As of Q3, Saigon Real Estate Corporation (Saigonres, HOSE: SGR) reported a 66% year-on-year decline in net revenue, totaling nearly VND 20 billion. Rising costs of goods sold led to a 93% drop in gross profit, which stood at just over VND 3 billion, shrinking the gross profit margin from nearly 79% to 16%.
A rare bright spot was the financial revenue of nearly VND 45 billion, a 7.5-fold increase year-on-year, primarily driven by surging interest income from deposits and other financial gains.
Consequently, SGR posted a net profit of over VND 15 billion, down 63% year-on-year, despite an 11% rise in financial and administrative expenses to over VND 21 billion.
For the first nine months, net revenue reached VND 182 billion, up 54%, while post-tax profit exceeded VND 83 billion, 4.5 times higher year-on-year. However, compared to the annual plan, SGR achieved only 23% and 26% of its revenue and profit targets, respectively.
Source: VietstockFinance
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By the end of Q3/2025, Saigonres’ total assets reached nearly VND 2,582 billion, a 15% increase year-to-date. Notably, short-term bank deposits (3–12 months) soared to nearly VND 227 billion, 8.4 times higher than at the start of the year.
Inventory stood at nearly VND 433 billion, up 3%, primarily comprising work-in-progress costs for the An Phú project (former Bình Dương) at over VND 80 billion and the Phúc Định Road project (Ward 16, District 8, HCMC) at over VND 83 billion.
Source: SGR
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Total liabilities were nearly VND 1,132 billion, down 11%, with financial debt at nearly VND 257 billion, a 39% decrease, accounting for 23% of total liabilities.
– 13:24 27/10/2025
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