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CEO’s Quarterly Revenue, Net Profit, and Financial Expenses from 2020

In Q1 of 2024, gross profit for CEO Joint Stock Company (HNX: CEO) decreased by 14% to 90 billion VND due to a reduction in revenue scale. Real estate business (96 billion VND) and service provision (193 billion VND) moved in opposite directions, decreasing and increasing by 60% and 67%, respectively, compared to the same period last year.

The results could have been worse if not for a 286% surge in interest income from deposits and loans, which amounted to 27 billion VND. Amid challenges in the real estate market, CEO only spent 8 billion VND on interest expenses, compared to 24 billion VND in the previous year. This is also one of the lowest levels in recent years. Another positive aspect is the 12% decrease in total selling expenses and general and administrative expenses.

For the full year of 2024, CEO expects to achieve 2,100 billion VND in total revenue and 150 billion VND in net profit after tax, representing increases of 46% and 24%, respectively, compared to the actual figures for 2023. The company has already progressed 15% and 23% towards these targets.

Compared to the beginning of the year, CEO’s total assets decreased by approximately 400 billion VND to 9,000 billion VND. Held-to-maturity investments decreased by over 600 billion VND to 918 billion VND, while cash increased by more than 120 billion VND to 220 billion VND. Operating cash flow in the first quarter was negative, amounting to 259 billion VND, due to significant investments in inventory.

This year, the real estate company anticipates a more favorable and stable global and domestic economic landscape. CEO intends to continue developing key projects, including Sonasea Van Don Harbor City, Sonasea Residences, and CEOHomes Hana Garden. The company also officially inaugurated and commenced operations at the Wyndham Garden Sonasea Van Don hotel during the recent April 30th holiday.

Additionally, the company remains committed to prioritizing the development of mixed-use urban areas and industrial parks, as well as seeking and researching M&A opportunities for legally compliant real estate products.

The 2024 Annual General Meeting of Shareholders approved the issuance of 25.7 million shares as a dividend payment for 2023, equivalent to 5% of the total outstanding shares, based on undistributed post-tax profits as of the end of 2023. The issuance is expected to take place in 2024 at a ratio of 100:5.

Tu Kinh

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