The above data was announced by Long Thanh Golf Investment and Trading Joint Stock Company ("GLT", "Company") in the financial report for the second quarter of 2024.
Accordingly, in terms of asset structure, the two items that account for a large proportion on the company's balance sheet are inventories of VND 4,392.5 billion (accounting for 19.9%) and long-term financial investments of VND 12,643.5 billion (accounting for 57.2%). These are investments in strategic industries, in line with the company's long-term development orientation.
Regarding capital structure, the company has equity of VND 6,762.8 billion (accounting for 30.6% of total assets), loans and financial leasing debt maintained at a healthy level of VND 2,219.8 billion (accounting for 10% of total assets).
At the end of Q2-2024, the company's revenue in the first 6 months of the year reached 175.5 billion VND, with profit after tax growing 32.6% over the same period in 2023.
It is known that Long Thanh Golf Company is one of the important cores in the KN Holdings ecosystem of businessman Le Van Kiem. Currently, the company is operating the 36-hole Long Thanh Golf Course with an area of over 350 hectares, serving about 1,000 members with more than 60% of members coming from Europe, Japan, Korea, Singapore, China, Thailand... Long Thanh Golf Course is voted as the most beautiful and best course in Vietnam and one of the most beautiful courses in Asia.
In addition to golf business, GLT also invests in real estate, industrial parks, energy, and resort tourism.
In the resort real estate sector, GLT holds 90% of shares in KN Cam Ranh Company Limited (“KNCR”), the investor of the KN Paradise Resort and Entertainment Complex project in Cam Ranh with a total investment of VND 46,371 billion. Currently, some items of the project have been completed and put into operation, including a chain of Wyndham Grand branded resort villas with 327 rooms and the 27-hole KN Golf Links course designed by Greg Norman. The project has also been handing over housing products to customers. According to information from KNCR, the project is expected to continue launching new low-rise products in Q4-2024.
KNCR's business situation also had outstanding growth in 2024. At the end of the second quarter of 2024, KNCR had revenue in the first 6 months of the year reaching 916 billion VND (3 times higher than the same period in 2023), and profit after tax reaching 80.4 billion VND (growth of 23.4%).
Regarding financial structure, KNCR has actively paid and reduced outstanding debt during the year thanks to revenue from homebuyers. During the period, the total value of customers' payments according to the progress of real estate transfer contracts increased by more than VND 3,400 billion, to VND 11,573 billion. Along with that, KNCR has reduced outstanding debt by more than VND 950 billion compared to the beginning of the year and brought outstanding debt to VND 8,384 billion at June 30, 2024. In 2024 - 2025, KNCR aims to build, hand over houses and collect money on schedule. At the time of handing over houses to customers, the amounts paid in advance by buyers as mentioned above will be eligible to be transferred to revenue and record profits.
