Phat Dat recorded positive cash flow and clearly improved profits in the third quarter.

According to the recently released third quarter financial report, Phat Dat Real Estate Development Corporation (HOSE: PDR) has had a positive picture in terms of profit, capital structure and cash flow after a period of comprehensive restructuring.

New sales launches of Quy Nhon Iconic and La Pura projects continue to bring great prospects for Phat Dat in the fourth quarter of 2025 and early 2026.

Revenue increased, profit improved significantly

In the third quarter of 2025, Phat Dat's net revenue reached VND506.5 billion. Gross profit on the separate financial statements and consolidated financial statements for the third quarter of 2025 was VND249 billion and VND250 billion, respectively, a sharp increase compared to VND1.3 billion in the same period last year.

This is explained because during the period, the company continued to record revenue from real estate transfer from the Bac Ha Thanh project (Quy Nhon, Gia Lai ) and recorded revenue from project transfer on Ky Dong street (HCMC).

Also according to the consolidated financial report, in the third quarter, Phat Dat did not incur any losses from its associated companies. These are the reasons why the third quarter's after-tax profit, according to the separate financial report, increased by 18.35% - equivalent to 11.9 billion VND and according to the consolidated financial report, increased by 67.64% - equivalent to 34.6 billion VND compared to the same period last year.

In the first 9 months, Phat Dat recorded VND964.4 billion in net revenue and VND201.3 billion in after-tax profit, up more than 450% and 31% respectively over the same period last year. Gross profit margin reached about 49%, reflecting the effectiveness of the restructured product portfolio, focusing on projects with high commercial value and reasonable capital costs.

According to analysts, this is a rare profit margin among listed real estate companies today, showing that Phat Dat's ability to manage costs, negotiate capital prices and select projects has improved significantly after the restructuring process.

Highlights of positive cash flow

Another positive sign in Phat Dat’s third quarter financial report is that net cash flow from operating and financial activities turned positive, reaching VND90.8 billion – a significant change compared to the same period last year. This result reflects the ability to control working capital and collect debts more effectively.

Risa Tower of La Pura project is officially open for sale with a special child-friendly design.

In the third quarter, Phat Dat also significantly reduced short-term receivables (from VND 6,861 billion to VND 6,099 billion), at the same time, short-term debt also decreased by more than VND 960 billion, showing that capital flow has been recovered and allocated more reasonably instead of being spread out.

Positive cash flow not only helps businesses reduce the pressure of new loans, but also creates conditions to increase internal liquidity, preparing for a new development cycle. Cash and cash equivalents at the end of the period reached VND 116 billion, more than 4 times higher than at the beginning of the year, showing that real cash flow is flowing back to businesses - a clear change compared to the period 2023-2024.

More solid financial structure, reduced debt - increased equity

As of September 30, 2025, Phat Dat's total consolidated assets reached VND 24,245 billion, a slight increase compared to the end of 2024. Notably, liabilities decreased by 4.8% - down to VND 12,305 billion, while equity increased by 8% - to VND 11,941 billion. Thanks to that, the debt-to-equity ratio (D/E) decreased from 1.17 times to 1.03 times, approaching the safety threshold of real estate businesses with good foundations.

Phat Dat's capital structure has been improved thanks to the reduction of short-term debt, increased equity through stock dividends and additional share issuance, helping the Company maintain its financial autonomy and reduce borrowing costs.

Interest expense in 9 months was only 203 billion VND, down nearly 5% compared to the same period. This is a signal that Phat Dat has better controlled financial expenses and reduced dependence on bank debt.

Focusing resources on key projects is bringing clear financial efficiency to Phat Dat.

The report also shows that Phat Dat's total investment commitment decreased slightly to VND4,973 billion, compared to more than VND5,400 billion at the end of 2024. This reflects the strategy of focusing resources on projects with clear progress, complete legal status and the ability to generate quick cash flow.

In the third quarter, Phat Dat also established Thuan An 1 High-rise Real Estate Company Limited, expanding into the high-rise urban development sector in Binh Duong - an area that is benefiting greatly from the wave of population migration and infrastructure connecting to Ho Chi Minh City. This is considered a strategic preparation step for the period 2026-2030, when the demand for real housing and satellite urban real estate is forecast to lead the market.

LAN PHUONG

Source: https://tuoitre.vn/phat-dat-ghi-nhan-dong-tien-tich-cuc-loi-nhuan-cai-thien-ro-trong-quy-3-20251028095808024.htm