AsemconnectVietnam - On December 8, Industrial Urban Development Joint Stock Company No. 2 (stock code D2D - HOSE) announced a resolution of the Board of Directors on business cooperation in the social housing construction investment project – Sonadezi Huu Phuoc Residential Area.

Accordingly, D2D will cooperate with Sonadezi Chau Duc Joint Stock Company (the same company as Sonadezi Corporation; an organization related to Mr. Nguyen Van Luong, a member of the Company's Board of Directors) and Dong Nai Construction Joint Stock Company.
The project has a total area of social housing land (R1 land) of 11,677m2, in Suoi Nghe commune, Chau Duc district, Ba Ria - Vung Tau province. The project includes 3 social housing blocks (5 floors), 1 2-wheeled parking garage (2 floors), community house (1 floor) and other items (technical infrastructure, roads, trees).
The total project investment is more than VND174 billion, the expected cooperation period is 5 years. The expected capital contribution value of Sonadezi Chau Duc and D2D is VND19.5 billion, Dong Nai Construction Joint Stock Company contributes more than VND9.75 billion. The total value of capital contribution is temporarily estimated to be more than VND48.75 billion. Sales revenue is divided among companies according to capital contribution ratio.
Regarding D2D's business situation, in the third quarter of 2023, the Company recorded net revenue of VND32.8 billion, double the same period last year thanks to recording VND19.5 billion of shophouse sales revenue at Huu Phuoc residential area, same period last year did not record revenue from this project. In addition, revenue also comes from leasing industrial park infrastructure, renting stalls and kiosks at Long Thanh market,...
However, cost of goods increased by 98%, causing the Company to have a gross loss of VND2.2 billion, leading to an after-tax loss of VND5.1 billion, while the same period last year also lost VND3.6 billion.
Accumulated in the first 9 months of 2023, D2D brought in VND76.3 billion in net revenue, an increase of 39% over the same period, but also due to a sharp increase in cost of capital, the business' after-tax profit was VND1.9 billion, down 41% compared to the same period.
N.Nga
Source: VITIC/Tinnhanhchungkhoan