(NLDO)- The Chairman and General Director of real estate companies are still receiving high incomes in the context of a challenging market situation.
In the third quarter of 2024 business reporting season, most real estate businesses on the stock exchange performed poorly in the context of a gloomy general market.
Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) announced its financial report for the third quarter of 2024, recording a 99% decrease in net revenue compared to the same period, only 2.6 billion VND.
However, financial revenue skyrocketed, from VND550 million to VND194 billion thanks to the profit from transferring shares in an affiliated company, so this enterprise reported a profit of more than VND51 billion. However, this figure is still less than half compared to the same period last year.
Revenue and profit decreased but the income of Phat Dat's leaders still increased steadily in each period. Specifically, the income of Phat Dat's Board of Directors and Executive Board members still increased by 17% compared to the same period, with 5.8 billion VND.
Excerpt from Phat Dat financial report
Topping the list is General Director Bui Quang Anh Vu with an income of more than 1.4 billion VND (same as the second quarter of 2024 and the same period), equivalent to 467 million VND/month.
Following is Mr. Phan Le Hoa, Deputy General Director with income of 827 million VND (3 times higher than the same period).
Other Deputy General Directors such as Mr. Nguyen Dinh Tri, Truong Ngoc Dung, Le Thi Bich Thuy or Nguyen Khac Sinh earn around 500 million VND/quarter (equivalent to 167 million VND/month).
Mr. Nguyen Van Dat - Chairman of the Board of Directors, who attracted attention when he received an income of more than 3 billion VND in the last quarter of 2022 - the highest among the leaders - but his income in the third quarter was only nearly 485 million VND (same as the previous quarter and the same period).
The other Vice Chairmen and members of the Board of Directors have income ranging from 120 - 150 million VND/quarter.
In the first 9 months of 2024, the total income of the Chairman and General Director of Phat Dat was more than 1.4 billion VND (equivalent to 161 million VND/month) and 4.2 billion VND (equivalent to 467 million VND/month), respectively.
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Similarly, No Va Real Estate Joint Stock Company ( Novaland , stock code: NVL) reported consolidated revenue in the third quarter of 2024 at VND 2,010 billion. After deducting expenses, Novaland achieved after-tax profit of nearly VND 2,950 billion, an increase of more than 2,000% compared to VND 136.7 billion in the same period last year.
In the first 9 months of the year, Novaland's total revenue reached 4,295 billion VND thanks to the handover of projects: NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City...
However, in the first 9 months, Novaland still recorded a loss of VND 4,377 billion, mainly due to provisions for the 2024 semi-annual report period. At this enterprise, salaries and remuneration of leaders still increased sharply.
Excerpt from Novaland's Q3/2024 Financial Report
Among them, the highest in the leadership team is Mr. Ng Tech Yow, General Director and member of the Board of Directors of Novaland, who received a total of more than 3.7 billion VND in remuneration and salary in the first 9 months of the year (equivalent to 411 million VND/month), an increase of 82% over the same period.
Following is Mr. Duong Van Bac, Deputy General Director and Chief Financial Officer, receiving a salary of 2.1 billion VND.
Regarding remuneration, Mr. Bui Thanh Nhon, Chairman of Novaland, in the first 9 months of the year, received 900 million VND, 100 million VND higher than the same period; following were the independent members of Novaland's Board of Directors with the same level of 450 million VND/person. Finally, the members of the Board of Directors received only 90 million VND.
In general, Novaland's remuneration payment in the past 9 months has increased significantly compared to the same period last year despite the unfavorable business situation.
Similarly, Dat Xanh Group (Stock code: DXG) recorded a 54.8% decrease in after-tax profit in the third quarter of 2024, reaching only 30.7 billion VND; Dat Xanh's operating cash flow in the quarter was negative 270 billion VND; after-tax profit of the parent company in the first 9 months of the year only reached nearly 94 billion VND, down 26% compared to the same period in 2023, but the company still paid salaries to its leaders at a higher level than last year, up to billions of VND per quarter.
Specifically, Mr. Bui Ngoc Duc, General Director of the Group, in the third quarter of 2024 received a salary of more than 1 billion VND, equivalent to the previous quarter but increased by 42% compared to the same period.
Income of Dat Xanh General Director and other management members
In the first 9 months of the year, Mr. Bui Ngoc Duc's salary reached more than 3 billion VND (equivalent to 334 million VND/month), nearly 1 billion VND higher than the same period.
Meanwhile, total salary paid to other management members decreased by 41% compared to the same period last year, from VND8.4 billion to VND4.9 billion.
Regarding leadership, Mr. Luong Tri Thin recently resigned from the position of chairman at Dat Xanh Group and this position was taken by Mr. Luong Ngoc Huy.
Source: https://nld.com.vn/he-lo-thu-nhap-cua-cac-lanh-dao-novaland-phat-dat-dat-xanh-196241031113113586.htm
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