Recently, the Ho Chi Minh City Tax Department has issued a decision to impose an administrative penalty on the Southern Branch of Ha Do Group Joint Stock Company for committing tax violations. Specifically, the Company made false declarations leading to a shortage of value added tax and personal income tax payable, as stipulated in the Law on Tax Administration.

According to the Ho Chi Minh City Tax Department, the amount of late payment is calculated up to July 15. The Southern Branch of Ha Do Group Joint Stock Company is responsible for calculating and paying the amount of late payment from July 15 to the time of paying the arrears and fines to the State budget according to regulations.

“Within 10 days from the date of receipt of this Decision, the Southern Branch of Ha Do Group Joint Stock Company must pay the fine, additional tax, and late payment as prescribed. If the Company fails to voluntarily comply within the above-mentioned deadline, it will be forced to comply in accordance with the provisions of law,” the Decision of the Ho Chi Minh City Tax Department stated.

HaDo Centrosa Garden project of Ha Do Group in District 10, Ho Chi Minh City

It is known that the Southern Branch of Ha Do Group Joint Stock Company is located at 60 Truong Son Street, Tan Binh District, Ho Chi Minh City. The legal representative is Mr. Nguyen Trong Thong, General Director.

Mr. Nguyen Trong Thong is also the Chairman of the Board of Directors - founder and leader of Ha Do Group Joint Stock Company. Recently, Mr. Thong submitted a resignation letter from the position of Chairman of the Board of Directors and withdrew from the Company's Board of Directors due to age and health reasons.

On July 30, the Board of Directors of Ha Do Group Joint Stock Company met and passed a Resolution on convening an extraordinary General Meeting of Shareholders in 2024. The content of the meeting was only recorded as "issues under the authority of the General Meeting of Shareholders"; the expected time is in 2024; the location will be announced later. The expected record date is August 19, 2024.

Regarding business activities, Ha Do Group Joint Stock Company (code: HDG) has just announced its business results for the second quarter of 2024 with consolidated net revenue reaching VND 560 billion, down 7% year-on-year due to a decline in the energy sector. Gross profit reached VND 282 billion, down 9%, equivalent to a gross profit margin of 50.3%, down slightly year-on-year.

During the quarter, financial revenue only reached VND 7 billion, down 28% year-on-year. However, with a 24% reduction in financial expenses (VND 106 billion) and management expenses (VND 50 billion), Ha Do still ended the second quarter of 2024 with pre-tax profit of VND 138 billion, up 45% and after-tax profit of VND 111 billion, up 46% year-on-year.

In the first half of the year, HDG's net revenue reached VND1,408 billion, down 10%, and net profit reached VND296 billion, down 13%. In the revenue structure, the real estate segment contributed about VND399 billion, real estate leasing brought in VND175 billion, hotel services VND64 billion, and the energy segment recorded VND762 billion.

In 2024, HDG targets consolidated revenue of VND 2,896 billion and consolidated profit after tax of VND 972 billion, up 0.24% and 12.24% respectively compared to 2023. At the end of the first 6 months of the year, the company brought in revenue of VND 1,407 billion, down 10% over the same period. Profit after tax of VND 375.7 billion, down 13% over the same period. Thus, the enterprise completed 49% and 39% of the plan respectively.

As of June 30, 2024, HDG's total assets reached VND 14,052 billion, down 2.6% compared to the beginning of the year. Of which, receivables were only VND 1,436 billion, down 23% compared to the beginning of the year, equivalent to 10.2% of assets. Inventories also decreased by 17% to VND 889 billion, equivalent to 6.3% of assets.

In contrast, construction in progress increased by 1.5% to VND806 billion, equivalent to 5.7% of assets; cash and cash equivalents increased by 92% to VND472 billion.

Liabilities as of June 30, 2024 reached VND 6,600 billion, down 8% compared to the beginning of the year. Of which, loans reached VND 5,151 billion, down 5%. Thus, with equity increasing by 3% compared to the beginning of the year, to VND 7,451 billion, Ha Do's debt/equity ratio is 0.88 times.

Looking at Ha Do's business results in recent times, it can be seen that after peaking in 2020, Ha Do has continuously declined in the following 5 years.