TTC Land's consolidated financial report for 2024, recently released, shows a surge in revenue to over 800 billion VND compared to 371 billion VND in 2023.
Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, code: SCR) has just announced its 2024 financial statements. Accordingly, revenue reached 800 billion VND, a twofold increase compared to 2023.
Specifically, the rental service segment maintained a stable cash flow with revenue reaching VND 101 billion, a slight decrease of 9% compared to the same period last year, but the gross profit margin remained at approximately 35.4%, indicating that this segment still provides stable cash flow and effective cost control. Similarly, the real estate services segment, with revenue reaching VND 121 billion, a decrease of 21% compared to VND 154 billion in 2023, and a gross profit margin of approximately 17.9%, still contributes positively to TTC Land's reputation and market share stability.
The construction services segment was considered a highlight of the year for TTC Land, with revenue increasing from VND 4.55 billion to VND 27.83 billion, a 511% increase. Although the profit margin was around 8%, this segment has great potential with a strong increase in transaction volume, opening up opportunities for cost restructuring in the future.
Meanwhile, merchandise sales increased by 111%, requiring optimization of the cost model, while other services, although not generating large revenues, achieved outstanding profit margins of 56%, contributing to overall efficiency.
Notably, in 2024, the real estate transfer segment saw a dramatic increase in revenue, rising from VND 34.57 billion in 2023 to VND 427.76 billion in 2024, a surge of over 1136%. Despite this enormous revenue, the cost of goods sold (VND 545.85 billion) exceeded revenue, resulting in a gross loss. However, this was a consequence of the preferential pricing policy aimed at supporting social housing at the Jamona Apartment project within the Jamona City urban area (District 7, Ho Chi Minh City) by TTC Land, in order to meet government policy requirements.
At the end of 2024, SCR's cash and cash equivalents balance reached VND 175 billion, a 52% increase compared to the beginning of the year, ensuring liquidity and supporting investment activities.
In addition, TTC Land recorded loans and financial lease liabilities of VND 3,675 billion, an increase of VND 850 billion from outstanding privately issued bonds at the end of December 2024 to finance the Dam Bay Complex project in cooperation with Toan Hai Van JSC.
TTC Land's total equity reached VND 5,465 billion after a successful capital increase at the end of November 2024 to convert debt.
In the first three months of 2025, TTC Land not only boosted its core business activities but also expanded its product portfolio.
Evidence shows that in the first quarter of 2025, TTC Land implemented a series of positive moves contributing to reshaping its business operations, such as: acquiring the Cu Lao Tan Van project (Dong Nai), commencing the resort subdivision of the Selavia Phu Quoc project in cooperation with Toan Hai Van JSC, successfully completing the M&A of the Song Centre shopping mall project (Bac Lieu), accelerating towards completion, and ensuring the handover of the TTC Plaza Da Nang commercial base to AeonMall in April 2025,…
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