The real estate market remains in a state of stagnation, with long-standing legal issues with projects causing a significant increase in inventory and accounts receivable for real estate companies. This is one of the reasons why businesses are facing difficulties with cash flow, with continuous negative cash flow from business operations.
According to that, at DIC Corp (mã: DIG), the company's consolidated net revenue in the second quarter of 2024 reached VND 8,212 billion, five times that of the same period last year.
The company's interest expense in the period decreased significantly, and it also recorded a reversal of financial expenses, but financial income also decreased significantly. As a result, the company reported a surprise profit of VND 125 billion, while the same period last year, DIC Corp only made a profit of VND 9 billion, which is also the highest profit of the company in the past 10 quarters.
Accumulating the first six months of the year, DIC Corp recorded a consolidated net revenue of VND 8,220 billion, 2.2 times that of the same period last year. However, due to a significant decrease in financial income, the company's after-tax profit was only VND 3.9 billion, down 95% from the first half of 2023.
The company's business was good in the second quarter, but the company's financial situation shows that it is still facing difficulties with cash flow, with a negative cash flow from business operations of VND 12,110 billion, a significant increase from the negative VND 1,084 billion in the same period last year. In addition, the company's investment cash flow was negative VND 659 billion and its financial cash flow was VND 1,162 billion, mainly due to increased borrowing to offset the cash flow deficit from business operations.
Similar to Cenland (mã: CRE), the company's consolidated net revenue in the second quarter of 2024 reached VND 333.5 billion, down 17% from the same period last year, mainly due to the brokerage and investment segments.
In the second quarter, Cenland reported a net profit of VND 8.6 billion, down 13% from the same period last year. Accumulating the first half of the year, the company's revenue was VND 827 billion, up 82% and its after-tax profit was VND 16 billion, 11.5 times that of the same period last year.
Cenland's cash flow statement also shows that the company is still facing difficulties with cash flow, with a negative cash flow from business operations of VND 50.4 billion in the first six months of the year, the same as the negative VND 55.6 billion in the same period last year.
At TTC Land (mã: SCR), the company's consolidated net revenue in the second quarter of 2024 reached VND 75.2 billion, up 9.6% from the same period last year; its after-tax profit was VND 944 million, down 76% from the same period last year.
Accumulating the first half of the year, TTC Land recorded a consolidated net revenue of VND 144 billion, down 3.7% from the same period last year. Its pre-tax profit was VND 16.1 billion, up 15.8% from the same period last year, but its after-tax profit was VND 5.7 billion, down 3.4%.
The company's cash flow from business operations at TTC Land continued to be negative VND 15.5 billion, a significant improvement from the negative VND 1,150 billion in the same period last year.
Taseco Land (mã: TAL) also recorded a consolidated net revenue of VND 599 billion in the second quarter of 2024, double that of the same period last year. However, due to a significant decrease in other income, while tax expenses increased, Taseco Land's after-tax profit in the second quarter was only VND 6.4 billion, down from VND 17.2 billion in the same period last year.
Accumulating the first six months of the year, the company's consolidated net revenue reached VND 908 billion, up 81% from the same period last year; its after-tax profit was VND 16.6 billion, down 4.6% from the same period last year.
Notably, Taseco Land's cash flow from business operations in the first six months of the year was negative VND 178 billion, the same as the negative VND 426 billion in the same period last year.
Nam Long Group (mã: NLG), a major real estate company in the south, recorded a less-than-ideal business situation. In the second quarter of 2024, the company's consolidated net revenue was VND 252 billion, and its after-tax profit was VND 160 billion, down 73.5% and 31% from the same period last year, respectively.
Accumulating the first six months of the year, Nam Long recorded a consolidated net revenue of VND 457 billion and an after-tax profit of VND 94.8 billion, down 61.5% and 62% from the same period last year, respectively. With the results achieved, this real estate company has only completed 7% of its annual revenue plan and 11.5% of its annual profit plan.
The company's business was profitable, but Nam Long still faced a major problem with its cash flow from business operations, which was negative VND 851 billion in the first six months of the year, up from the negative VND 1,127 billion in the same period last year.
In addition, a number of other real estate companies also faced difficulties with cash flow, with negative cash flows from business operations in the first six months of the year, including: Khải Hoàn Land (mã: KHG) with a negative VND 93 billion; NTL with a negative VND 128 billion; and KDH with a negative VND 2.5 billion…
