Phat Dat to focus on projects with quick cash flow: CEO

Phat Dat Real Estate Development Corporation (PDR) will focus on projects that have the best market prospects and can bring in the fastest and most effective cash flow, said CEO Bui Quang Anh Vu.

"The corporation is actively promoting products with good sales and high demand," Vu added while referring to Phat Dat’s investment and product development orientations.

Regarding its long-term plan, with a roadmap to 2027, Phat Dat will optimize the advantage of its large land areas in beautiful locations and high legality, and continue to seek new land funds in line with the corporation's vision and value system, he said in the developer's annual report.

It will also diversify products, including land plots, apartments, villas, and tourism-resort real estate products that meet the development needs of host localities; deploy activities of member companies following an appropriate roadmap; and seize opportunities to diversify revenue sources.

According to the report, the corporation still ensured the necessary liquidity in late 2022 and early 2023. It spent nearly VND900 billion ($38.33 million) buying back its bonds before maturity and paying off due debts. The firm also restructured its investment portfolio, and identified priority projects.

In 2022, Phat Dat achieved an after-tax profit of VND1.16 trillion ($49.45 million), failing to fulfill its set target. "However, this was the best result the firm could achieve amid the gloomy economic picture," Vu noted.

Chairman Nguyen Van Dat said before the fourth quarter of 2022, Phat Dat's business activities went very smoothly. When the market changed rapidly and many challenges suddenly arose, Phat Dat stood in front of a difficult turn in its acceleration journey.

"However, as a business that had experienced many challenges in the market before, we understand that volatility is an inevitable part of the business environment. Enterprises, no matter how well-prepared and experienced they are, will always encounter many variables beyond their control and management," he said.

Therefore, over the past time, the company has chosen a new state featuring flexibility and adaptability, accepting to change its pace and roadmap when necessary to fulfill the highest task of maintaining the business amid fierce market turmoil, according to Dat.

"Amid extremely difficult market conditions, Phat Dat or any other enterprise cannot make comprehensive choices. There are bound to be trade-offs, delays, and even losses.

"However, the company has tried its best and paid the most thoughtful consideration to overcoming challenges. It is also the best way to ensure opportunities for the corporation and all its stakeholders," he stressed.

Phat Dat, listed on the Ho Chi Minh Stock Exchange as PDR, closed the Wednesday session at VND13,100 ($0.56).