Real estate developer DRH seeks to double profit

By Phuong Dong April 27, 2021 | 12:36 am PT

Vietnamese real estate developer DRH Holdings JSC has set a pre-tax profit target of VND90 billion ($3.9 million) this year, double that of 2020.

An artist’s impression of Symbio Garden, a terraced property project in District 9, HCMC developed by DRH Holdings. Photo courtesy of DRH Holdings.

An artist’s impression of a terraced property project in HCMC developed by DRH Holdings. Photo courtesy of DRH Holdings.

The target revenue for this year is VND870 billion, 10 times that of last year.

The company plans to develop industrial real estate projects this year in provinces neighbouring HCMC, including the Dong Nai, Binh Duong and Ba Ria-Vung Tau. It seeks to take advantage of the production shift from China to Vietnam amid the U.S.-China trade spat.

Owing to pandemic impacts, the company’s revenue last year was just 32 percent of the annual target at VND88 billion and pre-tax profit was 61 percent of the target at VND46 billion.

The social distancing restrictions hindered project construction and increased the time needed to complete legal procedures, the company said.