TTC Land expects revenue over VND 2,600 billion, exceeding 27% of the plan

According to TTC Land's CFO, net revenue in 2018 is estimated to reach VND 2,630 billion, exceeding 27% of the year target. Earnings after tax will also exceed the plan.

At the meeting with investors on 23rd November afternoon held by Yuanta Securities, Mr. Nguyen Van Trien, CFO (Chief Financial Officer) of Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land code: SCR), shared that although the real estate market is forecasted to slow down, cash flow into this business continues with huge value.

With the above comment, Mr Trien said that in the fourth quarter, TTC Land plans to sell 651 products to complete the sales target in 2018.

The company launched the 03rd sales of the Charmington Iris project in October and will continue its final sales in December in order to record revenue in 2021.

Mr. Trien said that the total product handed over in 2018 is expected to exceed the plan by 32%; and real estate turn over will be recorded at around VND 570 billion and net revenue of the whole year is expected to reach VND 2,630 billion, exceeding the 27 % year target.

In the first 09 months of this year, the company's after tax profit rose 202% up to VND 222 billion, in equivalent to 90% of whole year target. According to Mr. Trien, with the current favorable conditions, it is highly possible that TTC Land will exceed the initial committed profit plan.

Regarding of the strategy for the coming period, he said the current land fund of the company has around 1,900 ha, in addition to residential real estate projects, TTC Land also opened a new segment of resort real estate, commercial offices and industrial zones real estate.

In particular, residential real estate remains the key business. Commercial office and services business are expected to generate steady revenue in 2019.

According to Mr Trien, TTC Land resort real estate will develop in key locations such as Ho Chi Minh City, Da Nang, Phu Quoc.

Among those, the Vinh Dam project in Phu Quoc with a scale of 290 hectares has been licensed for investment. Mr. Trien said that the valuation company belongs to Big4 auditing firm and the sales consultant agency is a foreign bank. If nothing changes, the acquirement of this project will be completed in 2019.

For industrial real estate, TTC Land is currently implementing 26 projects with nearly 3,000 products. The occupancy rate at Tan Kien Industrial Park, Long An province has been full 100%.

In particular, the 1,020 ha land fund in Trang Bang industrial park has commercial value of about 802 ha, logistic warehouse with residential area of 184 ha and nearly 300 ha of textile and dyeing sub-sector.

Source: Vietnambiz