Realty firm Phat Dat reports $72 mln profit in 9 months

Phat Dat Real Estate Development Corp. recorded a pre-tax profit of VND1,790 billion ($72 million) in the first nine months of the year, up 28% year-on-year.

The company's financial revenue reached VND1,260 billion ($50.7 million) during the period, the best nine-month result in the company's history.

This business outcome was somewhat predictable according to Phat Dat's portfolio restructuring strategy. Specifically, on June 23, 2022, Phat Dat's board of directors approved the policy of transferring shares in Saigon-KL Realty Corporation.

In the third quarter of 2022, Phat Dat, listed on the Ho Chi Minh Stock Exchange as PDR, completed the transfer of a 46% stake to partners and recorded a financial revenue of VND1,250 billion ($50.3 million).

On October 18, 2022, PDR continued to transfer an additional 26% stake in Saigon-KL Realty Corporation, which is expected to be recorded in its financial statement for the fourth quarter this year.

By the end of September, the property developer's total assets hit VND25,797 billion ($1.04 billion), up 25% compared to the beginning of the year.

Prepayment by its buyers hit VND2,110 billion ($84.91 million), up 25% against the end of 2021.

As part of a professional, sustainable and effective development strategy with careful internal preparations, in the next period Phat Dat will promote resources to focus on implementing resort real estate projects.

Currently, the main markets of PDR are HCMC, Ba Ria-Vung Tau provine, Phu Quoc Island, Binh Duong, Binh Dinh, Quang Ngai province, Danang city, among others.

Its land fund for tourism real estate development is concentrated in class II coastal urban areas like Binh Dinh province, Ba Ria-Vung Tau province, and Phu Quoc Island. These are locations with great tourism growth potential as they possess technical infrastructure and transport connections that have developed relatively synchronously.