Quoc Cuong Gia Lai Joint Stock Company announced the audited consolidated financial report for the semi-annual year 2025.
Accordingly, in the first 6 months of 2025, Quoc Cuong Gia Lai brought in nearly VND242.6 billion in net revenue, up 272.1% over the first 6 months of 2024.
Of which, the real estate segment contributed a large part with revenue of nearly VND 177.5 billion, 20.4 times higher than the same period; revenue from electricity purchase and sale was over VND 47.1 billion, up 26.3%; rubber revenue reached over VND 17.7 billion, down 5.9%. After deducting taxes and fees, the enterprise reported net profit of more than VND10 billion, while in the same period last year, it reported net loss of more than VND166.6 billion.
Also in this audited financial report, the auditing unit emphasized two important issues regarding the business situation of Quoc Cuong Gia Lai.
Firstly, in the "Other collections" section, the amount of 74.3 billion VND is a part of the payment value related to the apartment - commercial high-rise project along the Tan Phong River.
According to the appeal verdict No. 184/2023/HS-PT dated April 3, 2023, the Ho Chi Minh City High People's Court declared the content: "Assign the Ho Chi Minh City People's Committee to resolve according to the law, but request the Ho Chi Minh City People's Committee to consider ensuring the rights of residents, businesses, and related organizations during the settlement process".
At the time of issuing this report, the Ho Chi Minh City People's Committee has not yet made an official decision on allowing the company to continue implementing the project. Currently, the company is continuing to work with the Ho Chi Minh City People's Committee to continue implementing the project.
Second, on June 30, 2025, Quoc Cuong Gia Lai's total short-term assets were VND 1,844.1 billion, while the short-term debt was VND 3,814.9 billion (mainly VND 2,782.8 billion, the company had to return all the money received according to the Pledge to buy and sell of the Bac Phuoc Kien Residential Area Project in Ho Chi Minh City to ensure the obligation to enforce the judgment for defendant Truong My Lan according to the Appeal Judgment No. 1125/2024/HS-PT of the High People's Court in Ho Chi Minh City).
Speaking more about Quoc Cuong Gia Lai's debt of VND 2,782.8 billion, according to records, this is the amount of money that the enterprise must pay to Sunny Island Investment Joint Stock Company related to Phuoc Kien project. At the beginning of the year, this debt was at VND 2,882.8 billion, however, on June 5, 2025, the company paid VND 100 billion.
Meanwhile, in the long-term unfinished assets category, the cost for Phuoc Kien project increased from VND 5,360.8 billion to VND 5,426.5 billion after the first 6 months of 2025.
This shows that the existence of a key uncertain factor can lead to significant doubts about the continuous operation of Quoc Cuong Gia Lai.
However, the audit report also emphasized that the company's management board had recognized this problem and had made a business plan and cash flow plan for 2025 and the following years.
Accordingly, the consolidated financial report for the mid-year period from January 1, 2025 to June 30, 2025 of Quoc Cuong Gia Lai is still prepared on the basis of assuming continuous operation.
