Revenue from selling villas in the TIG Dai Mo Green Garden and the Vuon Vua Resort & Villas projects increased by 38%. Additionally, revenue from hotel and restaurant services at Vuon Vua recorded a 42% increase compared to the same period last year. Thang Long Investment Group JSC (TIG, the Group) continued to achieve impressive business results in the first 6 months of 2024 amidst the general difficulties of the industry.
TIG has just announced its consolidated financial statements for Quarter 2 of 2024, showing growth in business operations despite industry-wide challenges. With the advantage of developing and exploiting high-quality projects on nearly 500 hectares of land, TIG has made significant marks in the resort real estate sector.
Consolidated net revenue for Quarter 2 of 2024 reached VND312 billion, a 25% increase compared to the same period last year. Of this, revenue from the real estate business reached VND82 billion, a 38% increase, thanks to the handover of part of the TIG Dai Mo Green Garden and Vuon Vua Resort & Villas projects. Revenue from hotel and restaurant services at Vuon Vua reached VND26.4 billion, up 42%. The cost of goods sold recorded VND261 billion, an 18% increase but slower than revenue growth.
Gross profit reached VND51 billion, with a gross profit margin of 16%, up 5 percentage points from the same period last year. The gross profit margin from real estate was 58%. Administrative expenses increased due to the continued implementation of several resort real estate projects, such as Vuon Vua - Phase 2, an 18-hole golf course combined with eco-resort villas, and the Dong Quang Urban project. Profit before tax reached nearly VND90 billion, a 7% increase compared to the same period last year.
Accumulated net revenue for the first six months of 2024 was VND718 billion, a 44% increase compared to the same period last year. Revenue from real estate grew by 67%, while revenue from service and commerce increased by 35%. Profit before tax reached VND170 billion, marking a 4% increase and achieving nearly 50% of the annual plan amidst industry challenges.
By the end of June 2024, the Group’s total assets reached VND4,263 billion, a 3% increase from the beginning of the year. Inventory recorded VND343 billion, mainly from ongoing business production costs and goods from the Dai Mo and Vuon Vua projects, which are expected to be handed over in the last months of the year. Long-term debt decreased by 6% to nearly VND675 billion as the company aimed to reduce financial leverage.
TIG's financial indicators reflect a stable economic situation, with the current ratio and quick ratio at 2.9 and 2.3 times, respectively, in Quarter 2 of 2024.
Summer tourism growth boosts service business
Leveraging the strong recovery of the tourism industry recently, especially during the summer, TIG is intensifying the exploitation of the Vuon Vua Resort & Villas - Phase 1 with a total area of 40 hectares, including 300 villas and 81 shophouses. Revenue from service and commerce is expected to continue contributing to the company’s growth in Quarter 3 of 2024.
Expected revenue from real estate transactions
TIG is expected to continue recognizing revenue from the TIG Dai Mo Green Garden and Vuon Vua Resort & Villas - Phase 1 handover.
Additionally, it will continue to implement a cluster of projects on a 240-hectare area, including Vuon Vua Resort & Villas Phase 2, an 18-hole golf course combined with eco-resort villas, and the Dong Quang Urban (Phu Tho), to prepare for the next growth cycle.
Recently, TIG Group issued a resolution to implement a 10% dividend payout plan for shareholders.