Specifically, in Q1, KDH’s net revenue reached VND 334 billion, a 21% decrease year-on-year. Revenue from real estate transfer still accounted for the highest proportion with over VND 318 billion, also decreasing by 21%.
Revenue structure in Q1 of KDH
Source: KDH
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It is worth noting that while revenue declined, the company’s cost of goods sold increased by 71%, of which the cost of goods sold from real estate transfer activities nearly doubled year-on-year to over VND 149 billion. As a result, KDH’s gross profit decreased by 48% to over VND 174 billion.
Regarding expenses, while selling expenses and administrative expenses decreased by 9% and 20% respectively, financial expenses recorded over VND 21 billion, while in the same period last year it was only over VND 1 billion. The entire financial expense was a discount on payment, and no interest expense was recorded in the period.
With the above notable fluctuations, KDH’s net profit in the first quarter of 2024 was only over VND 63 billion, a 68% decrease year-on-year.
Business results of Q1/2024 of KDH
Source: VietstockFinance
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On the other hand, with VND 64 billion of after-tax profit in Q1, KDH has only achieved over 8% of the VND 790 billion target set for 2024.
On the balance sheet, KDH’s total assets as of March 31, 2024 were over VND 27.2 trillion, an increase of 3% compared to the beginning of the year. Of which, the largest component was inventories, which increased by 9% to nearly VND 20.5 trillion, mainly due to the increase in the value of construction in progress of the Binh Hung 11A residential area project from VND 610 billion to over VND 1.4 trillion.
Conversely, the amount of cash on hand decreased by 32% to over VND 2.5 trillion.
Inventory structure of KDH as of March 31, 2024
Source: KDH
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Ha Le