Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) has just announced its financial report for the second quarter of 2025, recording net revenue of VND 131 billion, a sharp increase of nearly 395% over the same period last year. The main contributor to Quoc Cuong Gia Lai is real estate revenue, growing 47 times from over VND 2 billion in the second quarter of 2024 to VND 97 billion in the second quarter of 2025.
After deducting expenses, the company's net profit was 2.5 billion VND, a significant improvement compared to the loss of more than 17 billion VND in the same period last year.
In the first 6 months of the year, the company recorded net revenue of more than VND242.5 billion, an increase of nearly 3.7 times over the same period. Profit after tax reached more than VND10.7 billion, while in the same period last year, it lost more than VND16.6 billion.
Since 2024, Mr. Nguyen Quoc Cuong, son of Ms. Nguyen Thi Nhu Loan, has returned to help his mother lead the Company. Mr. Cuong is currently the General Director of Quoc Cuong Gia Lai.
Quoc Cuong Gia Lai's revenue in the past 5 years
Besides the business situation, a matter of concern at the enterprise is related to the debt of 2,882 billion that Quoc Cuong Gia Lai has to pay to Sunny Island Investment Joint Stock Company - a legal entity related to Van Thinh Phat Group and Ms. Truong My Lan.
Reviewing the incident, the debt of VND2,882 billion originated in 2017, when Sunny Island Company transferred money to Quoc Cuong Gia Lai under the agreement to buy back the Phuoc Kien project with a total value of VND14,800 billion. However, this deal was not completed. The amount was used by Quoc Cuong Gia Lai partly to pay off the loan at BIDV and the rest was spent on project site clearance.
The dispute then arose and was brought to the Vietnam International Arbitration Center (VIAC) for resolution. Here, Quoc Cuong Gia Lai was declared the winner of the case and did not have to return the money it had received.
However, after the case involving Van Thinh Phat Group was prosecuted, the Ho Chi Minh City People's Court decided to annul the VIAC's verdict and forced Quoc Cuong Gia Lai to return VND2,882 billion to regain ownership of the Phuoc Kien project.
Sharing about the payment of this amount at the recent 2025 General Meeting of Shareholders, Mr. Cuong said that the Company plans to pay gradually within 2 years, ending in the first or second quarter of 2027.
This second quarter of 2025 is the first quarter that Quoc Cuong Gia Lai begins the journey to pay off the aforementioned trillion-dollar debt. According to the financial report, Quoc Cuong Gia Lai has spent more than 100 billion VND to pay off the 2,882 billion VND debt related to Van Thinh Phat Group and Ms. Truong My Lan.
As of June 30, 2025, Quoc Cuong Gia Lai's total assets reached VND9,485 billion, but the company only had VND55 billion in cash. The value of inventories was VND1,200 billion. Quoc Cuong Gia Lai is recording unfinished production and business costs at the Bac Phuoc Kien project of VND5,420 billion.
Source: https://dantri.com.vn/kinh-doanh/quoc-cuong-gia-lai-bat-dau-tra-no-2882-ty-dong-cho-truong-my-lan-20250802095406435.htm
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