Saigon Capital Joint Stock Company has recently disclosed its semi-annual financial report for 2024 to the Hanoi Stock Exchange (HNX).
The report reveals a notable improvement in the company’s financial performance for the first half of the year, with a recorded after-tax profit of 4.3 billion VND, marking a nearly ninefold increase from the previous year’s figure of 489 million VND.
Consequently, the after-tax profit margin (ROE) reached 0.48%, a significant enhancement compared to the previous year’s figure of 0.08%.
In the fiscal years 2022 and 2023, Saigon Capital recorded after-tax profits of 961 billion VND (ROE 0.16%) and 972 million VND (ROE 0.16%), respectively.
As of June 30, 2024, the company’s financial health demonstrates a 53.7% increase in equity, totaling 909 billion VND. The debt-to-equity ratio stands at 4.4455, reflecting total liabilities of 4,042 billion VND. Notably, bond debt accounts for 4,000 billion VND, constituting 99% of the company’s total liabilities.
The after-tax profit achieved by Saigon Capital in the first half of the year appears modest in comparison to the company’s total capital of nearly 5,000 billion VND.
Data from HNX indicates that, from September to December 2023, Saigon Capital successfully issued four bond lots: SGGCH2328001, SGGCH2328002, SGGCH2328003, and SGGCH2328004. These bonds share a five-year maturity, with each lot valued at 1,000 billion VND and an interest rate of 12.5% per annum, payable semi-annually.
All four bond lots mentioned above are secured by a “Payment Guarantee” from HDBank, officially known as the Ho Chi Minh City Development Joint-Stock Commercial Bank.
According to HNX data, during the first half of 2024, Saigon Capital completed interest payments totaling over 250 billion VND for the aforementioned bond lots.
Saigon Capital Joint Stock Company, established on August 12, 2019, is headquartered at 51 Hoang Dieu, Ward 10, Phu Nhuan District, Ho Chi Minh City. The company primarily operates in the real estate business. Its current charter capital stands at 903 billion VND. The legal representative and Director is Mr. Nguyen Trong Tuan (DOB: 1978, Bac Ninh).
Despite the company’s presence in the real estate market for over four years, information about its real estate projects remains scarce.
However, amidst a subdued real estate market, many real estate businesses face challenges with their cash flow to sustain operations and repay debts as scheduled. In this context, Saigon Capital’s successful issuance of four bond lots, totaling 4,000 billion VND, in the latter half of 2023 has created a significant buzz in the market.
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