Khang Điền Corporation (ticker: KDH), a prominent real estate investment and business enterprise based in Ho Chi Minh City, recently released its financial report for Q2 2024. The report highlighted a notable 9.8% year-on-year increase in net revenue, totaling VND 644 billion. Additionally, the company’s financial activity revenue witnessed a substantial surge of 36%, climbing to VND 10.4 billion.
Following the deduction of expenses, Khang Dien recorded a net profit of VND 280 billion, indicating a 9.3% year-on-year improvement. For the first half of 2024, the company’s net revenue and post-tax profits stood at VND 978 billion and VND 344 billion, respectively, reflecting a 2.8% and 24.7% decrease compared to the corresponding period last year.
As of Q2 2024, the company’s cash and cash equivalents took a downturn, decreasing by over VND 1,000 billion since the beginning of the year, settling at VND 2,561 billion. Notably, short-term bank deposits with original maturities of up to 3 months accounted for 79% of this amount, totaling VND 2,206 billion.
By the end of June 2024, the company had a total of 255 employees, 3 less than in 2023. The total staff expenditure amounted to VND 55.6 billion. This equates to an average monthly salary of VND 36 million per employee, marking an increase of nearly VND 8 million compared to the previous year.
Khang Điền boasts the highest employee compensation in the real estate sector for the first half of the year.
Turning our attention to Phat Dat Real Estate Development Joint Stock Company (ticker: PDR), another prominent real estate developer in Ho Chi Minh City, their Q2 2024 report disclosed a wage expense of VND 27.2 billion, surpassing the figure from the previous year by VND 2.8 billion.
This increase can be attributed to a larger workforce, as Phat Dat had 278 employees by the end of June 2024, 21 more than in 2023. Based on these figures, the estimated average monthly salary for the second quarter stands at approximately VND 32.6 million per person, almost double that of the previous year.
In terms of financial performance, Phat Dat recorded a remarkable threefold year-on-year surge in net revenue, reaching VND 8.2 billion in Q2 2024. However, their post-tax profit took a downturn, settling at VND 49.7 billion, which reflects an 82% decrease compared to the same period last year.
For the first half of 2024, Phat Dat’s net revenue and post-tax profit stood at VND 170 billion and VND 102.4 billion, respectively, marking a 12% and 66% decrease year-on-year. These results equate to only 12% of the company’s annual profit plan for 2024.
Moving on to the Dat Xanh Group Joint Stock Company (ticker: DXG), their headcount as of June 2024 was approximately 2,443, a reduction of 25 employees compared to the previous year. Their wage expenses totaled VND 157.9 billion, a slight increase from the previous year. This equates to an average monthly salary of nearly VND 10.8 million per employee, a modest improvement from the previous year.
Notably, the company’s cash and cash equivalents witnessed a significant surge of 287% compared to the end of 2023, climbing from VND 276 billion to VND 1,069 billion.
