Accumulated in 2023, Cenland’s pre-tax profit will reach 5.4 billion VND, after-tax profit will reach 2.5 billion VND, down 98% and 99% respectively compared to 2022 performance.
Recently, Century Real Estate Joint Stock Company (Cenland; HoSE: CRE) announced its Consolidated Financial Report for the fourth quarter of 2023 with sales and service provision revenue reaching 338 billion VND, down 5% compared to 2022. Cost of goods sold increased by 29% to 278.3 billion VND.
Revenue from financial activities this period decreased by 62% to 13.8 billion VND. Financial expenses decreased by 47% to 19.3 billion VND, of which all were interest expenses. Business management costs decreased by 64% to 36.2 billion VND. Selling expenses were 5.8 billion VND while the previous period reversed 66.3 billion VND.
As a result, Cenland reported pre-tax profit of 1.8 billion VND and after-tax profit of 1.2 billion VND. Meanwhile, in the same period last year, Cenland reported a pre-tax loss of 81.2 billion VND and a loss after tax of 62.6 billion VND.
Cenland’s 2023 business results.
Overall, in 2023, Cenland recorded sales and service provision revenue reaching 1,025.2 billion VND, financial activity revenue reaching 66 billion VND, down 72% and 41% respectively compared to the previous year.
Accumulated in 2023, Cenland’s pre-tax profit will reach 5.4 billion VND, after-tax profit will reach 2.5 billion VND, down 98% and 99% respectively compared to 2022 performance.
As of December 31, 2023, Cenland recorded total assets at VND 7,108.5 billion, down 7% compared to the beginning of the year. Cash reserves were at 278.6 billion VND, down 28% compared to the beginning of the year. Inventories increased by 31% to VND 556 billion.
By the end of 2023, Cenland’s total liabilities will be VND 1,489 billion, down 26% compared to the beginning of the year. Of which, financial debt was 787.1 billion VND, down 22% compared to the beginning of the year and accounting for 53% of the total debt structure.
Specifically, Cenland has 785.8 billion VND in short-term loans, including: Military Commercial Joint Stock Bank (186.7 billion VND), Joint Stock Commercial Bank for Investment and Development of Vietnam (84.9 billion VND),. ..
In addition, Cenland also has 450 billion VND long-term due. This is a bond issued privately for VNDIRECT Securities Joint Stock Company with the purpose of increasing the size of the company’s operating capital, serving production and business, and investing in real estate projects.
According to the Bond Owners Conference Resolution dated December 21, 2023, on January 2, 2024, Cenland bought back 96.4 billion VND of bonds before maturity. At the same time, the remaining bonds with a value of 353.5 billion VND will have their payment term extended until January 31, 2025 with an interest rate during the extension period of 12%/year.
In the morning session of January 30, 2024, CRE shares decreased 1.8% to 8,580 VND/share.
