ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
082
083
Report on 2024 Performance
Business Results in 2024
real estate developers initiating or restarting projects remained limited. In response, and under the strategic guidance of the BOD, the BOM implemented a series of key initiatives aimed at countering these challenges. These included the restructuring of business operations, an in-depth review and optimization of production processes, and the execution of digital transformation projects across the organization. By adopting advanced technologies and leveraging innovative strategies, the Company achieved significant enhancements in operational efficiency, cost reduction, and profit margin improvements. Moreover, these initiatives elevated customer experience standards, ensured employment and income stability for employees, as well as delivered long-term sustainable value to shareholders and stakeholders.
The year 2024 offered a balanced narrative of challenges and progress, with positive developments steadily gaining momentum. The domestic economy demonstrated significant recovery, highlighted by notable growth across key macroeconomic indicators. Supportive government policies targeting issues across diverse economic sectors contributed to a favorable environment for business activities, benefitting both enterprises and individuals alike. While these initiatives have yielded early signs of improvement, their potential to deliver lasting transformative effects remains a key focus for future evaluation. In 2024, domestic market demand for An Cuong's products remained constrained, as consumers exercised caution with discretionary spending on items such as furniture. Furthermore, the number of
Consolidated Results in 2024
Source: An Cuong
Items
FY2023
FY2024
Year-on-year change
Total Assets
2.1%
5,639.6
5,522.1
Owners’ Equity
2.4%
4,176.0
4,076.5
Net Revenue
5.8%
3,980.9
3,762.1
Operating Profit
8.7%
574.7
528.9
PBT
-0.9%
523.7
528.5
NPAT
2.1%
420.0
411.2
In VNDbn
Net Revenue
The real estate sector, along with the financial stability of key real estate clients of An Cuong, faced persistent liquidity constraints in 2024, directly impacting the Company's sales performance and receivables management. During the year, An Cuong recognized provisions exceeding VND 200 billion, primarily tied to receivables from entities such as Novareal and Hung Thinh Group. Excluding the impact of extraordinary items, An Cuong's consolidated NPAT reached VND 591.4 billion, reflecting a robust growth of 35.4% year-over-year and surpassing the financial targets set by the GMS. With the gradual recovery of the real estate market, the Company remains optimistic about the possibility of recovering these receivables, which could lead to a reversal of the provisions, thereby enhancing future financial performance.
3,980.9 VNDbn
1,251.4 Gross Profit VNDbn 2,786 EPS VND
420.0 NPAT VNDbn 591.4 Adjusted-NPAT(*) VNDbn
35.4
Increased % yoy
(*) excluding extraordinary provisions
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