Long Thành Riverside JSC (Long Thành Riverside) has released its half-year financial report for the first half of 2024 to the Hanoi Stock Exchange (HNX).
The report showcases a thriving business with a notable surge in profit after tax, reaching VND 46 billion, an impressive 13.4 times higher than the previous year’s figure of VND 3.4 billion.
The return on equity (ROE) stood at 9.76%, a significant improvement from the previous year’s 0.81%.
In the financial years 2022 and 2023, the real estate company reported after-tax profits of VND 1.4 billion and VND 3.4 billion, respectively.
Thus, 2024 is shaping up to be a year of exceptional growth for Long Thành Riverside.
As of June 30, 2024, the company’s equity capital stood at VND 470 billion, reflecting a 10.8% increase compared to the previous year. The debt-to-equity ratio was 3.83, corresponding to a debt balance of VND 1,802 billion.
Notably, Long Thành Riverside successfully reduced its bond debt to zero before the deadline of June 30, 2024.
Long Thành Riverside has experienced a “blooming” performance in the first six months of this year.
Established in December 2011, Long Thành Riverside is headquartered in Long Thành Town, Long Thành District, Đồng Nai Province. The company specializes in real estate business, with its legal representative being General Director Nguyễn Thu Thủy.
The company’s flagship project, ID Junction, received approval from the People’s Committee of Đồng Nai Province in August 2012 for its investment location as a “residential area according to the planning.”
On September 22, 2022, the Đồng Nai Province Department of Construction permitted Long Thành Riverside to offer future real estate products as stipulated in Clause 1, Article 55 of the Real Estate Business Law.
ID Junction is located on Phạm Văn Đồng Street, Long Thành Town, Long Thành District, Đồng Nai Province. Developed by Tây Hồ Construction Consulting and Investment JSC (Tây Hồ Group), the project spans 40.77 hectares and comprises 3,602 land plots, including 1,856 mixed-use lots, 640 detached houses, and 1,124 social housing units (apartments). Currently, brokers are offering shophouses and twin villas with areas ranging from 105-120m2, priced between VND 55-63 million per square meter.
On November 21, 2023, the Ministry of Natural Resources and Environment issued Conclusion No. 194/KL-BTNMT on the inspection of compliance with natural resources and environmental laws in Đồng Nai Province.
This conclusion included a recommendation to the People’s Committee of Đồng Nai Province to “direct the handling of land allocation to Long Thành Riverside JSC for implementing the project of a residential area according to the planning, which did not go through the auction of land use rights, contrary to the provisions of Article 118 of the 2013 Land Law.”
