In 2023, TTC Land's net revenue was recorded at over 371 billion VND.
According to the consolidated financial statements for 2023, the net revenue of Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, stock code SCR) was recorded at 371 billion VND. Among this, revenue from leasing and real estate services remained the primary source of income, with stable growth from projects such as TTC Plaza Binh Thanh, Charmington La Pointe, TTC Plaza Duc Trong, Belleza, etc. Leasing revenue reached nearly 111.5 billion VND, accounting for 30% of total revenue and increasing by 2.2% compared to the same period last year. Revenue from real estate services amounted to over 154 billion VND, a 66.1% increase from 92.7 billion VND in 2022, representing 41.5% of the company’s net revenue.
The gross profit margin improved significantly compared to the same period last year. Although revenue decreased from 2022, gross profit in 2023 increased slightly by 1.7%, reaching 28.9% compared to 27.2% in 2022.
During the period, the company had nearly 344 billion VND in financial revenue, a decrease of over 15%. However, this was not enough to offset various expenses: financial expenses of 305 billion VND (a decrease of more than 23%), sales expenses of over 22 billion VND (a decrease of 72%), and administrative expenses of 109 billion VND (a decrease of 3%).
As a result, TTC Land reported a profit of over 15 billion VND.
Business Performance of TTC Land in Recent Years
As of December 31, 2023, TTC Land's total assets reached over 10,631 billion VND, an increase of nearly 940 billion VND, equivalent to 9.7% compared to the previous year. In the capital structure, total liabilities amounted to over 5,506 billion VND, and equity reached nearly 5,125 billion VND.
In the real estate sector, from 2024, TTC Land will implement key projects. For instance, the TTC Plaza Da Nang project, located in a prime location in the coastal city with the advantage of four frontages. This project includes product types that meet customer needs and preferences. The project has received funding from the Vietnam Development Investment Bank, My Dinh branch, with Coteccons as the general contractor. Notably, in early January 2024, TTC Land signed a memorandum of understanding (MOU) with Aeon Mall Vietnam to develop an Aeon Mall shopping center within this project. Thus, TTC Plaza Da Nang is expected to bring stable revenue to the company in the near future.
After 20 years of establishment and development, TTC Land has gradually affirmed its position in the market and is a reliable address for community needs. At TTC Land, strategic business management is always aligned with the company’s specific strategies. TTC Plaza Da Nang demonstrates a bold change in business strategy through the promotion of leasing and operational management services to diversify business types. This will contribute to guiding expansion according to a strategic cycle ensuring stable and sustainable development in the overall context of the real estate market.
According to Observer Newspaper