Phat Dat settles all USD 22.5 million foreign loan
Phat Dat demonstrates its high commitments and strong financial condition with the prompt settlement of a USD-22.5-million foreign loan from Vietnam New Urban Center LP Fund as the agreement.
The announcement on 4th May 2021 of Phat Dat Real Estate Development Corporation (Stock code: PDR) follows the impressive business results in the first quarter of 2021, especially the early redemption of all bonds issued in 2019.
Phat Dat took out the loan of USD 22.5 million (an approximate VND 517.5 billion per Vietcombank’s exchange rate on 4th May 2021) in April 2019 from Samty Asia Investment Pte. Ltd (a subsidiary of Samty Corporation) and a Japanese leading real estate enterprise via Vietnam New Urban Center LP Fund. The capital was used to finance the Company’s projects, especially in HCMC.
The timely settlement of all principal and incurring interests of the USD-22.5-million loan is not only a showcase of upward growth momentum, efficient use of capital use, and strong financial management but also an indication of great prestige and high commitment to domestic and foreign investors.
Previously, on 15th April 2021, Phat Dat announced the VND-250-billion early redemption of all 5-year-term bonds issued on 3rd June 2019 with a 10.5% interest rate to develop Zone 2 of Nhon Hoi Ecotourism City (Binh Dinh province). This is the final payment of all bonds issued in 2019, with a total value of VND 1,659 billion.
In 2020, the Company recorded VND 3,911 billion in revenue, up 15% YoY, and VND 1,220 billion in profit after tax, up 39.6%. This is the record-high revenue and profit since the listing on HOSE despite the faltering economy under the Covid-19 impacts. In the first quarter of 2021, Phat Dat recorded a leap in profit of over 60% increase YoY. Particularly, profit before tax and profit after tax reached VND 314.93 billion and VND 251.07 billion accordingly. The quarter’s gross profit margin also increased sharply to 65.7% (while that of 1Q2020 reached 39.6%), resulting in the gross profit at VND 385.0 billion (+ 54.4% YoY). On the stock market, closing the session on 4th May 2021, PDR shares rose 2.8% to VND 73,000/share and the market cap reached over USD 1.5 billion. |
