Trailing net profit reached 258.6bn, rose 161.4bn compared with the previous quarter. Key positives came from higher associates income and lower deferred tax. Offsetting pressure came mainly from lower gross profit, higher tax, and higher finance costs. Detailed impact is shown below:

Track net margin changes and the operating components against the same period last year.

None

Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.

2023Q3: 229.9bn

2023Q4: 361.1bn

2024Q1: 210.0bn

2024Q2: 97.7bn

2024Q3: 287.3bn

2024Q4: 74.4bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 77.9bn against investing cash flow of 437.3bn (annual cash-flow figures for 2024).

Post-investment cash flow was positive +515.2bn. Financing cash flow was negative +548.0bn.

CFO / net income was 0,30 lần.

After spending +33.0bn on fixed-asset investment, the business generated trailing free cash flow of +44.9bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

How much income is non-core?

Non-core income reaches 93.7% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +85.8%, other profit at +7.9% of PBT.

ROIC currently stands at 2.55%. Track NOPAT margin and capital turnover to assess capital efficiency.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

Leverage warrants monitoring, with net debt / equity at 0.49x and interest coverage only at 0.62x.

At present, short-term debt accounts for 13.0% of total debt, cash equals 0.5% of debt, and total debt stands at 3,071.4bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

ROIC for residential developers swings with project cycles and handover timing. Capital structure is relatively light for the real estate sector — liabilities at 1.16x equity, net debt at 0.49x equity.

Customer advances 1,658.0bn (as of 2024Q4) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters. Advances rose 25.14% YoY — strong sales locking in future revenue.

Customer advances: 1,658.0bn · YoY +333.0bn · QoQ +483.8bn

Locked-in revenue: ~9.91x quarters of revenue (TTM)

Inventory pre-sold: 58.84%

Project inventory splits in two at 2024Q4: 2,817.7bn near-delivery stock (short-term) and 961.1bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 2,817.7bn (74.57%)

Construction-in-progress (LT): 961.1bn (25.43%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2024Q4, net debt 3,056.8bn vs project value 3,778.8bn — ratio 80.89%; the project pipeline backs net debt 1.24x over.

Net debt / project value: 80.89%

Development inventory ended the period at 2,817.7bn, about 21.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 80.7bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.