In its Q2 2024 consolidated financial statements, the social housing giant recorded sales revenue and service provision of nearly VND 321 billion. However, due to returned goods, net revenue stood at over VND 5 billion. With cost of goods sold being refunded up to nearly VND 48 billion, gross profit reached nearly VND 53 billion. Additionally, financial revenue for the period exceeded VND 18 billion, largely derived from bank interest and loan interest.
After deducting expenses, the company’s net profit was nearly VND 11 billion, the highest in 20 quarters (since Q2 2019). Combined with the results in the first quarter, net profit for the first half reached nearly VND 13 billion.
Previously, on April 19, HQC announced a change in its business model and report type from consolidated financial statements to separate financial statements, effective from March 8, due to HQC’s acquisition of shares in City of Gold Investment JSC (HQC owns 98.04%). As a result, 2024 is the first year that HQC will report under consolidated financial statements.
In Q2 2023 (according to consolidated financial statements), HQC earned net revenue of over VND 103 billion and posted a post-tax profit of more than VND 1.2 billion.
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The Golden City social housing project has a total area of 3.35 hectares located in Tay Ninh province, invested by City of Gold Investment JSC. The total investment capital is VND 1,777 billion, including 7 blocks of 16-story apartments with 1,642 units. HQC has invested VND 1,000 billion in this project.
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With the successful M&A of City of Gold Investment JSC, HQC’s total assets as of June 30 increased by 42% compared to the beginning of the year, reaching nearly VND 10,379 billion. This includes cash and cash equivalents of nearly VND 45 billion, an increase of 159%, and short-term receivables of nearly VND 4,324 billion, up 47%. Inventories stood at nearly VND 1,032 billion, more than double the beginning of the year, mainly consisting of social housing apartments from City of Gold Investment JSC, valued at over VND 864 billion.
The social housing giant also had over VND 3,071 billion in payables, an increase of 17%. Of this, financial borrowings accounted for more than VND 1,369 billion, or 45% of total debt. A bright spot this quarter was the company’s reserves, which exceeded VND 870 billion, an increase of 28%, largely derived from the short-term advance payments from customers (over VND 804 billion). This amount will be recognized as revenue when the company hands over the apartments to customers.
Ambitious 2024 Plans
Hoang Quan sets ambitious plans for 2024 with a revenue target of VND 2,000 billion, 6.2 times higher than in 2023. The main sources of revenue are expected to be the Golden City project (VND 500 billion), the Golden Grand project (VND 300 billion), the Tan Huong project (VND 100 billion), and others. If successful, this will be the company’s highest revenue since its listing on Ho Chi Minh Stock Exchange (HOSE) in 2010.
The company aims for a net profit of VND 100 billion in 2024, 19.2 times higher than in 2023, which would also be the highest in the last 9 years (since 2016).
 Source: VietstockFinance
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HQC also sets a target to complete at least 50 social housing projects with approximately 50,000 units and to renovate and rebuild at least 10 old apartment buildings in Ho Chi Minh City, Dong Nai, and Long An.
In addition to social housing, HQC is pushing forward with investments and partnerships in commercial real estate, industrial real estate, and resort real estate. For example, the company is currently focusing on the Ham Kiem 1 Industrial Park project in Binh Thuan and the Binh Minh Industrial Park project in Vinh Long.
