30.07.2020, 23:46

Khang Dien reported double profit in the second quarter of 2020

In quarter II / 2020, real estate transfer revenue of Khang Dien increased sharply, so the profit after tax of the enterprise doubled in the same period, reaching more than VND 253 billion.

Khang Dien Housing Trading and Investment Joint Stock Company (Khang Dien House, Code: KDH) has just announced its consolidated financial statements for the second quarter of 2020 with net revenue of nearly VND 785 billion (mainly from real estate transfer with 764 VND), up 92% over the same period.

After deducting the cost of goods sold, the company recorded a gross profit of more than 416 billion dong, up 75% over the same period last year.

During the period, revenue from financial activities of Khang Dien decreased sharply from more than VND 12 billion in the same period to more than VND 5 billion. Meanwhile, financial expenses increased by 26% to VND 18.6 billion. Selling and administrative expenses also increased.

As a result, Khang Dien’s second-quarter profit after tax (NPAT) reached more than VND 253 billion, double the same period in 2019. Accumulated in the first 6 months of 2020, Khang Dien House earned VND 1,486 billion of net revenue and 408 billion dong of EAT, up by 19% and 90% YoY respectively.


In 2020, Khang Dien aims at VND 3,500 billion in revenue and VND 1,100 billion in after-tax profit. Thus, compared to the plan, the business has achieved 42% revenue target and 37% profit target.

As of June 30, 2020, the total assets of the House of Khang Dien are VND 14,508 billion, up 10% compared to the beginning of the year. In which, short-term assets increased to 13,601 billion dong and long-term assets dropped slightly to over 906 billion dong.

Cash and cash equivalents increased from VND 1,175 billion at the beginning of the year to VND 1,824 billion. In particular, cash increased sharply by 431 billion dong to 957 billion dong.

Inventories of Khang Dien are relatively large, accounting for 43% of total assets, equivalent to 7,549 billion VND, focusing mainly on Khang Phuc, Tan Tao Residential Area (2,510 billion VND) and Saphire Phu Huu ( 1,699 billion).


Khang Dien reported double profit in the second quarter of 2020

(Source: Consolidated Financial Statements for Quarter II / 2020 of Khang Dien House)

As of June 30, 2020, Khang Dien’s liabilities stood at VND 6,937 billion, up 24% from the beginning of the year. Total outstanding loans accounted for more than VND 1,368 billion, of which VND 465 billion were from bonds and the rest was borrowed from banks.

Earlier, in June 2020, the Board of Directors of Khang Dien approved a plan to issue up to VND 240 billion of individual bonds to Dragon Capital Fund Management JSC.

This bond has no collaterals, 2-year term, fixed interest rate of 12% / year and is expected to be implemented in the second and third quarters. The purpose of the bond issuance is to increase operating capital for the company.

In 2020, Khang Dien House said that it would hand over and complete the procedures for the issuance of pink book in 4 projects including: Jamila Apartment, Safira Apartment, Lovera Vista Apartment, adjacent houses and Verosa Park villas.

Besides, the company will deploy two new low-rise housing projects. In particular, the project in District 2 has a scale of 5.7 hectares with 159 adjacent houses and villas. The project in District 9 has a scale of 4.3 hectares, including 122 adjacent houses and villas.

Source: vietnambiz.vn