Nam Long Investment Joint Stock Company has just announced impressive business results in the fourth quarter of 2024 and the whole year of 2024. Nam Long's net revenue in the fourth quarter of 2024 reached more than VND 6,368 billion, 3.9 times higher than the same period in 2023.
In this quarter, along with the increase in revenue, both the cost of goods sold and the company's expenses increased sharply, but still not as much as the increase in revenue. Therefore, the after-tax profit in the fourth quarter of 2024 of this real estate company reached its highest level ever, reaching VND 1,327 billion, an increase of 2.75 times compared to the fourth quarter of 2023. In 2024, the company's after-tax profit reached VND 1,382 billion, an increase of 73% compared to 2023.
Khang Dien House Investment and Trading JSC also recorded net revenue exceeding VND 2,000 billion in the fourth quarter of 2024, 4.4 times higher than the same period last year. Revenue mainly comes from real estate transfer activities. In the whole year of 2024, Khang Dien's net profit reached nearly VND 810 billion, up 13% over the previous year and exceeding the plan by 2% (VND 790 billion).
The most notable case for investors is Quoc Cuong Gia Lai Joint Stock Company. Despite many changes in 2024, the company still achieved a profit after tax of nearly 72 billion VND, 22 times higher than in 2023. This is also the first year that Mr. Nguyen Quoc Cuong has run the company.
Thanks to improved profits, inventory control, and reduced payables, last year, Quoc Cuong Gia Lai's operating cash flow changed from a deficit of VND33 billion to a surplus of VND255 billion.
Meanwhile, many real estate companies are still in extremely difficult circumstances and even have no revenue.
Thu Duc House Development Joint Stock Company (Thuduc House) has just announced its financial report for the fourth quarter of 2024 with net revenue reaching more than 12 billion VND, down 65% compared to the same period in 2023. However, business management costs increased nearly 7 times, to 294 billion VND. This caused Thuduc House to have a loss after tax of more than 284 billion VND, a sharp increase compared to the loss of nearly 36 billion VND in the same period last year.
In 2024, Thuduc House had net revenue of nearly 49 billion VND (down 60% compared to 2023), with a loss after tax of more than 288 billion VND. Thuduc House did not record any revenue from real estate sales last year, net revenue only came from service provision and leasing activities. Currently, all 3/3 members of Thuduc House's Board of Directors have resigned.
Despite its restructuring efforts in 2024, Novaland, the giant of the southern real estate industry, still recorded a net loss of more than VND6.4 trillion. The consolidated financial report for the fourth quarter of 2024 shows that Novaland's net revenue and financial revenue increased sharply in 2024, but Novaland's expenses increased even higher. High expenses made Novaland's efforts to make a profit last year unsatisfactory.
Another case that is still in the red is LDG Company. In 2024, the value of returned goods sold by LDG was recorded at more than 358 billion VND while total revenue was only more than 185 billion VND. As a result, net revenue was negative at more than 173 billion VND.
In the context of negative revenue, the Company's sales and management expenses increased by 17% and 83%, respectively, to nearly VND 14 billion and more than VND 453 billion. With the above unfavorable factors, LDG suffered a net loss of nearly VND 778 billion in 2024, marking the second consecutive year of reporting losses. On the other hand, with this loss, the Company's total accumulated loss as of December 31, 2024 exceeded VND 1,000 billion.
