Hoang Quan Trading Service Real Estate JSC (stock code HQC) has just announced its consolidated financial statements for Q2 2024, recording nearly VND 316 billion in net revenue – a threefold increase compared to the same period last year. After deducting expenses, the company reported a post-tax profit of over VND 10 billion – an 8.3-fold increase compared to Q2 2023.
According to HQC, the significant revenue growth in the second quarter of this year mainly came from the Binh Minh Residential Area, Nha Trang, HQC Plaza, and HQC Binh Trung Dong projects.
For the first six months, the company recorded VND 18.5 billion in net revenue and VND 12.6 billion in post-tax profit – six times higher than the profit of VND 2.2 billion in the first half of last year.
As of June 30, 2024, HQC’s total assets reached over VND 10,378 billion, up 42% compared to the beginning of the year. This increase was mainly due to the cash and cash equivalents account, which stood at nearly VND 45 billion, double that of the beginning of the year.
Short-term receivables also surged by VND 1,370 billion to VND 4,324 billion. The short-term prepayments from customers also increased to VND 804 billion (this amount will be recognized as revenue when the company hands over the houses to customers).
The company’s short-term debt was VND 99 billion, while long-term debt increased significantly to VND 1,269 billion, while no such amount was recorded at the beginning of the period.
It is worth noting that in 2024, HQC set a revenue target of VND 2,000 billion – 6.2 times higher than in 2023. Of this, VND 1,050 billion is expected to come from real estate sales and VND 950 billion from real estate investment cooperation. If successful, this will be the highest revenue ever achieved by Hoang Quan since its listing on HoSE in 2010. Correspondingly, the expected post-tax profit is VND 100 billion – 19.2 times higher than the previous year’s figure and also the highest profit in the last nine years for the company (since 2016).
At the recent AGM, Chairman Mr. Truong Anh Tuan stated that achieving the VND 2,000 billion target is mandatory for HQC. The company also announced that it has invested a total of over VND 1,700 billion in four projects, including the HQC Tan Huong Affordable Housing Project, the New Residential Area in Tra Vinh Project, the Golden City Affordable Housing Project in Tay Ninh, and the GranDora Tower Project in District 2, Ho Chi Minh City. These projects are expected to contribute VND 950 billion to the company’s revenue in 2024.
Here is an overview of these projects:
+ Golden City Affordable Housing Project (Developer: Golden City) in Tay Ninh Province: Total investment of over VND 2,233 billion. HQC has invested VND 1,000 billion in this project, with an expected revenue of VND 599 billion in 2024.
The Golden City Project is built on a land area of 3.4 hectares, comprising seven 16-story apartment blocks and one basement. Currently, the construction of blocks A1, A2, B1, and B2 has been completed, and the entire project is expected to be finished and handed over by the end of 2024.
+ HQC Tan Huong Affordable Housing Project: Total investment of VND 532.8 billion, of which HQC has invested VND 200 billion. Expected revenue for 2024 is VND 145 billion.
The HQC Tan Huong Affordable Housing Project has a total area of 14,190 m2 and consists of four blocks: A, B, C, and D. Blocks C and D are expected to be handed over in Q4 2024.
+ New Residential Area in Tra Vinh Project: Total investment of VND 975 billion, with HQC investing VND 300 billion. Expected revenue for 2024 is VND 496 billion.
The New Residential Area in Tra Vinh Project is the first social housing project with terraced houses in the city of Tra Vinh, located on Chu Van An Street, Ward 4, Tra Vinh City, Tra Vinh Province. The project has a scale of 176,908.9m2 and includes 1,251 terraced houses with permanent ownership, of which 1,084 are social housing units and 167 are commercial houses, all with one ground floor and one upper floor. Currently, 70% of the project’s products have been constructed, completed, and handed over.
+ GranDora Tower Project in District 2, Ho Chi Minh City: Total investment of VND 528.7 billion. HQC has invested VND 210 billion in this project.
The GranDora Tower luxury apartment project has a total area of 4,990.7 m2, with a construction density of 29.6%. The total floor area is 19,082 m2. The project consists of a 12-story apartment block with 99 apartments ranging from 76 to 140 m2.
