in 2021, the business issued two batches of bonds with a total value of about 2.000 billion VND. After many buybacks, by the end of 2023, KN Cam Ranh's outstanding bond debt will be more than VND 1.400 billion.
KN Cam Ranh Company Limited is the investor of the KN Paradise project with a scale of nearly 800 hectares in Cam Ranh, with a total investment capital of nearly 2 billion USD. This is an enterprise belonging to the KN Investment Group ecosystem of Mr. Le Van Kiem's family.
Mr. Le Van Kiem (born 1945) is a Hue businessman who started his business in 1979 and was successful during the country's reform period.
In the early days, Mr. Kiem used rubber seed oil to produce paint and fertilizer. After that, he switched to investing in garments, construction, industrial parks, and golf courses. Over the past decade, his business has focused on finance and real estate.
Mr. Kiem is a pioneer in the golf course business with Long Thanh Golf (1.200ha) and is also one of the first people to participate in establishing VPBank Commercial Joint Stock Bank.
In addition, KN Investment Group has a number of large projects such as Long Thanh - Vientiane special economic zone (600ha), KN Van Ninh solar power, KN Cam Lam solar power, KN resort and entertainment complex. Paradise (800ha), luxury apartment complex The Vista An Phu…
Despite owning many impressive projects, Mr. Le Van Kiem's businesses have low profits compared to their scale and have large debt.
KN Paradise project is a large-scale resort and entertainment complex in Bai Dai, Cam Ranh, Khanh Hoa. The project has a 27-hole golf course, thousands of shophouses, villas and townhouses along with many hotels, spa resorts and tens of thousands of condotels.
Long Thanh Golf Investment and Business Joint Stock Company holds 90% of KN Cam Ranh shares, the remaining shares are held by Mr. Le Van Kiem.
Meanwhile, Long Thanh Golf is the investor of the Long Thanh urban area, golf course, sports and eco-tourism project (Bien Hoa, Dong Nai) with a scale of more than 333 hectares and the tourist urban area project. Long Thanh ecological park (Long Thanh district) scale of 843 hectares. This is one of the largest golf courses in the country.
In addition, Long Thanh Golf also invests in 5-star hotel projects, luxury villas and a 560ha golf course in Vientiane (Laos).
Long Thanh Golf has not announced its business situation in 2023, but the results are not very positive. Profit in previous years was only a few dozen billion VND, the highest was less than 200 billion VND/year. Even in 2020, this business still made a loss.
Long Thanh Golf's liabilities are also quite high, up to more than 14.500 billion VND by mid-2023. The enterprise's debt/equity ratio is over 2 times. Long Thanh Golf owes many trillions of VND in bonds, with interest rates around 10%/year, some of which will mature this year.
