The real estate company of tycoon Vu Van Tien’s younger brother profits 39 million VND/day

Construction Investment Joint Stock Company business HTL Vietnam real estate (HTL Vietnam) has just published periodic information on the financial situation in the first half of 2023. Contrary to the difficult trend of the market, this business has a improvement in business operations.

Specificallyenterprise real estate recorded a profit after tax of 71 billion VND in the first half of the year, 24 times higher than 29 billion VND in 2022.

So on average every day in the first half of the year, the business profits about 39 million VND. Meanwhile, each year in 2022, the profit will be nearly 8 million VND.

Equity increased slightly from 1,1225 billion VND at the end of 2022 to 1,1297 billion VND as of June 30. Although the ROE ratio of this business doubled, it was only 06%.

As of June 30, HTL Vietnam’s total liabilities were nearly 2,633 billion VND, down 65% compared to the end of last year. Of which, outstanding bond debt is at VND 339 billion, down 18% compared to the end of 2022.

This company maintains a leverage ratio finance is at a fairly high level. The ratio of liabilities to equity as of June 30 was 233 times.

From these data, it can be calculated that the total assets of the enterprise recorded at the end of the second quarter were 3,763 billion VND, down 45% compared to 3,938 billion VND at the end of last year.

HTL Vietnam was established in 2015, headquartered at 924 Bach Dang Street, Thanh Luong Ward, Hai Ba Trung District, Hanoi with shareholders as of November 2017 being Mr. Vu Van Hau (60%) Dang Thi Bich Van (20 %)Tran Nam Trung (20%). Mr. Hau is the younger brother of Mr. Vu Van Tien, Chairman of Geleximco Group.

This real estate enterprise with a charter capital of 600 billion VND is a subsidiary of Geleximco Group.

The enterprise is known as the investor of the Gelexia Riverside apartment project at 855 Tam Trinh, Hoang Mai District, Hanoi. The project has a scale of 35 hectares, including 4 buildings from 31-33 floors high (nearly 2,000 apartments) and a low-rise housing area, which started construction in September 2016 with a total investment capital of nearly 2,900 billion VND. The project was handed over to the people at the end of 2018.

After completing the Gelexia Riverside project in 2019, this company signed an investment cooperation contract with Van Investment and Tourism Joint Stock Company. Huong (a member of Geleximco’s ecosystem) at Balboa island under the Dragon Hill international tourist area project. This is a 480ha sea reclamation project in Hai Phong City.

In 2019, Hanoi General Investment Joint Stock Company (another member of Geleximco) was chaired by Mr. Vu Van Hau as Chairman of the Board of Directors ( period 2018-2022) bought 114 million shares of HTL Vietnam at a price of 42,000 VND/share, equivalent to valuing the company at that time at about 2,500 billion VND.