AsemconnectVietnam - Ocean Group Corporation (OGC - HOSE) has just announced its consolidated financial report for the fourth quarter of 2024 with revenue reaching VND145.25 billion, up 6.64%; profit after tax reaching VND95.34 billion compared to the same period with a loss of VND13.63 billion.

Explaining the sudden profit increase in the fourth quarter of 2024, Ocean Group said that the increase in revenue led to a gross profit of VND5.7 billion in sales and service provision; in addition, the profit recorded from investment activities in associated companies increased by VND4.8 billion. Notably, other income increased by VND89 billion compared to the previous year, mainly due to the member unit having its partner partially write off a debt worth about VND100 billion.
Meanwhile, management expenses recorded a negative VND2.7 billion, compared to VND44 billion in the same period last year, mainly due to the parent company recording a reversal of bad debt provisions of about VND44.3 billion; other expenses decreased by VND0.6 billion...
In the whole year of 2024, Dai Duong Group recorded revenue of approximately VND1,042 billion, a slight increase of 4.28% compared to the previous year; profit after tax reached VND195.5 billion, an increase of 38.4%. As of December 31, 2024, OGC's accumulated undistributed loss after tax was VND2,450.9 billion.
Thus, compared to the 2024 plan of VND1,102 billion in revenue and VND50 billion in after-tax profit, at the end of last year, the Company completed 94.56% of the revenue target and exceeded 291% of the profit target.
With positive business results information, OGC shares soon showed purple in the morning session of February 4. Pausing the morning session, OGC increased by 6.77% to VND 4,100/share with a matched volume of nearly 1 million units and a ceiling purchase surplus of more than half a million units.
Currently, OGC shares are under warning because the undistributed after-tax profit as of June 30, 2024 was negative VND2,574.48 billion. Regarding this content, the Company has made an explanation with the quarterly financial report.
The Company's orientation in the coming time is to continue to focus on comprehensively restructuring existing investments and assets to focus on promoting core business activities of real estate. The Company has been implementing plans to restart a number of real estate projects to create growth momentum for the following years, thereby gradually reducing accumulated losses on the Company's financial statements.
N.Nga
Source: VITIC/Tinnhanhchungkhoan