(NLĐO) - Chairmen and CEOs of real estate companies are still receiving high incomes despite the challenging market conditions.
During the Q3 2024 earnings reporting season, most listed real estate companies performed poorly amidst a generally sluggish market.
Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) announced its Q3/2024 financial report, recording a 99% decrease in net revenue compared to the same period last year, amounting to only 2.6 billion VND.
However, financial income surged from 550 million VND to 194 billion VND thanks to gains from the transfer of shares in an affiliated company, resulting in a profit of over 51 billion VND. Even so, this figure is still less than half of that recorded in the same period last year.
Despite a decrease in revenue and profit, the income of Phat Dat's leaders has steadily increased over time. Specifically, the income of Phat Dat's board members and management team increased by 17% compared to the same period, reaching 5.8 billion VND.
Excerpt from Phat Dat's financial report
Leading the list is General Director Bui Quang Anh Vu with an income of over 1.4 billion VND (unchanged compared to Q2/2024 and the same period), equivalent to 467 million VND per month.
Following closely behind is Mr. Phan Le Hoa, Deputy General Director, with an income of 827 million VND (three times higher than the same period last year).
Other Deputy General Directors such as Mr. Nguyen Dinh Tri, Mr. Truong Ngoc Dung, Ms. Le Thi Bich Thuy, and Mr. Nguyen Khac Sinh earn around 500 million VND per quarter (equivalent to 167 million VND per month).
Mr. Nguyen Van Dat - Chairman of the Board of Directors, who once attracted attention for receiving an income of over 3 billion VND in a quarter in 2022 - the highest among the leadership team - but his income in the third quarter was only nearly 485 million VND (unchanged compared to the previous quarter and the same period last year).
Meanwhile, the Vice Presidents and other members of the Board of Directors have incomes ranging from 120 to 150 million VND per quarter.
For the first nine months of 2024, the total income of the Chairman and CEO of Phat Dat was over VND 1.4 billion (equivalent to VND 161 million/month) and VND 4.2 billion (equivalent to VND 467 million/month), respectively.
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Similarly, Novaland Real Estate Joint Stock Company ( Novaland , stock code: NVL) reported consolidated revenue of VND 2,010 billion in the third quarter of 2024. After deducting expenses, Novaland achieved a net profit of nearly VND 2,950 billion, an increase of over 2,000% compared to VND 136.7 billion in the same period last year.
In the first nine months of the year, Novaland's total revenue reached VND 4,295 billion thanks to the handover of projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, and Aqua City…
Nevertheless, for the first nine months of the year, Novaland still recorded a loss of VND 4,377 billion, mainly due to provisions set aside for the 2024 semi-annual reporting period. At this company, salaries and remuneration for executives continued to increase significantly.
Excerpt from Novaland's Q3/2024 Financial Report
Among the top executives, Mr. Ng Tech Yow, CEO and Board Member of Novaland, received a total of over 3.7 billion VND in remuneration and salary in the first nine months of the year (equivalent to 411 million VND/month), an increase of 82% compared to the same period last year.
Next in line is Mr. Duong Van Bac, Deputy General Director and Chief Financial Officer, who received a salary of 2.1 billion VND.
Regarding remuneration, Mr. Bui Thanh Nhon, Chairman of Novaland, received 900 million VND in the first nine months of the year, 100 million VND higher than the same period last year; followed by the independent members of Novaland's Board of Directors, each receiving 450 million VND. Finally, the remaining members of the Board of Directors received only 90 million VND.
Overall, Novaland's compensation payments in the past nine months have increased significantly compared to the same period last year, despite unfavorable business conditions.
Similarly, Dat Xanh Group (Stock code: DXG), despite recording a 54.8% decrease in after-tax profit in Q3/2024, reaching only VND 30.7 billion; Dat Xanh's operating cash flow in the quarter was negative VND 270 billion; after-tax profit attributable to parent company in the first 9 months of the year reached only nearly VND 94 billion, a decrease of 26% compared to the same period in 2023, the company still paid its top executives higher salaries than the previous year, amounting to billions of VND each quarter.
Specifically, Mr. Bui Ngoc Duc, the group's CEO, received a salary of over 1 billion VND in the third quarter of 2024, equivalent to the previous quarter but a 42% increase compared to the same period last year.
Income of the CEO of Dat Xanh and other management members.
For the first nine months of the year, Mr. Bui Ngoc Duc's salary reached over 3 billion VND (equivalent to 334 million VND/month), nearly 1 billion VND higher than the same period last year.
Meanwhile, the total salary paid to other management members decreased by 41% compared to the same period last year, from VND 8.4 billion to VND 4.9 billion.
Regarding leadership, Mr. Luong Tri Thin recently resigned from his position as chairman of Dat Xanh Group, and Mr. Luong Ngoc Huy has taken over.
Source: https://nld.com.vn/he-lo-thu-nhap-cua-cac-lanh-dao-novaland-phat-dat-dat-xanh-196241031113113586.htm
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