AsemconnectVietnam - Van Phat Hung Joint Stock Company (code VPH - HOSE) recorded a loss of VND10.92 billion in the fourth quarter, but in 2024, it still recorded a profit of VND134.2 billion, completing 176.6% of the annual plan.

No real estate revenue recorded in the fourth quarter of 2024
In the fourth quarter of 2024, Van Phat Hung recorded revenue of VND12.28 billion, down 54.4% over the same period, and after-tax profit was negative VND10.92 billion compared to the same period of positive VND17.59 billion. In which, gross profit margin changed from positive 67% to negative 11.2%.
With business below cost price, during the period, Van Phat Hung recorded a negative gross profit of VND1.38 billion compared to the same period of positive VND18.04 billion, a decrease of VND19.42 billion. In addition, also during the period, financial revenue decreased by 80.5%, equivalent to a decrease of VND34.67 billion to VND8.38 billion; financial expenses decreased by 44.7%, equivalent to a decrease of VND10.58 billion to VND13.09 billion; business management expenses decreased by 26.9%, equivalent to a decrease of VND4.82 billion to VND13.12 billion and other activities fluctuated insignificantly.
Thus, in the last quarter of 2024, in addition to business below cost price, Van Phat Hung also had a deficit in financial revenue despite reducing financial and business management expenses, but the result of after-tax profit was still a loss of VND 10.92 billion.
Explaining the business loss in the last quarter of the year, Van Phat Hung said that the Company did not record real estate business activities during the period.
Accumulated in 2024, Van Phat Hung recorded revenue of VND46.21 billion, down 36.8% over the same period, profit after tax reached VND134.2 billion compared to the same period, a loss of VND0.82 billion.
In 2024, Van Phat Hung plans to have revenue of VND 253.56 billion, profit after tax is expected to be VND76 billion.
Thus, ending 2024 with profit after tax of VND134.2 billion, Van Phat Hung has completed 176.6% of the yearly plan.
In fact, Van Phat Hung's extraordinary profit in 2024 is mainly due to the fact that in the third quarter of 2024, the Company completed the legal approval of the investment policy of the Nhon Duc Nha Be Residential Area project with a scale of 16.7 hectares, so the Company transferred 99% of shares in its subsidiary, Nha Be Real Estate Joint Stock Company, to its partner, accounting for extraordinary profit.
Cash flow continues to be negative VND 441.5 billion in 2024
Contrary to the growing business results, in 2024, Van Phat Hung's main business cash flow still recorded a negative VND441.5 billion compared to the same period of negative VND657.9 billion. In addition, also in the fiscal year, investment cash flow was positive VND1,042.4 billion and financial cash flow was negative VND431.6 billion, mainly to pay down debt.
It is known that, according to data on iBoard of SSI Securities, from 2020 to 2024, Van Phat Hung has experienced 4/5 years of negative business cash flow, the Company only recorded positive in 2022 at VND21.37 billion. In terms of asset size, as of December 31, 2024, Van Phat Hung's total assets decreased sharply by 18.4% compared to the beginning of the year, equivalent to a decrease of VND435.5 billion to VND1,930.8 billion. In which, the main assets are short-term receivables recorded at VND907.2 billion, accounting for 47% of total assets; inventories recorded at VND234.1 billion, accounting for 12.1% of total assets; long-term receivables recorded at VND229.7 billion, accounting for 11.9% of total assets; Cash and short-term financial investments recorded VND190.03 billion, accounting for 9.8% of total assets and other items.
During the year, assets decreased mainly due to inventory decreasing by 78.2% compared to the beginning of the year, corresponding to a decrease of VND837.8 billion to VND234.1 billion. In which, the Company did not explain in detail the projects in the inventory decreased sharply.
N.Nga
Source: VITIC/Tinnhanhchungkhoan