AsemconnectVietnam - Phuc Hung Holdings Construction JSC (code PHC - HOSE) recorded a profit of VND1.04 billion in Q4/2024; accumulated profit for the whole year of 2024 was VND4.83 billion, down 42.6% compared to the previous year and only completed 10.7% of the plan.

In Q4/2024, Phuc Hung Holdings recorded revenue of VND554.46 billion, down 11.8% over the same period; profit after tax reached VND1.04 billion, down 57.9% over the same period last year. In which, gross profit margin decreased from 6.3% to 1.7%.
In the period, gross profit decreased by 75.7% over the same period, equivalent to a decrease of VND29.88 billion to VND9.6 billion; Financial revenue increased by 32.88 times, equivalent to an increase of VND28.28 billion to VND29.14 billion; financial expenses decreased by 54.4%, equivalent to a decrease of VND9.77 billion to VND8.19 billion; business management expenses increased by 13%, equivalent to an increase of VND2.25 billion to VND19.58 billion and other activities fluctuated insignificantly.
In terms of core business activities (gross profit - financial expenses - business management expenses), in the fourth quarter, Phuc Hung Holdings recorded a negative VND18.17 billion compared to the same period of positive VND4.19 billion, a decrease of VND22.36 billion.
Thus, the gross profit generated by Phuc Hung Holdings was not enough to pay for financial expenses and business management expenses, the Company escaped losses due to a sudden increase in financial revenue.
Phuc Hung Holdings explained that the sudden financial revenue was mainly due to interest on deposits, loans and dividends.
Accumulated in 2024, Phuc Hung Holdings recorded revenue of VND1,563.06 billion, down 13.7%; profit after tax reached VND4.83 billion, down 42.6% compared to the previous year.
In 2024, Phuc Hung Holdings planned revenue of VND2,500 billion, profit after tax of VND45 billion. Thus, by the end of 2024, the Company only completed 10.7% of the profit plan.
In addition to the decline in business, in 2024, Phuc Hung Holdings also recorded a negative main business cash flow of VND6.4 billion compared to the same period of negative VND141.7 billion. In addition, investment cash flow was positive VND73.5 billion and financial cash flow was positive VND8.46 billion.
In terms of asset size, as of December 31, 2024, Phuc Hung Holdings' total assets increased slightly by 1.8% compared to the beginning of the year, equivalent to an increase of VND58.4 billion to VND3,230.5 billion. In which, the main assets are short-term receivables recorded at VND1,686.7 billion, accounting for 52.2% of total assets; inventories recorded at VND619.95 billion, accounting for 19.2% of total assets; fixed assets recorded at VND312.2 billion, accounting for 9.7% of total assets. Phuc Hung Holdings has explained the list of receivables from customers mainly VND81.8 billion of Pros Construction and Trading JSC; VND51.94 billion of Ecopark Group JSC; VND42.9 billion of Gamuda Land Vietnam Co., Ltd; VND41.4 billion of Tan A Dai Thanh Group Real Estate JSC; VND35.8 billion of Ha Tay Branch of Nam Cuong Hanoi Group Joint Stock Company; VND36.8 billion of The Forest City Company Limited ...
Regarding capital sources, by the end of 2024, the total short-term and long-term debt of Phuc Hung Holdings decreased slightly by 0.2% compared to the beginning of the year, equivalent to a decrease of VND2.51 billion to VND1,422.5 billion and equal to 215.1% of total equity. Of which, short-term debt amounted to VND1,302.7 billion and long-term debt was VND119.8 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan