In the fourth quarter of 2022, Saigon Thuong Tin Real Estate Joint Stock Company - TTC Land (stock code SCR) recorded a revenue of more than VND 319 billion, equivalent to the same period last year, but financial revenue dropped sharply, causing total profit to decrease.
In which, revenue from main business activities reached 319 billion VND, up 185%, mainly came from effective exploitation of business activities in leasing commercial floors at projects Charmington La Pointe, TTC Plaza Binh Thanh,... guaranteed occupancy rate above 95%. Along with that, the revenue from the Carillon 7 project increased sharply in the last 3 months of the year due to the urgent implementation of the procedure for certification of house ownership for residents, ensuring the interests of TTC Land's customers.
Gross profit was VND 81 billion, gross profit margin reached 25%, slightly increased over the same period.
During the period, financial expenses decreased by 23% to VND 174 billion. However, profit after tax decreased due to lower financial revenue and increased financial expenses as TTC Land recovered short-term loans during the year and prepaid financial expenses.
For the whole year of 2022, TTC Land recorded revenue from main business activities of nearly VND 900 billion, profit before tax of nearly VND 79 billion, a sharp decrease compared to 2021. This is also the general picture of the real estate industry. This year, especially in the fourth quarter, business activities have been strongly affected by high interest rates and falling demand.
As of December 31, 2022, TTC Land's total assets reached VND 9,691 billion, a slight decrease compared to the beginning of the year. A large proportion still comes from inventories of VND 2,776 billion, mainly unfinished real estate concentrated in key projects.
Short-term receivables are VND 2,980 billion, long-term receivables are VND 1,267 billion and long-term financial investment are VND 1,004 billion.
In the capital structure, total liabilities are VND 4,623 billion, of which total short-term and long-term debt is VND 1,908 billion, equity is VND 5,068 billion, debt/equity ratio is 0.37, debt/equity ratio is 0.9, lower than the industry average. Current ratio is 1.77, quick ratio is approximately 0.95, ensuring solvency is under control. Along with that, the Company does not have outstanding bonds in the loan structure.
As the begining of December 2022, 29,305,472 SCR shares were additionally listed on HOSE due to the issuance of more shares to pay dividends to existing shareholders, bringing the total number of outstanding voting shares to 395,661,775 shares.