T&T Group invests in pharmaceutical park; Deo Ca achieves record profits; Novaland recovers losses.

"From last year until now, we've been swimming tirelessly, but there's still a long way to go before reaching the shore. Every race is most difficult in the final stretch; the closer you get to the end, the greater the pressure," Mr. Duong Van Bac said, using an analogy to describe Novaland's restructuring.

According to Mr. Bac, the Group will undertake four key tasks to complete the restructuring process.

Firstly, Novaland needs to continue perfecting the legal framework to proceed with the construction of ongoing projects; restoring customer confidence and fulfilling commitments. Novaland currently has a total receivable of VND 100 trillion from ongoing projects, so resolving the legal issues to collect payments from customers could largely address the financial challenges.

Secondly, focus on building and handing over houses to collect money from the products already sold.

Third, continue restructuring debt/raising new capital with relevant banks and financial institutions.

Finally, finalize the legal procedures for planned development projects to prepare for new supply in the market from 2026 onwards.

“Existing projects help us address current issues, while projects (within the land bank) undergoing legal procedures will help Novaland change its status: from a restructuring state to a new state. Therefore, completing the legal procedures is a key objective,” Mr. Bac added.

Hoa Phat invests over 42,000 billion VND in Dung Quat 2.

According to the Q2 report, Hoa Phat Group has invested more than VND 42,000 billion 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 VND 39,556 billion.

With a capacity of 5.6 million tons of hot-rolled steel coils per year, this project plays a key role in Hoa Phat's development strategy. As of the end of Q2/2024, the project progress had reached 80% in Phase I and 50% in Phase II. The Group expects to have the first products from Phase 1 launched on the market by the end of 2024.

Notably, in just one quarter, Hoa Phat's unfinished construction costs increased by more than VND 15,000 billion, largely due to additional capital injected into Dung Quat 2. This was also the quarter in which Hoa Phat invested 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 per year, placing the group among the top 30 largest steel companies in the world.

Regarding its Q2 business results, Hoa Phat recorded net revenue of VND 39,556 billion, a 34% increase compared to the same period last year. Net profit reached nearly VND 3,320 billion, a 127% increase. This result mainly comes from strong revenue growth, improved profit margins, and reduced financial costs.

Quoc Cuong Gia Lai reports its heaviest quarterly loss in 12 years.

According to the recently released Q2/2024 financial report, Quoc Cuong Gia Lai Joint Stock Company reported a net loss of over 16 billion VND, its heaviest loss in the past 12 years. Revenue in Q2 was only over 26 billion VND, a 41% decrease compared to the same period last year. Cost of goods sold was 32 billion VND, resulting in a gross loss of nearly 6 billion VND.

According to the company, the decrease in revenue is due to the overall difficulties in the real estate market. The second quarter of each year also doesn't yet mark the rainy season, resulting in low electricity production. Furthermore, rubber harvesting only began at the end of May, leading to a decrease in revenue compared to the same period last year...

As a result, Quoc Cuong Gia Lai reported a net loss of VND 16.4 billion, significantly higher than the VND 11.4 billion loss in the same period last year. For the first six months of the year, the company recorded a net loss of VND 15 billion; while revenue decreased by 69%, reaching just over VND 65 billion.

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

Deo Ca reports record high profits in the second quarter.

Deo Ca Infrastructure Investment Joint Stock Company reported its Q2/2024 business results with a record-high net profit of nearly 106 billion VND, a 12% increase compared to the same period last year. With this result, Deo Ca has achieved 60% of its 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 contributing segments were revenue from BOT toll stations, totaling nearly 486 billion VND, and construction activities, exceeding 302 billion VND, representing increases of 20% and 58% respectively.

Combined with the first quarter results, the infrastructure construction giant's net revenue for the first six months reached nearly VND 1,504 billion, an increase of 31%, and net profit reached VND 202 billion, an increase of 20% compared to the first half of 2023.

Compared to the planned revenue of VND 3,146 billion and after-tax profit of VND 404 billion for 2024, the company achieved 48% and 59% respectively after the first half of the year.

If we consider only construction activities, HHV achieved nearly 499 billion VND in revenue, a 52% increase compared to the same period last year, contributing 33% to the total revenue in the first six months of the year. This is considered a "sweet reward" for HHV, 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% year-on-year to over VND 38,027 billion. The majority of capital is concentrated in long-term assets, accounting for 96%, at VND 36,667 billion; the company holds nearly VND 405 billion in cash and cash equivalents, an increase of 37% year-on-year.

Liabilities remained unchanged compared to the beginning of the year at VND 28,077 billion, largely concentrated in long-term financial borrowings of nearly VND 19,050 billion, a slight decrease of 1% compared to the beginning of the year.

T&T Group collaborates with Indian enterprise to develop a pharmaceutical park in Vietnam.

T&T Group and Ramky Group ( India) have just signed a memorandum of understanding to cooperate in investing in and developing a high-tech pharmaceutical park project based on a green economy model in Vietnam. The signing ceremony took place within the framework of the Vietnam-India Business Forum, in the presence of Vietnamese Prime Minister Pham Minh Chinh and leaders of ministries and sectors from both countries.

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

Accordingly, T&T Group and Ramky Group (Ramky Infrastructure Co., Ltd.) will cooperate in researching and developing a high-tech, modern, and integrated pharmaceutical industrial park that meets international standards, linked to a green economy, circular economy, clean production, and efficient use of resources and energy in Vietnam.

Sharing his thoughts on this collaboration, Mr. Nguyen Ngoc Nghi, Deputy General Director of T&T Group, said that the pharmaceutical park project will help form a production chain for pharmaceutical products from raw materials to finished products. With the advantages of a closed-loop process, large scale, concentration, and favorable geographical location, the pharmaceutical industrial park will help companies reduce investment costs, increase production efficiency and effectiveness, enhance competitiveness, and help Vietnam reduce its dependence on imports of important medicines 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 industry ecosystem in Vietnam.

According to representatives from Ramky Group, establishing a specialized pharmaceutical industrial park in Vietnam is essential to ensure self-sufficiency in pharmaceutical supply and to meet the nation's healthcare needs. With Ramky Group's experience, technology, and resources in developing and maintaining the necessary industrial and environmental infrastructure for a pharmaceutical park project, Ramky Group hopes to collaborate 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 Co., Ltd. signed a memorandum of understanding to jointly invest in the development, construction, and operation of a waste treatment plant project in Vietnam. Accordingly, the two parties will jointly contribute capital to implement the project according to their shareholding ratio, equivalent to 50% each; and will seek suitable domestic and international loan sources to meet the project's needs and achieve the best economic efficiency. In the coming period, T&T Group and Ramky will complete the remaining 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 infrastructure development and environmental management.