Gross profit margin increased dramatically, TTC Land (SCR) reported a profit of VND 145 billion in the first 9 months of the year

TTC Land (SCR) has just announced its consolidated financial statements for the third quarter of 2022, recording net revenue of VND 78 billion, a sharp decrease compared to the same period last year. However, with financial activities improved and significantly costs reduced, after-tax profit the company earned VND 22 billion, up from VND 9 billion in the 3rd quarter of 2021.

In 9 months, the Company achieved net revenue of VND 574 billion, mainly from the Carillon 7 project, Charmington La Pointe and TTC Plaza, Binh Thanh district. Deducting cost of goods sold, TTC Land recorded a gross profit of VND 161.6 billion, gross profit margin of 28%, a sharp improvement compared to 18% in the same period last year.

During the period, TTC Land recorded selling expenses of VND 56.34 billion, and general and administrative expenses of VND 73.3 billion, down 47.8% and 32% respectively compared to the first 9 months of 2021. Financial cost increased 23%, recorded VND 224 billion, of which interest expense  of VND 163.8 billion, up 23.5%, which is known for increasing mainly from strategic cooperation investment to develop new models of real estate products.

Deduction recorded a profit before tax of VND 183 billion, implementing 61% of the plan approved by the General Meeting of Shareholders.

As of September 30, 2022, TTC Land's total assets reached VND 9,819 billion, a slight increase compared to the beginning of the year. A large proportion still comes from inventories of VND 2,859 billion, which is mainly unfinished real estate concentrated in key projects: Jamona City, TTC Plaza Duc Trong,...

Short-term receivables is recorded of VND 3,264 billion, long-term of VND 1,330 billion, and long-term financial investments of VND 1,081 billion.

In the capital structure, total liabilities are VND 4,656 billion, of which total short-term and long-term debt is VND 1,850 billion. The company has a prepayment of more than VND 948 billion - which will be accounted into revenue when forecasting. handover project.

Recently, TTC Land also announced the payment of a dividend of 8% in shares, the last registration date is October 26, 2022.