Novaland completed restructuring most of its debt , still a distance from shore

Information updated by Mr. Duong Van Bac, Chief Financial Officer of Novaland, in the first 6 months of this year, the Group's revenue is estimated at 7,056 billion VND (including financial revenue), after-tax profit is 345 billion VND.

Aqua City is expected to complete the local adjustment of the master plan in early August 2024.

In the first quarter of this year, Novaland recorded a profit after tax of more than 600 billion VND, so it is estimated that in the second quarter of 2024, Novaland will achieve about 945 billion VND in profit, more positive than the loss of more than 200 billion VND in the same period last year.

In addition, Novaland has completed the restructuring of most of its debts, with positive changes in the financial situation, project legality, construction progress and handover.

Regarding the legal status of the projects, The Grand Manhattan project is awaiting the final conclusion after the Government working group and Ho Chi Minh City authorities paid attention to legal issues. At Aqua City (Dong Nai), it is expected that in early August 2024, the partial adjustment of the Bien Hoa City Master Plan for Area C4 and part of the urban area west of the Bien Hoa - Vung Tau Expressway will be completed. At NovaWorld Ho Tram (Ba Ria - Vung Tau), mass construction will continue and 243 products will be handed over by the end of 2024. For NovaWorld Phan Thiet (Binh Thuan), the project has completed the 1/500 detailed planning, with 1,111 products handed over...

“Since last year, we have been swimming hard, but there is still a long way to go to reach the shore. Every race is the most difficult at the end, the closer to the end, the greater the pressure,” Mr. Duong Van Bac compared about Novaland’s restructuring.

According to Mr. Bac, there are 4 key tasks that the Group will carry out to complete the restructuring work.

Firstly, continue to complete the legal procedures to implement the construction of developing projects; restore trust and fulfill commitments to customers. Novaland currently has a total receivable value of 100 trillion VND from ongoing projects, so when the legal procedures are handled to collect cash flow from customers, it can solve most of the financial problems.

Second, focus on building and handing over houses to collect money from sold products.

Third, continue to restructure debt/mobilize new capital with relevant banks and financial institutions.

Finally, complete the legal procedures for projects expected to be developed to prepare new supply for the market from 2026 onwards.

“Existing projects help us deal with current issues, while projects (in the land fund) that are undergoing legal proceedings will help Novaland change its status: from restructuring to a new status. Therefore, legal completion is the key goal,” Mr. Bac added.

Hoa Phat poured more than 42,000 billion VND into Dung Quat 2

According to the second quarter report, Hoa Phat Group has invested more than 42,000 billion VND in the Hoa Phat Dung Quat 2 Iron and Steel Production Complex project (Dung Quat 2).

In the second quarter, Hoa Phat recorded net revenue of 39,556 billion VND.

With a capacity of 5.6 million tons of hot-rolled coil steel per year, this project plays a key role in Hoa Phat's development strategy. As of the end of the second quarter of 2024, the project progress has reached 80% in phase I and 50% in phase II. The Group expects to have the first products of phase 1 launched on the market by the end of 2024.

Notably, within just one quarter, Hoa Phat's unfinished construction costs increased by more than VND15,000 billion, most of which was additional capital poured into Dung Quat 2. This was also the quarter in which Hoa Phat invested the most heavily in Dung Quat 2.

Upon completion, Dung Quat 2 will increase Hoa Phat's total crude steel production capacity to over 14 million tons/year, placing the group in the top 30 largest steel enterprises in the world.

Regarding the second quarter business results, Hoa Phat recorded net revenue of VND39,556 billion, up 34% over the same period last year. Net profit reached nearly VND3,320 billion, up 127%. This result mainly came from strong revenue growth, improved profit margin and reduced financial expenses.

Quoc Cuong Gia Lai has the heaviest loss in 12 years

According to the recently released Q2/2024 Financial Report, Quoc Cuong Gia Lai Joint Stock Company suffered a net loss of more than VND 16 billion, the heaviest loss in the past 12 years. Q2 revenue was just over VND 26 billion, down 41% year-on-year. Cost of goods sold was VND 32 billion, resulting in a gross loss of nearly VND 6 billion.

According to the company, revenue decreased due to difficulties in the real estate market in general. The second quarter of the year has not yet entered the rainy season, so electricity output is still low. In addition, rubber was only put into exploitation from the end of May, leading to a decrease in revenue compared to the same period...

As a result, Quoc Cuong Gia Lai suffered a net loss of VND16.4 billion, heavier than the loss of VND11.4 billion in the same period. Accumulated for 6 months, the company suffered a net loss of VND15 billion; while revenue decreased by 69%, recording more than VND65 billion.

Regarding this year's plan, Quoc Cuong Gia Lai expects pre-tax profit of 100 billion VND. Target revenue is 1.3 trillion VND, 3 times higher than the 2023 target, but after half a year, it has only achieved 5%.

Deo Ca reports record high second quarter profit

Deo Ca Transport Infrastructure Investment Joint Stock Company reported its business results for the second quarter of 2024 with a record high net profit of nearly VND 106 billion, up 12% over the same period. With this result, Deo Ca achieved 60% of the annual profit plan after 6 months.

In the first half of the year, HHV completed the Cam Lam - Vinh Hao expressway project.

The two main contributors were revenue from BOT toll stations of nearly VND486 billion and construction and installation activities of more than VND302 billion, up 20% and 58% respectively.

Combined with the first quarter results, the infrastructure construction giant's net revenue for the first 6 months reached nearly VND1,504 billion, up 31% and net profit of VND202 billion, up 20% compared to the first half of 2023.

Compared to the plan of VND 3,146 billion in revenue and VND 404 billion in profit after tax in 2024, the Company achieved 48% and 59% respectively after the first half of the year.

If we only count construction and installation activities, HHV achieved nearly 499 billion VND in revenue, up 52% ​​over the same period, contributing 33% to total revenue in the first 6 months of the year. This is considered a "sweet fruit" for HHV when benefiting from public investment projects across the country.

Positive results in the second quarter helped HHV's total assets as of June 30, 2024 increase by 3% compared to the beginning of the year, to more than VND 38,027 billion. Most of the capital is concentrated in the form of long-term assets, accounting for 96%, at VND 36,667 billion; The company is holding nearly VND 405 billion in cash and cash equivalents, up 37% compared to the beginning of the year.

Liabilities remained unchanged compared to the beginning of the year at VND28,077 billion, mostly concentrated in long-term financial loans with nearly VND19,050 billion, down slightly by 1% compared to the beginning of the year.

T&T Group cooperates with Indian enterprises to develop pharmaceutical park in Vietnam

T&T Group and Ramky Group ( India) have just signed a memorandum of understanding on investment cooperation to develop a high-tech pharmaceutical park project following a green economic model in Vietnam. The signing ceremony took place within the framework of the Vietnam - India Business Forum, witnessed by Vietnamese Prime Minister Pham Minh Chinh and leaders of ministries and sectors of the two countries.

T&T Group and Ramky Group ( India) signed a cooperation agreement to invest in developing a pharmaceutical park project.

Accordingly, T&T Group and Ramky Group (Ramky Infrastructure Company Limited) will cooperate to research and develop a high-tech, modern and synchronous pharmaceutical industrial park that meets international standards, associated with a green economic model, circular economy, clean production, economical and efficient use of resources and energy in Vietnam.

Sharing about this cooperation, Mr. Nguyen Ngoc Nghi, Deputy General Director of T&T Group, said that the pharmaceutical park project will help form a production chain of pharmaceutical products from raw materials to finished products. With the advantage of a closed, large-scale, concentrated process and a favorable geographical location, the pharmaceutical industrial park will help companies reduce investment costs, increase production efficiency and productivity, enhance competitiveness, and help Vietnam reduce its dependence on imports of important drugs and medical equipment. In addition, pharmaceutical parks also contribute to diversifying production chains, attracting large FDI flows into the country, promoting technology transfer, developing the pharmaceutical industry, and building a pharmaceutical industrial ecosystem in Vietnam.

According to the representative of Ramky Group, the establishment of a specialized pharmaceutical industrial park in Vietnam is necessary to ensure self-sufficiency in pharmaceutical supply and develop the country's healthcare and medical needs. With Ramky Group's experience, technology and resources in developing and maintaining the industrial and environmental infrastructure necessary for a pharmaceutical park project, Ramky Group wishes to cooperate with T&T Group to implement such a project in Vietnam.

Also within the framework of the Vietnam - India Business Forum, T&T Group and Ramky Infrastructure Company Limited signed a cooperation agreement in principle to jointly contribute capital to develop, construct and operate the Waste Treatment Plant project in Vietnam. Accordingly, the two parties will jointly contribute capital to implement the project according to the ownership ratio, equivalent to 50% of each party; at the same time, seek domestic and international loan sources suitable to the needs of the project to bring about the best economic efficiency. In the coming time, T&T Group and Ramky will complete the necessary legal procedures to implement the project.

Ramky Group was established in 1994, in Hyderabad, India and has become one of India's leading companies in the field of infrastructure development and environmental management.