District 4’s One-Member Limited Liability Company for Public Utilities (Dvciq4) recently released its performance evaluation report for the 2023 production and business plan. The company achieved impressive results, with a total revenue of nearly 412 billion VND, a nearly 20% increase from the previous year, and surpassing its 2023 revenue plan by 109%. Dvciq4’s pre-tax profit stood at 148 billion VND, a 25% increase from 2022, while its post-tax profit reached nearly 118 billion VND.
Since 2016, Dvciq4’s pre-tax profits have consistently exceeded 100 billion VND, except for a slight dip in 2021 (88 billion VND) and 2019 (99 billion VND). The company’s most profitable year was 2018, with pre-tax profits of 223 billion VND.
Dvciq4’s revenue streams
A significant portion of Dvciq4’s revenue comes from real estate, contributing 167 billion VND, or nearly 41% of the total. This is closely followed by revenue from commercial and service rentals, which brought in 163 billion VND, or nearly 40%. The company also generates income from public utility activities, amounting to 71 billion VND.
Dvciq4 is a 100% state-owned enterprise under the management of the People’s Committee of Ho Chi Minh City. The company’s scope of business includes public utility activities in District 4, such as urban sanitation, urban drainage, park maintenance, and alley repair and upgrade.
Additionally, Dvciq4 undertakes civil construction projects like the H1, H2, and H3 apartment complexes and the Phu My residential area in District 7. They also constructed the Chi Lang Secondary School and engaged in real estate business through the sale of apartments in the Phu My complex and the rental of offices in the H2 and H3 buildings. Dvciq4 is also the investor for the Khanh Hoi Children’s Playground and the Khanh Hoi Tennis Court.
Astonishingly high price for old and dilapidated apartment buildings reaching nearly 200 million VND/m2, rivaling the most luxurious condominiums in Hanoi
Old collective apartments with prices starting from 100 million VND/m2 are usually the first-floor units that can be used for commercial purposes, while the upper-floor units are priced at 60-80 million VND/m2 for residential purposes.
In 2023, GELEX earns nearly 1,400 billion VND
In the face of macroeconomic pressures over the past year, GELEX Corporation has implemented flexible strategies to maintain stability and strive for sustainable growth.
