PDR announces Q4.2024 financial statements: revenue from core business increases 27 times

Phat Dat Real Estate Development Corporation (PDR) has recently released its impressive Q4.2024 financial statements. Net revenue reached VND 1,844 bn, with pre-tax and after-tax profits reaching nearly VND 478 bn and VND 370 bn, respectively.

In Q4.2024, Phat Dat achieved remarkable growth, with net revenue of VND 1,844 bn, over 27 times higher than VND68 bn in Q4.2023. For the year 2024, net revenue reached VND 2,017 bn, a significant increase compared to VND 617.5 bn in 2023.

This outstanding result was largely driven by Phase 1 of Quy Nhon Iconic (the commercial name of Bac Ha Thanh Residential Area). This project has a very high gross margin of 37% (pre-tax margin of 24%), contributing to the highest net profit in Q4 in recent years.

Specifically, Q4.2024’s gross profit reached VND 697.2 bn, over 11 times higher than Q4.2023 (VND 58.9 bn). For the whole year, gross profit was VND 861.4 bn, up from VND 543.7 bn in 2023. Pre-tax profit in Q4.2024 was VND 447.8 bn, while the total for the year reached VND690 bn. After-tax profit in Q4.2024 and for the entire year reached VND 369.2 bn and VND 522.8 bn, respectively.

Quy Nhon Iconic in Binh Dinh Province

By the end of 2024, total assets reached VND 24,116 bn, up 14.5% compared to VND 21,068 bn at the end of 2023. Short-term assets increased by 28%, from VND 16,916 bn (2023) to VND 21,706 bn (2024), primarily due to the rise in inventories and short-term receivables.

Specifically, inventories amounted to VND13.4 tn, an increase of 10%, showing abundant land banks and products ready to launch. Furthermore, Phat Dat has also accelerated construction and product handover, laying a solid foundation for future years.

Meanwhile, short-term receivables from customers at the end of the period increased to VND 3,860 bn, mainly from transactions at Quy Nhon Iconic (ending with VND 1,478 bn). The direct sales strategy and quick capital recovery are expected to quickly convert these into substantial financial sources.

In Q4, PDR achieved impressive results in debt recovery, specifically recovering VND 556 bn from “trade receivables.” Additionally, PDR successfully recovered VND 689 bn from long-term investment contributions made in the past.

In Q4 2024 alone, Phat Dat recovered VND 1,245 bn from debt and investment recovery, providing a strong financial foundation for its projects in 2025.

CGI of Thuan An 1&2 High-rise Residential Complex

Equity increased by 19.3%, from VND 9,579 bn to VND 11,424 bn, due to an increase in share capital (+18.2%) and retained after-tax profit (+26.6%).

In parallel, construction and product handovers continue to be promoted, establishing a solid foundation for growth in the years ahead. In the first half of 2025, Quy Nhon Iconic will continue to be a highlight, with nearly 800 products from subsequent phases ready to be launched, bringing in steady cash flow and increasing shareholder confidence.

Onsite photo of Quy Nhon Iconic

Entering 2025, Phat Dat will accelerate the implementation of big projects, not only to strengthen its position but also to diversify its investment portfolio. Quy Nhon Iconic will remain a key focus, alongside Thuan An 1&2 High-rise Residential Complex in Binh Duong, which is completing the final legal steps. Strategic projects such as Q1 Tower in Quy Nhon, Binh Dinh, Nhu Nguyet Commercial and Service Complex in Da Nang, Serenity Phuoc Hai in Ba Ria – Vung Tau, and the Resort Complex Project in Con Dao are expected to make significant contributions to future revenue.

Q1 Tower Commercial and Service Complex – Quy Nhon, Binh Dinh

Phat Dat expects these projects to generate VND 50 trillion in revenue by 2027.