AsemconnectVietnam - Hoang Huy Financial Services Investment Joint Stock Company (TCH, HOSE) recorded a profit in the first quarter of 2024, which is also the fourth quarter of fiscal year 2023 (from April 1, 2023 - March 31, 2024).

In the consolidated financial statements for the fourth quarter of fiscal year 2023, TCH recorded net revenue of more than VND1,621 billion, an increase of 193.9% over the same period; Profit after tax reached more than VND455 billion, an increase of 117.2% over the same period.
Cumulatively from the entire fiscal year 2023, TCH's revenue and profit reached VND3,805 billion and VND1,182 billion, respectively; corresponding to an increase of more than 81% and 146% over the same period.
Explaining the positive business results, the company said that revenue from sales and service provision is mainly contributed from automobile business activities and real estate business activities from product handover. to customers remains stable and grows. Revenue from sales and service provision in the fourth quarter of 2023 reached more than VND1,621 billion, creating a gross profit for the Company of VND645 billion. Along with that, reducing financial costs is the main driving force to help the business's after-tax profit double over the same period.
Looking at the total revenue structure of the business presented in the report, it is easy to see that the real estate sector is still the main growth driver of TCH with a contribution of more than VND3,171 billion (accounting for more than 83% of the total revenue); increased 2.2 times over the same period. TCH's traditional activity of trading tractors contributed about more than 11% (VND442 billion) and also achieved nearly double growth over the same period. In addition, the real estate rental sector also prospered and increased by more than VND90 billion to contribute VND194 billion to the total revenue of the business.
Notably, the business's inventory as of the end of the fiscal year has nearly doubled compared to the beginning of the year, to VND9,906 billion. Of which, mainly real estate inventory is VND9,552.6 billion. Most of the above difference comes from the fact that at the end of 2023, TCH spent VND4,936 billion to bid for a project along Do Muoi Street of more than 49.3 hectares in the planning area of North Cam River New Urban Area (Hai Phong City). In addition, the value of TCH's finished real estate products reached VND1,756 billion, of which the majority is the Hoang Huy Commerce project with a value of VND1,654 billion.
According to the project progress announcement recently announced by TCH, the Hoang Huy Commerce project in Le Chan district, City. Hai Phong has completed acceptance and put the H1 building into use from December 31, 2023. In the fourth quarter of fiscal year 2023 alone, the revenue recorded from the project is over VND1,400 billion, the accumulated revenue as of March 31, 2024 reached more than VND2,800 billion.
As of March 31, 2024, TCH's equity reached VND12,372 billion, long-term debt remained VND105 billion. The debt/equity ratio decreased to 0.17 times.
N.Nga
Source: VITIC/Tinnhanhchungkhoan