In the first 6 months of the fiscal year 2020 – 2021 (from April 12020 to March 312021), TCH’s net revenue reached VND 3109 billion, four times higher than the same period, mainly thanks to contributions from two segments. The core business is commercial vehicle and real estate business.

Hoang Huy Financial Services Investment Joint Stock Company (Ticker: TCH) has just announced the second quarter of the year 2020-2021 consolidated financial statements (from July 12020 – September 302020) with net revenue of nearly 1937 billion Dong, nearly 4 times higher than same period last year.

The biggest contributor in the second quarter’s total revenue is the real estate business with more than 1160 billion in revenue (up 162% over the same period), the US tractor car sales is nearly 488 billion dong, 14 times higher the second quarter of 2019. On the other hand, the second quarter of this year had 274 billion dong in construction contract revenue while the same period last year did not record this segment.

Gross profit reached 547 billion, up 159% over the same period. After subtracting expenses, the company reported an increase of 144% in profit after tax to nearly VND 440 billion. In which, parent company EAT is 394 billion dong, 2.2 times higher than same period.

Source: TCH’s financial statements

In the six months of the year (1/4/2020 – 30/9/2020), net revenue reached 3109 billion, 4 times higher than the same period. Profit before tax recorded nearly 808 billion, up 162%.

Profit after tax attributable to shareholders of the parent company is nearly 606 billion VND, 2.4 times higher than the value of the first 6 months of 2019. EPS trailing (basic profit per share accumulated for 4 consecutive quarters) reached 2767 VND.

In fiscal year 2020 TCH sets revenue and pre-tax profit targets at 2500 billion and 800 billion dong respectively. Thus, even though only half way to go, the company has completed 124% of the revenue target and 101% of the profit target for the year.

Explaining the above results, Hoang Huy said that business activities from two core areas contributed significantly to the strong growth of the business in the past 6 months.

Specifically, in the commercial vehicle segment, from the new wave of FDI investment in Vietnam, many multinational corporations have promoted plans to move many factories from other countries to Vietnam, leading to increased transportation demand, leading to Sales of US Navistar tractors increased by 211% over the same period, to over VND 500 billion.

Along with that, with real estate development, not only continue to sell and hand over a number of adjacent villas at Hoang Huy Riverside (Hai Phong) and Gold Tower (Hanoi) projects, The company has completed handing over 94% of the houses of the Hoang Huy Mall project (Hai Phong) to buyers.

Thanks to the on-schedule handover of projects, real estate revenue in 6 months increased by nearly 995 billion dong, equivalent to 217.5% over the same period.

As of September 302020 TCH has 10188 billion dong of total assets, an increase of 1532 billion dong compared to the beginning of the year. In particular, the business has cash and bank deposits up to nearly 4000 billion. Short-term receivables also amounted to 1577 billion VND, 3.7 times as much as at the beginning of the year.

End-of-period inventory value decreased to VND 2077 billion, of which inventories related to real estate business accounted for 3/4. TCH is implementing many parallel projects with a total value of construction in progress more than 1077 billion VND, down more than 900 billion VND compared to the beginning of the period.

Total liabilities as of the end of Q2 decreased by 880 billion VND to 3056 billion VND. In which, the prepayment from buyers decreased from 1025 billion dong to 371 billion dong, mainly because the business handed over projects to home buyers during the period.

Source: vietnambiz.vn – Translated by fintel.vn