Joint Stock Company Quốc Cường Gia Lai (QCG) recently announced a consolidated financial report for 2024, showing a net profit of nearly 82 billion VND, a significant increase from just over 3 billion VND in 2023, and a 14% rise compared to self-reported figures. Revenue also nearly doubled, reaching over 729 billion VND, with real estate contributing about 510.5 billion VND. The audit highlighted several issues in the financial report, particularly a long-term receivable exceeding 74.3 billion VND related to the Tan Phong Riverfront Apartment-Commercial Complex Project, which requires approval from the HCMC People’s Committee. Additionally, delays in land handover affected the project and residents’ rights. Moreover, reclassification of certain long-term assets raised concerns over the group’s continuity. Nonetheless, QCG asserts it can meet its debt obligations and maintain stable operations in the future.
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