TanbinhRes currently holds nearly 11.7% of the capital at Saigon Medical Investment JSC (Meco) – a unit that contributes capital to the joint venture deploying the hospital project in the capital of Cambodia, which was signed between the two governments in 2004 and put into operation in 2013. The investment had an original cost of VND 25.5 billion, initially owned by the parent company, Saigon Real Estate Corporation – Ltd. (Resco), and was then transferred to TanbinhRes for management.
For many years, as the business operations did not generate profits, this investment was almost fully provisioned. However, by the end of 2024, Cho Ray Phnom Penh Hospital had eliminated its accumulated losses and started making profits, allowing TanbinhRes to reverse nearly VND 24 billion. The remaining amount will be evaluated by the Company based on the performance of 2025.
According to the minutes of TanbinhRes’ 2025 Annual General Meeting of Shareholders, General Director Pham Hong Phong stated that the reversal was carried out cautiously, after considering the hospital’s report and consulting with independent auditors. Chief Accountant Hoang Thi Thuc Doan confirmed the hospital’s year-end report showed profitability, although Meco has not provided an official report due to some objective factors.
Cho Ray Phnom Penh Hospital. Source: VNA
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This reversal of provisions became a “lifeline” as the Company had to make provisions of over VND 17 billion for bad debts, of which more than VND 15.6 billion was related to Saigon Construction and Trading Housing Company (KDN Saigon) – a subsidiary of Resco. This unsecured loan has been continuously extended since 2018, with an interest rate of 10%/year. As of the end of 2024, the total principal, interest, and overdue penalties amounted to over VND 22.4 billion, but KDN Saigon does not accept this figure. TanbinhRes’ leadership affirmed that they would initiate legal action if the counterpart continues to refuse payment. Previously, the Company had made provisions of nearly VND 10 billion for bad debts from another related party, Saigon Cho Lon Investment and Real Estate JSC (SGCL).
In 2025, the Company sets a target of VND 13.6 billion in total revenue and VND 4.3 billion in pre-tax profit. To achieve this plan, TanbinhRes continues to boost the sale of remaining apartments at Khuong Viet apartment building, maintain the leasing of supermarkets, rooftops, and ground-floor spaces at the blocks in Bà u Cát 2 Residential Area. For the residential project in Ward 7, District 8, a joint project with SGCL, the Company is seeking approval to divest its entire capital to shift its investment focus to a more suitable project.
The Apartment Building project at 4 Luong The Vinh, Tan Phu District, is currently awaiting the results of a proposal from the investor, Saigon Real Estate Development JSC 5, to Resco, ministries, and the People’s Committee of Ho Chi Minh City for continued implementation. At the same time, TanbinhRes also proposes to resolve issues related to the investment policy for the 948m2 land plot in the Bà u Cát 2 Residential Area, which cannot be implemented currently due to land-use adjustment and planning issues.
Despite having a significant amount of cash, the Company’s management believes that increasing the dividend payout ratio in 2025 is challenging due to the large capital requirements for projects in Tan Binh District. The dividend for this year is maintained at 3.5% of charter capital, equivalent to approximately VND 2.8 billion. General Director Pham Hong Phong stated that the Company needs to retain earnings to ensure stable dividend payments in the coming years, given the context of challenges in finding new investment opportunities.
In 2024, TanbinhRes’ net revenue continued to decline, reaching just over VND 7.5 billion, the lowest ever. Revenue from real estate sales contributed only VND 1.6 billion, while most of it came from leasing and bank interest. Net profit was VND 2.9 billion, almost unchanged from the previous year.
As of the end of the year, total assets amounted to approximately VND 176 billion, including nearly VND 65 billion in cash and deposits. Payables were low, at over VND 10 billion, and there were no bank loans. The real estate portfolio for lease is mainly located in the Bà u Cát 2 Residential Area in Tan Binh District. The office project in this area also accounts for the largest proportion of construction in progress, at VND 2.3 billion.
| TanbinhRes’ 2024 revenue hits an all-time low |
– 11:36 03/06/2025
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