Joint Stock Company C.E.O (HNX: CEO) recorded a second-quarter revenue of over VND 391 billion in 2024, an 18% increase compared to the same period last year. However, due to a rise in cost of goods sold, the gross profit after deductions stood at over VND 100 billion, a 7% decrease, with the gross profit margin also dropping from 33% to 26%.
A highlight of this period was the financial revenue of over VND 12 billion, nearly five times higher than the previous year, almost entirely from interest on deposits and loans (compared to nearly VND 2 billion in the same period last year). In addition, interest expenses significantly decreased by 58%, amounting to over VND 7 billion.
 Source: CEO
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Despite a nearly 136% increase in selling expenses, amounting to nearly VND 36 billion, and a 44% rise in general and administrative expenses, totaling almost VND 35 billion, which eroded a large portion of the profits, CEO still managed to achieve a slight 2% increase in net income, amounting to over VND 41 billion for the quarter.
For the first six months of the year, CEO‘s revenue decreased by 1% to VND 681 billion, while its net income increased by 12% to nearly VND 78 billion. In comparison to the 2024 plan, with consolidated revenue of VND 2,100 billion and after-tax profit of VND 150 billion, CEO has only achieved one-third of its revenue and profit targets in the first half of the year.
 Source: VietstockFinance
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CEOÂ announced that in 2024, the company will continue to implement key projects, including Sonasea Van Don Harbor City, Sonasea Residences, and CEOHomes Hana Garden, while also focusing on completing procedures for other projects to prepare for construction and business activities when conditions are favorable.
In the second half of 2024, the CEO Group plans to introduce a new product called Grand Oceania at Sonasea Van Don Harbor City, targeting the high-end resort real estate segment.
With regards to Sonasea Van Don Harbor City, VCBS assessed that this project will continue to contribute nearly VND 10,000 billion in revenue to the company in the coming years.
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The Sonasea Van Don Harbor City project has a total area of over 358.3 hectares, located in Ha Long ward, Van Don district, Quang Ninh province, stretching over 2 kilometers of coastline on Bai Dai Beach. The project has a total investment of approximately VND 5,000 billion, with CEO as the investor. The nature of the project is a 5-star standard complex of high-end beach tourism services, residential areas, forest parks, and entertainment areas.
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As of June 30, 2024, the real estate company’s total assets amounted to VND 9,014 billion, a 4% decrease compared to the beginning of the year. This included cash and cash equivalents of nearly VND 1,031 billion and short-term financial investments of nearly VND 933 billion, representing an 11% and 40% decrease, respectively. Inventories increased by 4%, totaling over VND 1,328 billion.
Construction in progress decreased by 35%, amounting to nearly VND 1,009 billion, with the majority of this amount, nearly VND 913 billion, attributed to the Sonasea Van Don Harbour City resort complex project.
The C.E.O Group still has over VND 2,734 billion in payables, a 14% decrease compared to the beginning of the year, due to a reduction in financial debt from VND 822 billion at the beginning of the year to nearly VND 563 billion. Additionally, the company has set aside approximately VND 1,059 billion, which accounts for 39% of total debt and 12% of total capital.
