BV Land made big profit in the first quarter of 2022

In 2022, BV Land has an ambitious business plan with a target of consolidated revenue of 1.918 trillion dong, an increase of more than 3 times compared with 2021 and pre-tax profit of more than 145.6 billion dong, nearly 5 times higher than the previous year.

BV Land Joint Stock Company (code BVL) has just released its consolidated financial statements for the first quarter of 2022 with impressive business results. Specifically, BV Land’s first quarter net revenue reached VND 168.5 billion, up 54% over the same period. The slower increase in COGS helped the gross profit margin to improve significantly from 14% to 18.6%, equivalent to a gross profit of 31.3 billion dong, double that of the same period last year.

After deducting expenses and recording other profits (50.6 billion dong), BV Land’s pre-tax profit was 62.4 billion dong, a sharp increase of nearly 19 times over the same period. Net profit was 59.2 billion dong, 28 times higher than the same period last year, in which profit after tax of parent company shareholders reached 57.2 billion dong. With the results achieved, BV Land has completed nearly 43% of the profit target for the whole year of 2022 in the first quarter.

According to the document of the 2022 Annual General Meeting of Shareholders, BV Land is expected to submit to shareholders for approval an ambitious business plan with a target for consolidated revenue of 1.918 trillion dong and pre-tax profit of more than 145.6 billion dong. Particularly in the second quarter, BV Land is expected to reach 461 billion VND in revenue and 42.6 billion VND in EBT.

In the first quarter of 2022, BV Land completed the procedures for issuing the swap of shares of Lilama Construction Investment JSC (Lilama) and increased its charter capital to more than 573 billion VND. The scale of total assets also tripled compared to the beginning of the year to VND 1.677 trillion as of March 31, of which inventory accounted for more than half, mainly in real estate projects.

In the coming time, for projects under construction such as BV Diamond Hill high-class real estate complex, BV Land will focus on directing contractors to increase the work force to accelerate the progress of the project, complete acceptance test of the project to be put into use at the end of the second quarter and the beginning of the third quarter of 2022. In addition, according to the company representative, BV Land will continue to accelerate the progress of site clearance and construction of projects such as BV Bavella Dinh Tri urban area – Bac Giang city, urban areas Bavella Thanh Ba – Phu Tho Hospital and promote seeking investment opportunities in other markets such as Vinh Phuc, Bac Ninh, Thanh Hoa, Ninh Thuan, Phu Yen…

At the upcoming Annual General Meeting of Shareholders, BV Land will submit for approval to shareholders for a plan to sell shares to existing shareholders to increase charter capital to over VND 1 trillion VND. BV Land will also submit for approval to shareholders the intention to list on HoSE in order to move towards a more professional stock market, creating favorable conditions for raising capital for business activities, enhancing the brand name and finding strategic partners. This is the strategy to strengthen the company’s capabilities. Listing on HoSE will also create pressure on governance, increase transparency in operating activities, attract more talents for the company and increase benefits for shareholders.