According to the consolidated financial statements for the second quarter of 2024, the social housing giant recorded revenue from sales and services of nearly VND 321 billion. However, due to returned goods, the net revenue was over VND 5 billion. With the cost of goods sold being refunded to nearly VND 48 billion, gross profit reached nearly VND 53 billion.
Additionally, financial income for the period was over VND 18 billion, mainly from bank interest and loan interest. After deducting expenses, the social housing giant’s net profit was nearly VND 11 billion, the highest in 20 quarters (since the second quarter of 2019). Combined with the results in the first quarter, the six-month net profit was nearly VND 13 billion.
Previously, on April 19, HQC announced a change in its business model and a transition from consolidated financial statements to separate financial statements, effective from March 8, due to HQC’s acquisition of shares in Golden City Investment Joint Stock Company (HQC owns 98.04%). As a result, 2024 is the first year that HQC will report consolidated financial statements.
In the second quarter of 2023 (according to the consolidated financial statements), HQC recorded net revenue of over VND 103 billion and after-tax profit of over VND 1.2 billion.
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The Golden City social housing project has a total area of 3.35 hectares located in Tay Ninh province, invested by Golden City Investment Joint Stock Company. The total investment capital is VND 1,777 billion, including 7 blocks of 16-story apartments with 1,642 units. HQC has invested VND 1,000 billion in this project.
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With the successful M&A of Golden City Investment Joint Stock Company, HQC’s total assets as of June 30 increased by 42% compared to the beginning of the year, to nearly VND 10,379 billion. This includes cash and cash equivalents of nearly VND 45 billion, an increase of 159%, and short-term receivables of nearly VND 4,324 billion, an increase of 47%. Inventory was nearly VND 1,032 billion, more than double the beginning of the year, mainly from social housing apartments at Golden City, amounting to over VND 864 billion.
This social housing giant also has over VND 3,071 billion in payables, an increase of 17%. Of this, financial borrowings amounted to over VND 1,369 billion, accounting for 45% of total debt. “Reserved funds” are a highlight this period, with over VND 870 billion, an increase of 28%, mainly from the item of customers’ short-term prepayments (over VND 804 billion). This item will be recognized as revenue when the company hands over the houses to customers.
Ambitious Plan for 2024
Hoang Quan sets an ambitious plan for 2024 with a revenue target of VND 2,000 billion, 6.2 times higher than in 2023. The main sources of revenue are expected to come from the Golden City project (VND 500 billion), the Golden Grand project (VND 300 billion), the Tan Huong project (VND 100 billion), and others. If successful, this will be the highest revenue in the company’s history since its listing on the Ho Chi Minh Stock Exchange (HoSE) in 2010.
The company aims for a net profit after tax of VND 100 billion in 2024, 19.2 times higher than the previous year’s performance. This will also be the highest profit in the last 9 years (since 2016).
 Source: VietstockFinance
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HQC also sets a target to complete at least 50 social housing projects with approximately 50,000 units and to renovate and rebuild at least 10 old apartment buildings in Ho Chi Minh City, Dong Nai, and Long An.
In addition to social housing, HQC is pushing for investment and cooperation in commercial real estate, industrial real estate, and resort real estate. For example, the company is currently focusing on the implementation of the Ham Kiem 1 Industrial Park project in Binh Thuan province and the Binh Minh Industrial Park project in Vinh Long province.
