|
 |
Secondary real estate investment revenue doubles in 2018 and brokerage continues to grow, pushing Cen Land profit up more than 25%.
According to the Consolidated Financial Statements for Quarter IV of 2019, Century Land Joint Stock Company (Cen Land, HoSE: CRE) achieves net revenue of 704 billion dong, up to 2,317 billion dong, an increase of 37% over the previous year. Brokerage activities contributes 1,304 billion dong, up 12%, accounting for 56% of the structure. Real estate investment revenue ranks second, bringing in over 980 billion dong. This is the result of the Cen Land's secondary real estate investment in recent years.
REVENUE STRUCTURE
|
No |
Items |
2018 |
2019 |
|||
|
Value (VND bn) |
Proportion (%) |
Value (VND bn) |
Proportion (%) |
Up/Down |
||
|
1 |
Real estate brokerage |
1,163.46 |
68.96% |
1,304.21 |
55.96% |
12% |
|
2 |
Real estate transfer |
462.57 |
27.42% |
980.07 |
42.05% |
112% |
|
3 |
Advertising and event services |
60.73 |
3.60% |
27.43 |
1.18% |
-55% |
|
4 |
Office leasing |
0.42 |
0.03% |
18.97 |
0.81% |
4417% |
|
|
Total |
1,687.18 |
100% |
2,330.69 |
100% |
38% |
Cen Land has invested projects in many localities across the country such as Vuon Sen Bac Ninh, The Central Thanh Hoa, Vietnamese International Overseas Village in Hai Phong, etc. Cen Land has been selling more than 100 projects. Cen Land has over 10,000 realtors from STDA, about 500 connected agencies and authorized agents.
Sale and corporate expenses increase by over 55.3% and 40.9% respectively to 22 billion dong and 199 billion dong. At the end of 2019, Cen Land has a pre-tax profit of 500.5 billion dong, 25% higher than the previous year. EAT of the parent company is up to 394 billion dong. Basic earnings per share increases from 3,880 dong to 4,925 dong.
Total assets stand at 2,680 billion dong, up 15% over the beginning of the year. Short-term assets accounted for 65% with more than 167 billion dong in cash and cash equivalents. The Company borrowed about 83 billion dong.
The undistributed after-tax profit reaches about 809 billion dong, in addition to the capital surplus of 150 billion dong and investment and development fund of 67 billion dong.
Key Matrics
|
Income Statement (VND bn) |
2018 |
2019 |
Tăng/giảm |
|
Net Sales |
1687.2 |
2317.9 |
37.4% |
|
Gross profit |
555.6 |
740.9 |
33.3% |
|
Net financial income |
3.0 |
-17.2 |
-677.2% |
|
Sale Expenses |
14.2 |
22.0 |
55.3% |
|
G&A Expenses |
141.4 |
199.2 |
40.9% |
|
Operating profit |
403.0 |
502.5 |
24.7% |
|
Other profit |
-2.4 |
-1.9 |
-18.3% |
|
EBITDA |
407.1 |
541.47 |
33.0% |
|
PBT |
400.7 |
500.5 |
24.9% |
|
NPAT |
320.0 |
400.2 |
25.0% |
|
Net profit |
315.3 |
394.0 |
25.0% |
|
Assets/ Owners' equity |
|
|
|
|
Current assets |
1678.4 |
1748.3 |
4.2% |
|
Long-term assets |
649.9 |
932.1 |
43.4% |
|
Owners' equity |
1489.2 |
1905.5 |
28.0% |
|
Profitability |
|||
|
Gross margin |
32.9% |
32.0% |
|
|
EBITDA margin |
24.1% |
23.4% |
|
|
Net margin |
18.7% |
17.0% |
|
|
ROAA |
18.9% |
16.0% |
|
|
ROAE |
31.0% |
23.6% |
|
|
Basic Financials and Valuation |
|||
|
EBITDA (VND bn) |
407.1 |
541.47 |
|
|
EPS (VND) |
3880 |
4925 |
|
|
BVPS (VND) |
18588 |
23397 |
|
|
PE |
6.39 |
5.04 |
|
|
EV/EBITDA |
4.56 |
3.64 |
|
|
Liquidity |
|||
|
Current ratio |
2.01 |
2.27 |
|
|
Quick ratio |
1.45 |
2.05 |
|
|
Leverage |
|||
|
Total debt (VND bn) |
172 |
86 |
|
|
Net debt (VND bn) |
-151 |
-82 |
|
|
Total debt/Equity |
11.6% |
4.5% |
|
|
Net debt/Equity |
-10.1% |
-4.3% |
|
|
EBIT interest coverage ratio |
#DIV/0! |
23.3 |
Download Q4 Financial Statement:
https://img.cenland.vn/images/data/CRE_BaoCaoTaiChinh_Quy4_HopNhat_2019.pdf
