Tien Phuoc Joint Stock Group (Tien Phuoc Group) has reported its financial results for the first half of 2024. Tien Phuoc Group is known as one of the oldest real estate businesses in Ho Chi Minh City.
In the first half of this year, Tien Phuoc Group recorded an after-tax loss of VND 181.6 billion. In the same period last year, the company lost VND 106.5 billion. As of June 2024, the company’s equity was VND 2,075 billion, a decrease of VND 181 billion compared to the previous year.
Tien Phuoc Group’s debt-to-equity ratio stands at 4.1 times, with total debt exceeding VND 8,500 billion.
Senturia Vuon Lai residential area in District 12, Ho Chi Minh City, developed by Tien Phuoc Group. Photo: Ngoc Thanh |
According to disclosed information, in March 2021, Tien Phuoc Group issued a VND 300 billion bond lot. A month later, the company issued an additional VND 200 billion bond lot.
In March 2023, Tien Phuoc Group reached an agreement with bondholders to extend the maturity of both bond lots by four years. Also last year, the company repurchased VND 205 billion of bonds from these two lots ahead of schedule. Currently, the total value in circulation of both bond lots is only VND 295 billion.
In recent years, Tien Phuoc Group’s business performance has been rather lackluster. While the company made a meager profit of VND 4.8 billion in 2022, it incurred a significant loss of VND 160 billion in 2023.
Tien Phuoc Group’s predecessor was Tien Phuoc Essential Oils Agricultural Products Company, established in 1992. Before changing its name to Tien Phuoc Limited Company in 2003, the company’s main business was real estate, with the Green Field Villa project in District 2 (now Thu Duc City).
In 2007, Tien Phuoc partnered with Keppel Land to form a joint venture and develop The Estella, a high-end apartment project in Thu Duc City.
In 2009, Tien Phuoc, in collaboration with Tran Thai Company and Keppel Land, established Nam Rach Chiec Company to develop the Nam Rach Chiec residential area in Thu Duc City. Around the same time, the company introduced the An Phu – Binh Khanh resettlement project, comprising 1,080 apartments, to the market.
2015 marked a new turning point for Tien Phuoc as the company successfully transformed into a joint-stock company, and its member, Empire City Limited Liability Company, was granted permission to implement the Thu Thiem Observation Tower Complex project.
During the period of 2015–2020, Tien Phuoc Group gained attention by launching a series of real estate projects, including Palm City, Empire City, Estella Height, Senturia Vuon Lai, and Senturia Nam Sai Gon. However, the company’s business performance in recent years has been less than favorable.
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