Exceeded sales and profit targets
Thanks to a “cautious and responsive” management strategy, An Gia has achieved promising results compared to the overall market in the past year.
In 2023, the revenue reached nearly 3.9 trillion VND, surpassing the annual target by 30%. The after-tax profit of the parent company’s shareholders amounted to 175 billion VND, exceeding the approved target at the Annual General Meeting by 75%. The main revenue comes from the handover of the Westgate complex with over 2,000 products in Binh Chanh (Ho Chi Minh City).
The Westgate complex with over 2,000 products in Binh Chanh
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The company also maintains a low debt-to-equity ratio and diversifies its sources of funding. As of December 31, 2023, the debt-to-equity ratio was maintained at a safe level of 0.51 times, and the bond debt-to-equity ratio was minimized to a very low level of 0.11 times.
Furthermore, by regularly implementing and handing over projects, stabilizing cash inflows, and properly mobilizing bond capital, An Gia has repurchased over 2 trillion VND worth of bonds in the past 3 years. Currently, the total bond debt of the company is over 314 billion VND, and it is expected to be fully settled in the first half of this year.
“One of the core factors that has helped An Gia withstand market fluctuations is its focus on affordable products that meet people’s real needs. At the same time, we have built a cautious management strategy with a clear development roadmap for each stage and diversified business funding,” said a representative of An Gia.
Continuing M&A to expand land bank
Considering expanding its land bank as a continuous strategy, An Gia relentlessly seeks opportunities, conducts M&A activities, and expands its clean land bank, prioritizing projects that have been approved for investment and are suitable for medium-priced development and quick implementation.
The company is currently in the process of in-depth evaluation of two potential land funds in District 8 and Thu Duc (Ho Chi Minh City), with the planned release of over 4,000 products to the market.
The Standard project implemented by An Gia in a low-rise housing model
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Prior to that, in 2022, the company acquired a 3.2-hectare land fund in Binh Chanh, with an expected supply of about 2,000 apartments. In addition, the company is also in the process of finalizing negotiations to acquire new land funds for the implementation of low-rise housing projects. The land bank development goal also includes accumulating for long-term objectives in the future.
In addition, to diversify project development funding sources, An Gia also strengthens cooperation and investment with foreign organizations and investment funds from South Korea, the United Kingdom, Japan, and Taiwan. These investors participate directly in the projects implemented by An Gia and become major shareholders, realizing the development strategy of medium-priced and affordable housing projects together with An Gia.
Most recently, Japanese partner Koterasu Partners signed a memorandum of cooperation and investment with An Gia, with a value of 10 million USD through the purchase of An Gia’s subordinate shares, opening up opportunities for Koterasu to choose to contribute capital directly to The Gio Riverside project (Binh Duong).
New project launch plans
In addition to expanding the land bank, in 2024, An Gia will shift its business management strategy from “cautious and responsive” to “proactive and adaptive” in order to successfully adapt to any unfavorable market fluctuations. At the same time, it will continue to “remain loyal” to the medium-priced housing segment, meeting the real housing needs – products that are determined to be “resilient” in any market conditions.
The company plans to launch The Gio Riverside project (Binh Duong) – which has been granted a credit limit of 2,000 billion VND, with a scale of about 3,000 apartments.
Located adjacent to Hanoi Highway and Metro Line 1 (Ben Thanh – Suoi Tien), the project is positioned as a riverside complex that integrates full amenities, commercial services, and meets the real housing needs of Ho Chi Minh City and adjacent areas such as Binh Duong and Dong Nai.
An Gia focuses on developing medium-priced and affordable housing projects. Photo: Westgate
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“The company remains steadfast in the medium-priced real estate segment. This segment always has a good absorption rate regardless of market fluctuations. An Gia’s standpoint is not to chase the market, not to buy land funds or projects at any cost. The company will carefully analyze the land area to ensure that when it is brought to the market, the product price is suitable for the majority of buyers,” said a representative of An Gia.
In addition to the launch of The Gio Riverside project, the company aims to maintain a healthy debt-to-equity ratio, increase cash and equivalent reserves, and prepare resources to be proactive and adaptive to the “new landscape” of the real estate market.
In a 5-year vision, An Gia aims to become a reliable real estate brand, aiming to build large-scale complexes in Ho Chi Minh City and neighboring provinces, providing real value to customers, shareholders, and partners.
