Phat Dat (PDR) buys back bonds three years prior to maturity

Phat Dat (PDR) buys back bonds three years prior to maturity

Ho Chi Minh City-based developer Phat Dat Real Estate Development JSC (HSX: PDR) has recently reported a VND250 billion ($10.87 million) bond buyback before maturity, demonstrating the company’s commitments to investors and shareholders.

This is the final payment of the Phat Dat bonds issued on June 3, 2019 with a 5-year term at a 10.5 per cent per year interest rate to implement Zone 2 in Nhon Hoi Ecotourism City in the south-central coastal province of Binh Dinh.

By paying VND250 billion ($10.87 million) of bond principal three years prior to maturity, the company completed all the committed payments of bonds issued in 2019 with a total value of VND1.659 trillion ($72.13 million).

Nhon Hoi Ecotourism City (Quy Nhon city, Binh Dinh province), developed by Phat Dat

Phat Dat closed the year 2020 in strength and style, exceeding all business targets. Particularly, net revenue reached VND3.911 trillion ($170 million), up 15 per cent on-year, while pre-tax profit and after-tax profit reached VND1.54 trillion ($66.96 million) and VND1.22 trillion ($53 million), up 39.3 and 39.6 per cent on-year, respectively.

In 2021, Phat Dat aims to maintain its growth momentum, targeting VND4.7 trillion ($204.35 million) in net revenue, signifying a 20 per cent jump on-year. Similarly, the company’s pre-tax profit and after-tax profit are set at VND2.335 trillion ($101.5 million) and VND1.868 trillion ($81.2 million), increases of 52 and 53 per cent on-year, respectively.

Also, this year the company will officially transform itself into a conglomerate with various business lines. Accordingly, besides the key sector of residential real estate, Phat Dat will utilise its core competency in project development to expand into industrial real estate and renewable energy, following the development direction of “Speed and Sustainability” in the new era.

By Anh Duc

VIR