Compared to the beginning of the year, the total assets of Long Thanh Golf Investment and Business Joint Stock Company increased by 4.7% to VND 22,113.1 billion, and the balance of cash and cash equivalents increased by nearly VND 120 billion.
The above figures were released by Long Thanh Golf Investment and Business Joint Stock Company in its Q2/2024 financial report.
Accordingly, in terms of asset structure, the two items that account for the largest proportion on the company's balance sheet are inventory at VND 4,392.5 billion (19.9%) and long-term financial investments at VND 12,643.5 billion (57.2%). These are investments in strategic industries, consistent with the company's long-term development orientation.
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| The Long Thanh Golf Course is a 36-hole course that meets international standards. |
In terms of capital structure, the company has equity capital of VND 6,762.8 billion (accounting for 30.6% of total assets), while borrowings and financial lease liabilities remain at a healthy level of VND 2,219.8 billion (accounting for 10% of total assets).
At the end of the second quarter of 2024, the company's revenue for the first six months reached VND 175.5 billion, and after-tax profit increased by 32.6% compared to the same period in 2023.
Long Thanh Golf Company is one of the key components in the KN Holdings ecosystem of businessman Le Van Kiem. Currently, the company operates the 36-hole Long Thanh Golf Course, covering over 350 hectares and serving approximately 1,000 members, with over 60% coming from Europe, Japan, South Korea, Singapore, China, Thailand, and other countries. Long Thanh Golf Course has been voted the most beautiful and best golf course in Vietnam and one of the most beautiful in Asia.
In addition to its golf business, the company also invests in real estate, industrial parks, energy, and resort tourism.
In the resort real estate sector, Long Thanh Golf Investment and Business Joint Stock Company holds 90% of the shares in KN Cam Ranh Co., Ltd., the investor of the KN Paradise resort and entertainment complex project in Cam Ranh, with a total investment of VND 46,371 billion. Currently, some components of the project have been completed and put into operation, including the Wyndham Grand branded resort villas with 327 rooms and the 27-hole KN Golf Links course designed by Greg Norman. The project has also been handing over residential units to customers.
According to information from KN Cam Ranh Co., Ltd. , the project is expected to continue launching new low-rise products in the fourth quarter of 2024.
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| The Wyndham Grand KN Paradise resort villa complex is located in Cam Ranh City. |
KN Cam Ranh Co., Ltd. also experienced outstanding business growth in 2024. At the end of the second quarter of 2024, the company achieved revenue of VND 916 billion for the first six months (three times higher than the same period in 2023), and after-tax profit of VND 80.4 billion (a 23.4% increase).
In terms of financial structure, the company actively paid off and reduced outstanding debt during the year thanks to revenue from homebuyers. During the period, the total value of payments made by customers according to the contract schedule for real estate transfers increased by more than VND 3,400 billion, reaching VND 11,573 billion.
In addition, the company reduced its outstanding debt by more than VND 950 billion compared to the beginning of the year, bringing the total outstanding debt to VND 8,384 billion as of June 30, 2024.
In 2024-2025, KN Cam Ranh aims to construct, hand over houses, and collect payments according to schedule. At the time of handover to customers, the advance payments made by buyers as mentioned above will be eligible to be transferred as revenue and recorded as profit.
Source: https://baodautu.vn/golf-long-thanh-kinh-doanh-khoi-sac-trong-nua-dau-nam-2024-d224066.html
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