Saigon Investment and Development Joint Stock Company (SDI Corp) has just announced its semi-annual financial targets for 2024, with a net profit of over VND 4,400 billion, while in the same period last year, it suffered a loss of over VND 5,400 billion. The after-tax profit margin (ROE) reached 82.54%.
Prior to this, the company had reported losses for three consecutive years.
As of June 30, SDI Corp’s equity reached VND 5,356 billion. The debt-to-equity ratio stood at 21.66 times, equivalent to over VND 116,000 billion in payables. This includes nearly VND 6,600 billion in bond debt.
Thus, SDI Corp’s total assets amount to nearly VND 121,400 billion. Currently, on the stock exchange, only two companies have larger assets than this enterprise: Vinhomes and Novaland. SDI Corp’s assets surpass those of numerous giants such as Becamex IDC, Vincom Retail, Hung Thinh, and Khang Dien.
Currently, SDI Corp has one lot of bonds in circulation, totaling VND 6,570 billion. This lot was issued in 2021 with an announced interest rate of 10% per annum.
SDI Corp is headquartered at A3, Road 5, 10ha Residential Area, Ward 3, An Phu Ward, Thu Duc City, Ho Chi Minh City. Its main business activities include real estate trading and leasing of land-use rights, whether owned, leased, or rented.
The company is known as the investor of the mega-project Saigon Binh An Urban Area (commercial name The Global City), spanning over 117ha. It is located on the Long Thanh-Dau Giay highway, intersecting with Do Xuan Hop Street in Thu Duc City. According to the project’s website, The Global City comprises 1,800 shophouses and 10,000 high-rise apartments, a 92ha golf course with 18 holes, and a 400-room hotel.
The project encountered planning issues, with some components not complying with regulations, which caused delays for several years. Despite being allocated land in 2001, it was not until March 2021 that the project commenced construction, with expected completion by December 2025.
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