DRH Holdings JSC (code: DRH) has just released its audited financial statements for 2023. The company was among the latest to submit its financial reports to the market. Previously, DRH had been placed on a warning list by the Ho Chi Minh City Stock Exchange since April 24 for delayed submission of financial statements.
Mr. Phan Tan Dat, Chairman of DRH Holdings, received zero income in 2023. (Photo: D.V)
According to DRH’s financial statements, the company’s revenue from sales and services in 2023 reached only VND 8.8 billion, a decrease of more than 85% compared to 2022 (over VND 60 billion). Interest expense is a significant burden for DRH, with over VND 108 billion in interest expense. This has resulted in a total loss of nearly VND 104 billion for the company. In contrast, in 2022, DRH still made a profit of nearly VND 700 million.
The decline in revenue and profits has also led to a significant decrease in the income of the Board of Management and the Board of Directors.
Specifically, in 2023, the Board of Management and the Board of Directors of DRH received a total income of over VND 2.6 billion. Mr. Phan Tan Dat, Chairman of the Board, had zero income. Two other members of the Board of Directors, Mr. Ho Ngoc Bach and Mr. Nguyen Lam Tung, also had zero income.
In the company’s leadership, only Mr. Ngo Duc Son, a member of the Board of Directors and General Director, received an income of over VND 1.5 billion, and Mr. Tran Hoang Anh, a member of the Board of Directors and Deputy General Director, received an income of nearly VND 1.1 billion. However, DRH still has an outstanding payment of VND 900 million to Mr. Ngo Duc Son.
In contrast, in 2022, the total income of the Board of Management and the Board of Directors was over VND 4.1 billion. The Chairman received VND 900 million, and the General Director received nearly VND 1.68 billion.
Currently, DRH has five subsidiary and associated companies. Previously, DRH had ambitious business plans, targeting a profit of over VND 500 billion by 2025. The company has three core business segments: real estate development, manufacturing and supplying building materials, and developing industrial parks and infrastructure.
In the real estate segment, DRH Holdings is focusing on developing diverse residential real estate projects, leveraging its land bank advantage in Ho Chi Minh City, Binh Duong, and Dong Nai. The company plans to introduce 300-500 products, including apartments, land plots, and houses, to the market. However, these plans seem unfeasible at this point.
