Van Phu - Invest ends the first 6 months of 2024 with net revenue at 291.8 billion VND, down 80% compared to the same period last year. As a result, the business's profit in the first 6 months of the year reached 96.9 billion VND, down 76% compared to the same period last year.
The recorded results partly reflect the results of market difficulties in 2023, reflecting the results of 2024, a year in which many businesses in the same industry recorded deep declines in revenue, low profits, and even Enterprise reported loss.
According to leader Van Phu - Invest , the positive point in the business's operations is that revenue from the accommodation services segment continues to be maintained. This not only creates stable cash flow for businesses, but also partly shows that tourism activities tend to gradually recover after many difficult years.
Besides, with loan interest rates remaining low, the economy is on the road to recovery. The real estate market is forecast to gradually "warm" after the early application of 3 new laws, including: Real Estate Business Law, Land Law effective from August 1, 2024 and Law on Credit Institutions. effective from July 1, 2024.
“Supply and absorption in tier 1 cities will continue to be the driving factor for recovery, along with a clearer recovery in the Ho Chi Minh City market and surrounding areas,” leader Van Phu - Invest forecast.
Regarding asset scale, the total assets of the enterprise are at 11,970.5 billion VND as of June 30, 2024, a slight decrease compared to the beginning of the year. Notably, the value of cash and cash equivalents reached 300.3 billion VND - an increase of 56.9% compared to the beginning of the year, mainly thanks to the recovery of some debts related to loans and asset transfers. company products. This helps businesses significantly improve financial indicators such as quick ratio and current ratio.
In the coming time, the business is expected to continue to improve cash flow thanks to recording overlapping revenue from ongoing projects such as Vlasta Thuy Nguyen - Hai Phong, The Terra - Bac Giang.
According to the plan, the Company will begin handing over low-rise apartments at The Terra - Bac Giang project and focus resources to deploy the Vlasta Thuy Nguyen - Hai Phong project.
Regarding inventory, the value of the enterprise's inventory is 3,807 billion VND, a slight increase compared to the beginning of the year and is mainly concentrated in the projects The Terra - Bac Giang, Vlasta Thuy Nguyen - Hai Phong, Song Khe - Noi Bai. Hoang... These are all legally completed projects.
According to business leaders, real estate products in these projects can bring in revenue of about VND 2,000 billion for businesses in 2024, when the real estate market gradually receives positive impacts from the government. New book.
Regarding debt, the total value of corporate debt is at 6,219.2 billion VND as of June 30, 2024, an increase of 16.6% compared to the beginning of the year. Accordingly, the business continues to maintain a sustainable financial restructuring orientation with reducing short-term debt and increasing long-term debt.
Specifically, the value of short-term and long-term financial lease loans and debt is at VND 2,157.9 billion and VND 4,061.2 billion, respectively, up 2.97% and 24.47% compared to the beginning of the year.
With the capital mobilized from the VIAC Limited Fund of the Oman National Investment Commission through the issuance of convertible bonds at the end of 2021, the two sides have reached a consensus on converting bonds into VPI shares at the time of issuance. maturity point.
The conversion price after being adjusted according to Clause 6.2 of the contract is 23,271 VND per converted share, the number of converted shares is 29.65 million shares.
After the conversion is completed, VOI will become a major shareholder of Van Phu - Invest.
