Joint Stock Company C.E.O (HNX: CEO) recorded a second-quarter revenue of over VND 391 billion in 2024, an 18% increase compared to the same period last year. However, due to a rise in cost of goods sold, the gross profit after deductions amounted to over VND 100 billion, a 7% decrease, with the gross profit margin also dropping from 33% to 26%.
A highlight of this period was the financial revenue of more than VND 12 billion, nearly five times higher than the previous year, almost entirely from interest on deposits and loans (compared to nearly VND 2 billion in the same period last year). In addition, interest expenses significantly decreased by 58%, totaling over VND 7 billion.
 Source: CEO
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Despite sales expenses of nearly VND 36 billion and management expenses of nearly VND 35 billion, representing a respective increase of 136% and 44% compared to the previous year, which eroded a large portion of the profits, CEO still achieved a net profit of over VND 41 billion in the second quarter, a slight 2% increase.
For the first six months, CEO‘s revenue decreased by 1% to VND 681 billion, while the net profit reached nearly VND 78 billion, a 12% increase. In comparison to the 2024 plan, with consolidated revenue of VND 2,100 billion and after-tax profit of VND 150 billion, CEO has only achieved one-third of the revenue and profit targets in the first half of the year.
 Source: VietstockFinance
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CEOÂ announced that in 2024, the company will continue to implement key projects, including Sonasea Van Don Harbor City, Sonasea Residences, and CEOHomes Hana Garden, while also focusing on completing procedures for other projects to prepare for construction and business operations when conditions are favorable.
In the second half of 2024, the CEO Group plans to introduce a new product called Grand Oceania at Sonasea Van Don Harbor City, targeting the high-end resort real estate segment.
Regarding Sonasea Van Don Harbor City, VCBS assessed that this project will continue to contribute nearly VND 10,000 billion in revenue to the company in the coming years.
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The Sonasea Van Don Harbor City project has a total area of over 358.3 hectares, located in Ha Long ward, Van Don district, Quang Ninh province, stretching over 2 kilometers of Dai Beach coastline. The total investment capital is approximately VND 5,000 billion, with CEO as the investor. The nature of the project is a 5-star standard complex of high-end beach tourism and resort services, residential area, forest park, and entertainment area.
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As of June 30, 2024, the real estate company’s total assets amounted to VND 9,014 billion, a 4% decrease compared to the beginning of the year. This included cash and cash equivalents of nearly VND 1,031 billion and short-term financial investments of nearly VND 933 billion, representing an 11% and 40% decrease, respectively. Inventories totaled over VND 1,328 billion, a 4% increase.
The cost of basic construction in progress was nearly VND 1,009 billion, a 35% decrease, mainly attributed to the Sonasea Van Don Harbour City project, which accounted for nearly VND 913 billion.
The C.E.O Group still had over VND 2,734 billion in payables, a 14% decrease compared to the beginning of the year, due to a reduction in financial debt from VND 822 billion at the beginning of the year to nearly VND 563 billion. Additionally, the company set aside approximately VND 1,059 billion, representing 39% of total debt and 12% of total capital.
Tracodi (TCD) earns 163 billion VND profit in 2023
Throughout the year 2023, Tracodi achieved a consolidated net revenue of VND 1,784.5 billion and a post-tax profit of VND 163.3 billion.
Cen Land’s annual profits plummet to 2.5 billion VND, with nearly 60% of assets being accounts receivables.
Although the fourth quarter saw a reversal in profits, declining revenue resulted in Cen Land’s net profit for the entire year of 2023 only reaching 2.5 billion VND. It is worth mentioning that nearly 60% of the company’s assets consist of receivables from partners, with a total value of approximately 4,100 billion VND.
