TTC Land's recently announced consolidated financial report for 2024 shows that revenue skyrocketed to more than VND 800 billion compared to VND 371 billion in 2023.
Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, code: SCR) has just announced its 2024 financial statements. Accordingly, recorded revenue reached VND 800 billion, double that of 2023.
In particular, leasing services maintained a stable cash flow with revenue reaching VND 101 billion, down slightly by 9% over the same period, but gross profit margin remained at about 35.4%, showing that this segment still brings stable cash flow and effective cost control. Similarly, real estate services, revenue reached VND 121 billion, down 21% compared to VND 154 billion in 2023, gross profit margin at about 17.9% still contributed positively to the reputation and stable market share of TTC Land.
The construction service segment is considered a bright spot of the year for TTC Land, with revenue increasing from VND 4.55 billion to VND 27.83 billion, an increase of 511%. Although the profit margin is about 8%, this is a segment with great potential with a strong increase in transaction volume, opening up opportunities for cost restructuring in the future.
Meanwhile, sales of goods increased by 111%, requiring optimization of the cost model, while other services, although not having large revenue, achieved an outstanding profit margin of 56%, contributing to increasing overall efficiency.
Notably in 2024, the real estate transfer segment is expected to see a sharp increase in revenue from VND 34.57 billion in 2023 to VND 427.76 billion in 2024, an increase of over 1136%. Despite the huge revenue, the cost of goods (VND 545.85 billion) exceeded revenue, leading to a gross loss. However, this is the result of a preferential price policy to support social housing (NƠXH) at the Jamona Apartment project in the Jamona City urban area (District 7, Ho Chi Minh City) of TTC Land to meet the State's policy requirements.
At the end of 2024, SCR's cash and cash equivalents reached VND 175 billion, up 52% compared to the beginning of the year, ensuring liquidity and supporting investment activities.
In addition, TTC Land recorded loans and financial leasing debts of VND 3,675 billion, an increase of VND 850 billion from outstanding bonds issued separately at the end of December 2024 to finance the Vinh Dam Complex project in cooperation with Toan Hai Van JSC.
TTC Land's total equity reached VND 5,465 billion after a successful capital increase at the end of November 2024 to convert debt.
In the first 3 months of 2025, TTC Land not only promoted core business activities but also expanded its product portfolio.
Evidence shows that in the first quarter of 2025, TTC Land has implemented a series of positive moves to help reshape TTC Land's business activities such as: Owning the Cu Lao Tan Van project (Dong Nai), starting construction of the resort subdivision of the Selavia Phu Quoc project in cooperation with Toan Hai Van JSC, successfully M&A the Song Center commercial center project (Bac Lieu), accelerating to the finish line, ensuring the progress of handing over the commercial base of TTC Plaza Da Nang to AeonMall in April 2025, ...
According to CafeF