According to the published financial report, at the end of the first 6 months of 2024, Flamingo Group recorded revenue of VND 2,006 billion, equivalent to 202% compared to the same period in 2023. The high revenue came from the handover of the Flamingo Ibiza Hai Tien City project and contributions from 2 resort areas: Flamingo Cat Ba Resorts and Flamingo Dai Lai Resort.
Pre-tax profit in the first 6 months of 2024 reached VND 205 billion, 5 times higher than the same period in 2023 of VND 42 billion. As a result, after-tax profit reached VND 176 billion, 7 times higher than the same period in 2023 of VND 25 billion.
As of June 30, 2024, Flamingo Group's total assets reached VND 6,691 billion, down about VND 600 billion compared to the beginning of the year. The reason was that short-term assets decreased by VND 800 billion, mainly due to a decrease in inventory and handover of real estate at the Flamingo Ibiza Hai Tien City project. Meanwhile, long-term assets increased by nearly VND 200 billion.
Also as of June 30, 2024, the Group's liabilities decreased by VND 780 billion, mainly due to the handover of real estate at the Flamingo Ibiza Hai Tien City project. The Company's bond balance as of June 30, 2024 was VND 254.8 billion. It is known that in the first 6 months of 2024, Flamingo Holdings bought back VND 30 billion of bonds before maturity.
It is known that the first 6 months of 2024 is the period when Flamingo Holdings' projects are operating quite strongly. Accordingly, on January 28, the Group launched the Golden Hill Center Service Center at Flamingo Golden Hill Ha Nam. Only 3 months later, the Tan Trao Destination Center Reception Center at Flamingo Heritage Tan Trao City continued to be launched on April 27. On May 4, Flamingo Ibiza Hai Tien City also officially came into operation.
Flamingo also successfully organized the Lala Town street festival attracting tens of thousands of participants in 4 provinces and cities, creating a special mark for 3 new destination cities: Flamingo Heritage Tan Trao City, Flamingo Golden Hill Ha Nam, Flamingo Ibiza Hai Tien City. The Lala Town brand will open up business opportunities, promote high purchasing power and ideal rental potential for owners of Flamingo-branded real estate.
It is expected that the last two quarters of the year will have many positive changes in production and business activities when the Group plans to launch two cities, Flamingo Golden Hill Ha Nam and Flamingo Heritage Tan Trao City, in the fourth quarter of this year.
