AsemconnectVietnam - With a reported loss of 23.4% in the first half of the year, Saigonres's after-tax profit for the first 9 months of 2024 decreased by more than 61%, to more than VND19 billion. By the end of the third quarter, the company had only completed 13% of its annual profit target.

Saigon Real Estate Corporation (Saigonres, code SGR) has just announced its financial statements for the third quarter of 2024 with consolidated net revenue reaching nearly VND58 billion, 3.2 times higher than the same period last year due to increased project revenue. Thanks to a 9% decrease in cost of goods sold, to VND12.4 billion, the company's gross profit reached more than VND45.2 billion, 10 times higher than the same period.
This period, Saigonres' financial revenue reached more than VND6.6 billion, up 28% due to increased revenue from deposit interest, loan interest and late payment. Financial expenses also increased by 21%, to VND8.9 billion, mainly due to increased interest expenses.
In addition, the Company's selling expenses and administrative expenses were VND55 million (down 17%) and nearly VND10.3 billion (up 4%) respectively compared to the third quarter of 2023. Overall, the Company brought in more than VND42.5 billion in consolidated profit after tax, up 128% compared to the third quarter of 2023. The parent company alone brought in VND42 billion.
In the first 9 months of 2024, Saigonres brought in VND117.9 billion in net revenue, 2.5 times higher than the same period last year. However, with a loss of VND23.4 in the first half of the year, SGR's profit after tax in the first 9 months of 2024 decreased by more than 61%, to more than VND19.1 billion. The parent company alone achieved VND18.4 billion in profit after tax.
In 2024, Saigonres plans to achieve expected revenue of VND 628 billion and an expected pre-tax profit of VND190 billion. With VND 24.9 billion in pre-tax profit for 9 months, the Company has only completed 13% of the annual profit target.
By the end of the third quarter, Saigonres' total assets reached VND2,130 billion, up 4% compared to the beginning of the year. Of which, the Company still has approximately VND28 billion in cash and cash equivalents; more than VND27 billion in short-term financial investments.
In addition, SGR has VND1,021.2 billion in short-term receivables, up 9% compared to the beginning of the year. In addition, SGR's inventory decreased slightly to VND525.2 billion; including VND352.2 billion, mainly in unfinished production and business costs at projects.
On the other side of the balance sheet, SGR still has VND1,196.7 billion in payables, up 5.9% compared to the beginning of the year. The company's short-term and long-term debts are VND308.4 billion and VND96.6 billion, respectively.
Recently, SGR shareholders approved the plan to offer 20 million individual shares at 40,000 VND/share to Mr. Pham Thu, Chairman of the Board of Directors of the Company, to raise VND800 billion. Of which, Saigonres plans to use VND500 billion to invest in the "Viet Xanh Eco-Urban Area" project and the remaining VND300 billion will be used to pay off loans.
On Mr. Thu's side, if the transaction is successful, the Chairman of the Board of Directors will increase his ownership in SGR from more than 17.96 million shares (29.94% of charter capital) to more than 37.96 million shares (47.45% of charter capital).
N.Nga
Source: VITIC/Tinnhanhchungkhoan