Specifically, the net revenue of HPX in the first quarter of 2024 was nearly 2.2 times higher than the same period last year, reaching nearly 324 billion VND. Of which, the revenue from real estate business accounted for over 285 billion VND, nearly 2.6 times higher than the first quarter of the previous year. In the explanation of business results, HPX said that in the first quarter of 2024, the Company handed over more products to buyers than the same period last year.
Although it did not announce revenue from any project, in the explanatory notes of the financial statements, HPX no longer recorded the cost of construction in progress of the HP Plaza project, while at the beginning of the year it accounted for more than 17 billion VND.
 Source: HPX
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Not only sales revenue, both HPX‘s financial revenue also increased sharply to nearly 3 billion VND, 3.5 times higher than the same period last year.
In the context of increasing revenue, financial and sales expenses increased by 15% and 3.3 times over the same period, respectively, while management expenses decreased by 19%.
Even so, HPX still had a net profit of nearly 17 billion VND in the first quarter of the year, while in the same period last year it lost nearly 28 billion VND.
On the other hand, with nearly 16 billion VND of profit after tax, the Company achieved 15% of the after-tax profit target of 105 billion VND set for 2024.
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Business results of HPX in the first quarter of 2024
Source: VietstockFinance
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On the balance sheet, HPX‘s total assets as of March 31, 2024 were over 8.7 thousand billion VND, an increase of 5% compared to the beginning of the year. Notably, the amount of cash held was 2.3 times higher than at the end of the previous year, with over 71 billion VND. Long-term accounts receivable also increased by 29%, to nearly 838 billion VND.
