Statistics from Wichart.vn show that profits of real estate businesses on the stock exchange recorded about VND 14,860 billion in the third quarter of 2023, an increase of 11% compared to the previous quarter but a decrease of nearly 29% over the same period. The total net profit of the 10 largest enterprises is over VND 100 billion.
Vinhomes Joint Stock Company (Code: VHM) continues to lead the industry with more than VND 32,700 billion in net revenue and nearly VND 10,700 billion in net profit, mainly contributed from the handover of 2,400 low-rise real estate units at the Vinhomes Ocean Park 3 project (The Crown).
Vinhomes' business results grew by 84% in revenue but decreased by 26% in profit because in the same period the business had an additional income of VND 9,000 billion from investment transfer.
The business results of Vincom Retail Joint Stock Company (Code: VRE) continued to grow by 66% in both net revenue and net profit, reaching VND 3,332 billion and VND 1,317 billion, respectively. Shopping center business grew by 8% and contributed about 60% to total revenue. The remainder was contributed from Vincom Retail completing the handover of 268 commercial townhouses at the Quang Tri and Dien Bien projects.
Sunshine Homes Development Joint Stock Company (Code: SSH), investor of many large projects under the Sunshine brand in Ho Chi Minh City and Hanoi, recorded the 4th consecutive quarter of profit growth above three digits. Specifically, net revenue reached over VND 1,075 billion from real estate transfer activities and net profit was nearly VND 511 billion, an increase of 452% in revenue and over 600% in profit compared to the low base level in the same period.
Business activities of Industrial Investment and Development Corporation - Joint Stock Company (Becamex IDC, Code: BCM) declined in the quarter when net revenue decreased by more than half to VND 1,127 billion. However, the business's gross profit margin increased sharply from 30% to 65%, thereby maintaining net profit equivalent to the same period at VND 217 billion.
Similarly, the gross profit margin of Industrial Park Development Corporation (Sonadezi, Code: SNZ) also improved in the last quarter, combined with increased financial revenue, helping the business' net profit grow by 61% to VND 209 billion. The business's net revenue decreased by more than 7% to nearly VND 1,300 billion.
The business results in the third quarter of 2023 of Khang Dien Housing Investment and Trading Joint Stock Company (Code: KDH) recorded a 23% decrease in net revenue and a 41% decrease in net profit, reaching VND 616 billion and VND 208 billion, respectively. During the period, the business recorded nearly VND 3,200 billion in recovered capital contributions to other units but there was no specific information about this deal.
Saigon VRG Investment Joint Stock Company (Code: SIP) grew by 13% in net revenue and 1.5% in net profit, reaching over VND 1,700 billion and VND 194 billion, respectively.
No Va Real Estate Investment Group Joint Stock Company (Novaland, Code: NVL) was profitable in the third quarter with VND 171 billion after losses of nearly VND 1,000 billion. This result was mainly contributed from asset sales to restructure debt with revenue of VND 2,230 billion.
Thang Long Investment Group Joint Stock Company (Code: TIG), investor of Vuon Vua Resort & Villas project (Phu Tho) achieved more than VND 322 billion in net revenue and VND 127 billion in net profit in the quarter, up 71% and 267% respectively over the same period last year.
In addition to real estate, TIG also does business in renewable energy, financial investment, securities, etc. The total cost of production and business in progress recorded as of September 30 was over VND 457 billion.
Net revenue of Phat Dat Real Estate Development Joint Stock Company (Code: PDR) was unexpectedly high in the third quarter with nearly VND 355 billion compared to a lower base level of VND 11 billion in the same period. Net profit dropped sharply by nearly 86% when reaching VND 102 billion because in the same period last year, the enterprise had trillions of billions in revenue from transferring shares of subsidiaries.
Most real estate businesses that achieved growth in business results in the past quarter came from recording the handover of past projects. Some businesses have growing revenue but at the same time receivables also increased sharply. Along with inventory continuing to increase (including costs of construction in progress and finished real estate), net cash flow from business activities of many businesses recorded negative during the period.
According to forecasts of experts and analysts, the real estate market needs to wait until the second quarter of 2024 to see more clear positive changes.
Source: Wichart, vietnambiz
Compiled by VietnamCredit