Accumulated in the first 6 months, BV Land recorded nearly VND 590 billion in revenue, which is double the amount in comparison to the same period last year. Profit before tax reached 121.7 billion dong, also nearly 9 times higher than the first half of last year.

 

BV Land Joint Stock Company (code BVL) has announced its estimated business results in the second quarter of 2022 with revenue of more than VND 421 billion, 2.4 times higher than the same period last year. After deducting cost and expenses, pre-tax profit is estimated at 59.3 billion VND, 5.6 times higher than in the second quarter of 2021, thus 39% higher than what was set out in the second quarter’s profit plan.

Accumulated in the first 6 months, BV Land recorded nearly VND 590 billion in revenue, double the amount in comparison to the same period last year. Profit before tax reached 121.7 billion dong, also nearly 9 times higher than the first half of last year. With the above results, the company has completed 31% of the revenue plan and 62% of the full year profit target assigned by the shareholders.

In the context of the general difficulties of the real estate industry since the beginning of the year, BV Land has focused on building a streamlined and optimized organizational model while simultaneously managing risk, managing cash flow and continuing training to improve quality. As a result, the company has overcome external challenges and brought in positive business results.

In 2022, BV Land plans to do business with the target of consolidated revenue of 1,918 billion dong, more than 3 times higher than the same period and pre-tax profit of more than 195.8 billion dong, more than 6 times higher than 2021. Completing this target in the last 6 months of the year will be a huge challenge, due to many subjective and objective reasons that directly affect the construction plan, sales implementation and revenue recognition.

However, the company will continue to strive to overcome difficulties, thereby completing the year plan. Particularly in the third quarter, BV Land targets revenue of 427 billion dong and pre-tax profit of 39 billion dong, both increased in relation the same period last year. Accumulated in the last 6 months, the business is expected to reach 1,328 billion dong in revenue and 74 billion dong in pre-tax profit.

In the second half of the year, BV Land will focus on completing ongoing projects, boosting sales and continuing to expand the market with new projects. Specifically, the BV Diamond Hill luxury real estate complex. This entire project is expected to be completed and handed over to customers at the beginning of the third quarter of 2022; The Bavella Dinh Tri BV urban area project is currently undergoing site clearance work and is expected to start construction in the third quarter of 2022; Bavella Thanh Ba BV urban area project is also clearing the ground, and is expected to complete the design and start construction at the end of the fourth quarter of 2022.

In order to supplement resources to implement a number of projects, BV Land shareholders approved the plan to issue shares to increase charter capital. Accordingly, the company plans to issue nearly 43 million shares to existing shareholders (ratio 100:75) at the price of 10,000 VND/share. At the end of June, the company’s Board of Directors approved the file to issue shares to the public and is continuing to complete the procedures to increase capital. Post-issuance charter capital of BV Land is expected to increase from VND 573 billion to more than VND 1,000 billion.

BV Land and its member unit, Lilama Invest, are applying to adjust the planning and adjust the investment approval of the Arecas project with a scale of over 41ha in Hoai Duc, Hanoi. In addition, the company will focus on developing projects in new markets in the central and southern coastal provinces to prepare for long-term plans.

Sharing at the Annual General Meeting of Shareholders in April, about expanding into other real estate segments, Mr. Ta Hoai Hanh – Chairman of the Board of Directors of the company said that BV Land currently has interests in a number of resort projects, golf courses and industrial real estate and has issued plans towards funding documents or otherwise applying for investment policy approval. In terms of long-term orientation, the company will diversify its investment portfolio, not only housing products, but now BV Land has offices as well as commercial centers for lease.