A real estate company reported a profit of 4 billion VND/day, 279 times higher than the same period last year.

Tu Liem Urban Development Joint Stock Company (Lideco - stock code: NTL) has just announced its financial report for the fourth quarter of 2023 with profits skyrocketing dozens of times.

In the last quarter, this real estate company achieved 746.6 billion VND in net revenue, 11 times higher than the same period in 2022. This revenue level accounted for nearly 82% of the accumulated net revenue of 2023 (about 914 billion VND). The company's net revenue for the whole year in 2023 was 2.3 times higher than in 2022.

Other sources of revenue from financial activities in the fourth quarter of 2023 remained largely unchanged. Only other expenses increased sharply to VND 15.2 billion, 38 times higher than the same period last year. The company's financial report did not explain where these other expenses came from.

After deducting expenses, the profit after corporate income tax in the last quarter was 363 billion VND, 279 times higher than the profit in the fourth quarter of 2022. This is also the quarter with the highest profit in the history of this company. On average, this real estate company makes a profit of more than 4 billion VND per day.

The sudden increase in fourth-quarter profit brought the full-year profit in 2023 to VND366.8 billion, nearly 3.4 times higher than in 2022.

The real estate company said that its profit in the fourth quarter of 2023 increased sharply due to the Bai Muoi Urban Area project, Cao Thang, Ha Khanh, Ha Lam wards - Ha Long city ( Quang Ninh province). The company recorded revenue from the sale of a part of the Bai Muoi Quang Ninh project.

At the end of the year, the total assets of the enterprise were VND 2,037.5 billion, an increase of 20.9% compared to the beginning of the year. Of which, inventories were VND 1,002.6 billion (accounting for 49.2% of total assets). Most of the inventories were in production costs and unfinished business at the Dich Vong project (VND 395.1 billion), the 23ha Bai Muoi project (VND 516.7 billion).

In the past year, this enterprise also promoted short-term financial investments. As of December 31, 2023, this item was at VND 762.7 billion, 13.5 times higher than at the beginning of the year. The largest proportion is bank deposits of VND 762 billion, with terms of 1-6 months, with interest rates of 2.1-5.3%/year.

The company maintains a low leverage ratio. As of December 31, 2023, liabilities stood at VND572.7 billion, up 34% from the beginning of the year. Equity stood at VND1,464.8 billion, up 16.4%.

Although the company's revenue in 2023 skyrocketed, net cash flow from operating activities remained at negative VND7.1 billion, improving from negative VND137 billion in 2022. Notably, other expenses for business activities were at VND877.2 billion, 55.2 times higher than in 2022.

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