In the first quarter of 2021, Dat Xanh Group (DXG)’s largest source of revenue came from selling land lots and apartments, with the value of VND2.167 trillion, some 95 times higher than the figure posted in the same period last year.
Positive signals on the real estate market, coupled with the group’s great strides, helped DXG achieve its impressive business targets in the first quarter of the year, according to a representative of the group.
During the three-month period, its net revenue skyrocketed by 400% year-on-year at over VND2.975 trillion, mainly from the handover of products at property projects invested by DXG. As many as 473 products at the Gem Sky World project in Dong Nai Province’s Long Thanh District and 374 others at the Opal Boulevard project in Binh Duong Province’s Di An City were handed over to buyers. Besides, positive development of the property market lent support to the group’s business and service operations, contributing to its revenue growth.
The sale of real estate products generated high revenue for Dat Xanh Group. Specifically, as of the end of the first quarter of 2021, the cash balance had soared by over 31% against that seen in late 2020, at VND2.337 trillion, or US$100 million.
Apart from this, Dat Xanh Group launched the initial public offering (IPO) of its subsidiary, Dat Xanh Services – DXS, which specializes in property services. This was considered a big deal as the firm was set to offer 71.66 million shares worth some VND2.3 trillion. The DXS shares will be listed on the Hochiminh Stock Exchange on May 17, for debut trading on May 24. As such, DXG will earn huge amounts of cash in May.
The short-term receivables surged by 54% from VND1.348 trillion to VND2.077 trillion, which was a good sign for the group’s development in 2021, as the increase was largely attributed to the sale of apartments to customers who pledged to adhere to the payment schedule agreed with Ha An, a unit of Dat Xanh Group, which is active in the project development field.
Dat Xanh Group’s DXG shares have become attractive to stock investors, leading to a strong rise in stock prices. On April 20, each DXG share was priced at VND25,650, up 60% from the final trading session of 2020, while as of April 20, the group had reported a matching volume of 8.8 million shares on average, much higher than the volume seen in 2020.
As planned, in the second quarter of the year, DXG will complete its key infrastructure projects and introduce the Sapphire Parkview area of the Gem Sky World project. The group will also continue to develop the Opal Skyline project in Binh Duong’s Thuan An City and start to hand over the Opal Boulevard project in Di An City in Binh Duong Province.