Phat Dat Real Estate Development Corp. recorded a pre-tax profit of VND516 billion ($22 million) in the second quarter of this year, up 60% year-on-year and up 46% compared to the first quarter.
The company achieved a net revenue of VND853 billion ($36.46 million) in the period, a 59% increase year-on-year and up 36% compared to Q1, according to its financial statement.
Phat Dat's revenue and profit in Q2 mainly stemmed from the high-rise area of its Nhon Hoi New City project in Nhon Hoi Economic Zone, Binh Dinh province.
In the first six months of the year, Phat Dat's net revenue and pre-tax profit reached VND1,479 billion ($63.22 million) and VND869 billion ($37.14 million), up 32% and 36% over the same period last year, respectively.
By the end of June, the property developer's total assets hit VND23,518 billion ($1 billion), up VND3,000 billion ($128 million) compared to the beginning of the year.
Prepayment by the buyer hit VND2,204 billion ($94.21 million), up 30% compared to the end of 2021, with cash and cash equivalents rising by 21%.
Phat Dat's net cash flow from operating activities during the period reached VND400 billion ($17.09 million).
In June 2022, Phat Dat approved the policy of transferring shares in Saigon Real Estate JSC - KL, the direct owner of the Astral city project in the southern province of Binh Duong. This deal is expected to provide an instant cash flow to Phat Dat at up to VND3,350 billion ($143 million) along with significant profit recorded in Q3 and Q4/2022.
The company owns many large real estate projects in Vietnam like Astral city (Binh Duong province), Nhon Hoi New city (Binh Dinh province), The EverRich 1 (Ho Chi Minh City), and Millennium (HCMC).
The long-term outlook of Vietnam's real estate industry is positive thanks to factors like the young population, the national economy's steady growth momentum, and fully developed infrastructure, Phat Dat said in a release.
"In the current context, the big potential of Phat Dat stems from its large land bank and project development capacity," it claimed.
In the coming quarters, Phat Dat expects to launch real estate products with an estimated market value of up to VND33,000 billion ($1.4 billion), focusing on the Binh Dinh, Binh Duong and Ba Ria-Vung Tau markets.
Phat Dat is listed on the Ho Chi Minh Stock Exchange as PDR.