Despite a financial revenue shortfall, Dat Xanh Group posted a profit of 33 billion VND in the second quarter.

Dat Xanh Group Joint Stock Company and Dat Xanh Services both reported profits of tens of billions of VND in the second quarter of 2024 - Photo: DXG

On July 29th, Dat Xanh Group Joint Stock Company (stock code: DXG) announced its consolidated financial report for the second quarter of 2024, with revenue reaching VND 1,126 billion, a 58% increase compared to the same period last year.

Gross profit increased sharply from VND 290 billion to VND 539 billion. In the same period last year, Dat Xanh had financial revenue of VND 342 billion, but this year it only reached over VND 4 billion, while selling expenses also increased by more than VND 100 billion.

At the end of the second quarter, Dat Xanh recorded a decrease in pre-tax profit from VND 249 billion to VND 164 billion, leading to a 79% decrease in after-tax profit for the parent company, from VND 156 billion to VND 33 billion.

For the first six months of the year, Dat Xanh Group recorded a net profit of 64 billion VND, an increase of 3 billion VND compared to the same period last year.

As of June 30, 2024, Dat Xanh's total assets reached nearly VND 29,000 billion, but it had a large inventory valued at nearly VND 13,900 billion and short-term receivables amounting to nearly VND 11,300 billion.

Mr. Bui Ngoc Duc, General Director of Dat Xanh, said that Dat Xanh's consolidated after-tax profit in the second quarter decreased by more than 40% compared to the same period last year due to increased selling expenses resulting from intensified business activities in the quarter and the absence of revenue from financial activities.

Meanwhile, another company "related" to Dat Xanh Group, Dat Xanh Services Joint Stock Company (Dat Xanh Services, stock code: DXS), which specializes in real estate services of Dat Xanh Group, also announced its financial report on July 29th.

Dat Xanh Services' net revenue for the first six months of 2024 reached VND 1,237 billion, a 25% increase compared to the same period in 2023 (VND 991 billion).

After deducting the cost of goods sold, gross profit reached VND 520 billion, an 84% increase compared to the same period last year, and the parent company's after-tax profit reached VND 69.2 billion compared to a loss of VND 57.7 billion in the same period of 2023, completing 82% of the target for the first six months and reaching 41% of the target for 2024. In the second quarter alone, Dat Xanh Services recorded a net profit of over VND 38 billion.

Real estate businesses experience a decline in revenue.

Khai Hoan Land Group Joint Stock Company (stock code: KHG) recorded net revenue of over 90 billion VND in the second quarter of 2024, a 27-fold increase compared to the same period last year.

However, the cost of goods sold increased sharply to over 80 billion VND, causing the company's gross profit margin to plummet to just over 9 billion VND. At the end of the second quarter, Khai Hoan Land reported a profit of over 16 billion VND, a decrease of 64% compared to the same period last year, but this was the highest profit level in the past four quarters.

For the first six months of the year, Khai Hoan Land generated net revenue of 127 billion VND, a decrease of 52% compared to the same period last year, and after-tax profit of 29 billion VND, a sharp drop of 71% compared to the same period last year.

According to the consolidated financial report for the second quarter of 2024 of Van Phu Invest Joint Stock Company (stock code: VPI), net revenue from sales and services was recorded at VND 165 billion, a decrease of 75% compared to the same period last year.

Due to a sharp decline in revenue, Van Phu Invest also recorded a significant drop in after-tax profit, reaching only 27 billion VND.

Source: https://tuoitre.vn/hut-doanh-thu-tai-chinh-tap-doan-dat-xanh-lai-33-ti-dong-trong-quy-2-20240729210457784.htm