Flamingo Holding Group Reports Declining Profits for 2023
Flamingo Holding Group (Flamingo) has announced a decline in its 2023 financial results, with after-tax profits dropping by 41% to over VND 175 billion compared to the previous year. The return on equity (ROE) also fell from 11% to 7%.
 Source: Flamingo
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As of December 31, 2023, Flamingo’s total assets surpassed VND 7.284 trillion, marking a 2% increase from the beginning of the year. However, the company’s equity capital slightly decreased by 1% to nearly VND 2.602 trillion.
The ratio of debt to equity rose from 1.71 to 1.8 times, corresponding to around VND 4.683 trillion in debt obligations. Of this amount, outstanding bonds accounted for nearly VND 285 billion at the end of 2023. The company disbursed VND 40 billion to cover interest payments on bonds during the year.
According to the HNX, Flamingo still has an outstanding bond, FHDCH2124001, with a value of VND 600 billion. Issued on December 16, 2021, the three-year bond matures on December 16, 2024, and carries an interest rate of 11% per annum. Flamingo made early redemptions of over VND 315 billion on April 7, 2023, and VND 30 billion on April 10, 2024, reducing the outstanding bond balance to VND 254.8 billion.
The proceeds from the bond issuance were used to invest VND 300 billion in the Flamingo Thai Nguyen project and increase the ownership stake in Flamingo Hai Tien Co., Ltd. by VND 300 billion.
Flamingo Holding Group is the developer behind three resort real estate projects: Flamingo Dai Lai (total investment of VND 6,000 billion), Flamingo Cat Ba (VND 3,820 billion), and Flamingo Hai Tien (VND 3,350 billion).
On January 28, 2024, Flamingo Group launched the Golden Hill Center, the centerpiece of the Flamingo Golden Hill project in Ba Sao town (Kim Bang) – the first four-season commercial, entertainment, leisure, and resort destination in Ha Nam province, scheduled to open in October 2024. Additionally, the Flamingo Ibiza Hai Tien project (Thanh Hoa) will commence operations in April 2024.
Author: Thanh Tu
