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Kita Invest: Profit increased 9 times, liabilities increased to nearly VND14,000 billion 

 Thursday, June 6,2024

AsemconnectVietnam - Kita Invest, a member of Kita Group, has just reported a 9-fold increase in after-tax profit in 2023, in the context of liabilities increasing to nearly VND14,000 billion.

Kita Invest Joint Stock Company has just announced financial information in accordance with regulations related to the offering/trading of individual corporate bonds.
The basic financial information announced shows that in 2023, Kita Invest's after-tax profit increased 9 times compared to the previous year, reaching VND44.5 billion. Owner's equity as of the end of 2023 reached VND1,204.5 billion, a slight increase of 4.2% compared to the previous year.
Looking back at the history of profits in recent years, it can be seen that Kita Invest has had a sudden growth. From a profit after tax of VND150 million in 2021 to VND4.9 billion in 2022 and VND44.5 billion in 2023.
Notably, the debt/equity ratio increased from 9 times in 2022 to 11.6 times in 2023, equivalent to the Company having VND13,972.2 billion in debt.
The outstanding bond debt/equity ratio decreased from 2.2 times in 2022 to 0.7 times in 2023, equivalent to more than VND843 billion in bond debt.
Last year, Kita Invest paid about more than VND1,600 billion in bond principal out of a total payment of VND2,400 billion; and the interest of nearly VND163 billion was paid in full. Regarding the number of bonds that cannot be paid on time, Kita Invest said that the reason comes from the objective impact of the macro economy negatively affecting the real estate market in general and the Company's business activities in particular.
Currently, Kita Invest still has VND400 billion of KITA.BOND2020.03 bonds maturing on May 5, 2025 after 2 extensions, with an issuance interest rate of 11.5%/year; VND200 billion of KITA.BOND2020.07 bonds and nearly VND196 billion of KITA.BOND2020.08 bonds will both mature on July 30, 2024 with the current interest rate of 13.9%/year. Kita Invest has also extended the term of these 2 bonds from 36 months to 48 months.
Kita Invest is a member of Kita Group Joint Stock Company, established on January 15, 2019 and operating mainly in the fields of mergers and acquisitions, real estate investment, financial investment, etc.
The charter capital of the Company at the time of establishment was VND100 billion. After only 1 month, on February 20, 2019, Kita Invest increased its charter capital to VND1,150 billion.
According to Kita Invest's introduction, the Company's outstanding project is Stella Mega City - a metropolis in the center of Can Tho City with a scale of 150 hectares, with a total investment of more than VND10,000 billion.
Another project is Stella Residence - a luxury apartment complex on Tran Hung Dao Street, District 5, Ho Chi Minh City. In Hanoi, Kita Invest is also the investor of the Kita Capital project - a complex of high-end low-rise apartments and class A offices in Nam Thang Long Urban Area - Ciputra Hanoi in Tay Ho district. However, these two projects are still in an unfinished state.
Source: VITIC/Tinnhanhchungkhoan


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