Ha Do Group (Southern Branch) fined for tax violations.

According to the Ho Chi Minh City Tax Department, the late payment penalty is calculated up to July 15th. The Southern Branch of Ha Do Group Joint Stock Company is responsible for calculating and paying the late payment penalty from July 15th until the date of payment of the back taxes and fines into the State budget as prescribed.

"Within 10 days from the date of receiving this Decision, the Southern Branch of Ha Do Group Joint Stock Company must pay the fine, back taxes, and late payment penalties as prescribed. If the Company does not voluntarily comply within the aforementioned period, enforcement measures will be taken in accordance with the law," the Decision of the Ho Chi Minh City Tax Department states.

HaDo Centrosa Garden project by HaDo Group in District 10, Ho Chi Minh City.

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

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

On July 30th, the Board of Directors of Ha Do Group Joint Stock Company held a meeting and passed a Resolution on convening an Extraordinary General Meeting of Shareholders in 2024. The meeting agenda only generally stated "issues within the authority of the General Meeting of Shareholders"; the expected time is within 2024; the location will be announced later. The expected record date is August 19th, 2024.

Regarding business operations, Ha Do Group Joint Stock Company (code: HDG) has just announced its Q2/2024 business results with consolidated net revenue reaching VND 560 billion, a decrease of 7% compared to the same period last year due to a decline in the energy segment. Gross profit reached VND 282 billion, a decrease of 9%, corresponding to a gross profit margin of 50.3%, a slight decrease compared to the same period.

During the quarter, financial revenue reached only VND 7 billion, a decrease of 28% compared to the same period last year. However, with a 24% reduction in financial expenses (to VND 106 billion) and a 25% reduction in administrative expenses (to VND 50 billion), Ha Do still ended Q2/2024 with a pre-tax profit of VND 138 billion, an increase of 45%, and an after- tax profit of VND 111 billion, an increase of 46% compared to the same period last year.

For the first half of the year, HDG's net revenue reached VND 1,408 billion, a decrease of 10%, and net profit reached VND 296 billion, a decrease of 13%. In terms of revenue structure, the real estate segment contributed approximately VND 399 billion, real estate leasing brought in VND 175 billion, hotel services VND 64 billion, and the energy segment recorded VND 762 billion.

In 2024, HDG set a target of consolidated revenue of VND 2,896 billion and consolidated after-tax profit of VND 972 billion, representing increases of 0.24% and 12.24% respectively compared to 2023. At the end of the first six months, the company generated revenue of VND 1,407 billion, a decrease of 10% compared to the same period last year. After-tax profit was VND 375.7 billion, a decrease of 13% compared to the same period last year. Thus, the company achieved 49% and 39% of its planned targets, respectively.

As of June 30, 2024, HDG's total assets reached VND 14,052 billion, a decrease of 2.6% compared to the beginning of the year. Of this, accounts receivable amounted to only VND 1,436 billion, a decrease of 23% compared to the beginning of the year, equivalent to 10.2% of assets. Inventory also decreased by 17% to VND 889 billion, equivalent to 6.3% of assets.

Conversely, work-in-progress construction costs increased by 1.5% to VND 806 billion, equivalent to 5.7% of assets; cash and cash equivalents increased by 92% to VND 472 billion.

Liabilities as of June 30, 2024 reached VND 6,600 billion, a decrease of 8% compared to the beginning of the year. Of this, borrowings amounted to VND 5,151 billion, a decrease of 5%. Thus, with equity increasing by 3% compared to the beginning of the year, reaching VND 7,451 billion, Ha Do's debt-to-equity ratio is currently 0.88 times.

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