On August 29, 2025, Mr. Nguyen Van Dat, Chairman of the Board of Directors of Phat Dat Real Estate Development Joint Stock Company, has just registered to sell 88 million PDR shares under the agreed method, with the expected time from September 5 to October 3, 2025.
Before the transaction, Mr. Nguyen Van Dat held more than 359 million shares, equivalent to 36.72%. After completion, ownership is expected to decrease to 271 million shares, equivalent to 27.7%.
At the end of the trading session on August 29, PDR shares were priced at VND24.550/share. Temporarily calculating at this price, Mr. Dat will earn about VND 2,100 billion after selling 88 million shares.
Phat Dat Company said that the nature of this deal is a proactive choice. Mr. Nguyen Van Dat transferred a small part of his ownership ratio through an agreement, in order to convert personal assets into ready-made financial resources, to be able to immediately support Phat Dat's new, larger-scale business plans.
Phat Dat's consolidated financial statements for the second quarter of 2025 are showing many noteworthy indicators. Pre-tax profit of this enterprise recorded an increase of 30% compared to the second quarter of 2024, most of the motivation came from financial revenue instead of real revenue growth.
In the context of net revenue of only 20 billion VND, while expenses such as finances have exceeded many times compared to the revenue, making the company Insurance that it will suffer losses in the second quarter of 2025. However, thanks to that large financial revenue, the entire stake in Ngo May Real Estate Investment Joint Stock Company - the investor of Ngo May No. 1 project was successfully transferred to Quy Nhon 68 Investment Company Limited for VND435 billion.
This has helped Phat Dat "turn the tables" and recorded a profit after tax of nearly 65 billion VND, up 30% over the same period last year. This is a deal that attracted much attention from investors when Phat Dat only earned VND 160 billion from the deal and still had to collect VND 275 billion, meaning that 63% of the transaction value was still recorded as debt. And another notable thing is that Quy Nhon 68 Company was established on June 25, 2025, the same day as the deal took place.
Using "wholesale" transactions and transferring shares at subsidiaries and affiliated companies to record profits is not a new strategy of Phat Dat. Profit quality is still worrying as growth comes from financial revenue instead of expanding revenue.
This is accompanied by heavy negative business cash flow pressure and relatively high short-term debt, showing that this enterprise is still facing many challenges in balancing capital sources and ensuring long-term growth.
As of June 30, 2025, Phat Dat's cash and bank deposits were only VND 125 billion, down 73% compared to the beginning of the year. This is a modest figure if compared to the costs awaiting payment such as taxes and state payables of nearly 380 billion VND, short-term loans of 904 billion VND, and other short-term payables of 5,636 billion VND...
Regarding Phat Dat's inventory, it is increasing. As of June 30, 2025, the value of inventory reached more than VND 14,106 billion, accounting for 58% of total enterprise assets. Mainly coming from capital investment in real estate projects under implementation.
On the capital side, Phat Dat is carrying a debt payable of up to VND 12,370.62 billion, exceeding its equity by nearly VND 11,855.74 billion. Of which, short-term debt is VND 7,592.64 billion, accounting for 61% of total payables, 60.7 times the amount of cash and bank deposits VND 125 billion.
In the second quarter of 2025, Phat Dat's consolidated monetary circulation report showed that net cash flow from negative business activities reached nearly VND 1,331 billion, 3 times higher than VND 438 billion in the first quarter of 2025.
