Long Thanh golf course posts $1.2 mln profit in 2022, up 33%

Long Thanh Golf Investment and Trading JSC, the core part of businessman Le Van Kiem's KN Investment Group ecosystem, reported an after-tax profit of VND27 billion ($1.15 million) in 2022, up 33% year-on-year.

This is the first time the company has announced information on the Hanoi Stock Exchange (HNX).

Its equity at the end of 2022 was VND6.72 trillion ($285.96 million), a slight increase compared to the beginning of the year.

According to the HNX, Long Thanh Golf's liabilities stood at more than VND13.8 trillion ($587.67 million), mainly in non-bond channels. The company's bond debt balance was nearly VND1.5 trillion ($63.88 million) at the end of last year.

The company issued a total of 11 tranches of bonds in 2020 and 2021, of which VND500 billion ($21.29 million) will mature in early August. These bonds have a rate of 10.5% per year. The remaining VND1 trillion ($42.58 million) in bonds will mature at the end of December 2024 with an interest rate of 9.5% per year.

Last year, the company spent more than VND150 billion ($6.39 million) to pay bond interest.

Long Thanh Golf was established in January 2005 in Bien Hoa town, Dong Nai province near Ho Chi Minh City. The company was founded by Le Van Kiem and his wife Tran Cam Nhung. She is currently the legal representative while Thai Hoai Nam is CEO.

Long Thanh Golf is the investor in the Long Thanh urban area, golf course, sports and ecotourism project in Bien Hoa, covering more than 333 hectares, and the Long Thanh ecotourism urban area in Long Thanh district with an area of 843 hectares.

The Long Thanh golf course, one of the largest in the country, claims to have nearly 1,000 members, with 60% from Europe, Japan, South Korea, Singapore, China, and Thailand.

The company has also invested in a five-star hotel, luxury villa and golf course complex project in Vientiane, Laos, covering nearly 560 hectares. In 2021, the project was upgraded to the Long Thanh-Vientiane special economic zone with a total investment of more than $1 billion, and a land lease term of 99 years.

In the renewable energy sector, from 2019-2020, it switched on three solar power farms with a combined capacity of 200 megawatts. The three, namely KN Cam Lam, Cam Lam VN and KN Van Ninh, are located in the south-central province of Khanh Hoa.