HQC Joint Stock Company (code: HQC, HoSE) has recently announced information about tax obligations. Specifically, on September 14, 2023, HQC received a notification from the Ho Chi Minh City Tax Department regarding outstanding tax debt of over 133.6 billion VND. HQC’s management board stated that they will make every effort in 2024 to fully pay off the tax debt.
Therefore, on February 26, the Ho Chi Minh City Tax Department confirmed that HQC has fulfilled its tax obligations with a total amount of over 84 billion VND. The remaining amount of value-added tax to be deducted is 26.8 billion VND. Thus, the amount of tax that HQC still needs to pay is over 48 billion VND.
With the above-mentioned tax debt, HQC aims to fully resolve the tax debt and actively participate in bidding, as well as implementing new social housing projects in the first quarter of 2024. This is to revive its business operations and generate revenue and profits for its shareholders.
Hoang Quan Real Estate business has been declining recently.
In addition to tax debts, Hoang Quan Real Estate also owes social insurance premiums for its employees. According to the list of units that have been late in paying social insurance premiums for more than 3 months (as of January 31, 2024) recently announced by the Ho Chi Minh City Social Insurance Agency, Hoang Quan Real Estate is also among the units that have been late in paying social insurance premiums for 35 months, amounting to over 5.6 billion VND.
Hoang Quan Real Estate has just experienced a year of business that is not really promising. In the fourth quarter of 2023, HQC reported a net profit of only nearly 2 billion VND, a 25% decrease compared to the same period last year, even though its net revenue increased by 82% to nearly 64 billion VND. The main reason was the impact of high carrying costs.
For the whole year of 2023, HQC achieved nearly 293 billion VND in net revenue, up by 6% compared to the previous year. However, the net profit was only slightly over 5 billion VND, a sharp decrease of 73%. Compared to the annual plan, HQC only achieved 17% of the revenue target and a mere 4% of the after-tax profit target.
