Profits of ‘big player’ in Hai Phong real estate unexpectedly drop by 50%, what happened?

Hoang Huy Financial Services Investment Corporation (TCH) recently announced its business results for the fourth quarter of the 2024 fiscal year (January – March 2025), revealing that both revenue and profit fell by about 50% compared to the same period last year. Specifically, revenue reached 859 billion VND, down 46.9%, while after-tax profit was 254.5 billion VND, down 50.7%. The reason for this decline is attributed to the lower number of real estate products delivered compared to the previous year when many products were recognized. Although the quarterly results declined significantly, TCH achieved a total revenue of 4.667 trillion VND for the year, an increase of 22.7%, with an after-tax profit of 1.121 trillion VND, down 9.8%, which is still the second highest profit in the company’s history. TCH is developing several large real estate projects in Thuy Nguyen, including Hoang Huy New City and Hoang Huy Green River, marking a significant shift in the industry. By March 31, 2025, TCH had 5.185 trillion VND allocated for the Hoang Huy New City – II project, which is under construction and development of a substantial asset portfolio.