Phu Quoc resort and casino chain loses more than 300 billion

This information was recently announced by Phu Quoc Tourism Investment and Development Joint Stock Company (DPQC). The company’s profit has decreased significantly compared to the profit of nearly 832 billion VND in the first 6 months of last year. On average, the company has a profit deficit of nearly 1.7 billion VND per day.

DPQC returned to operating at a loss after two years of reporting positive profits. In 2023, they achieved a record profit of more than VND1,118 billion, mainly thanks to the contribution of the first half of the year.

The above results affected equity when this indicator decreased by more than 8% to about VND 2,980 billion, as of the end of June. The debt-to-equity ratio also increased to 13.69 times.

This period, the company recorded nearly 40,800 billion in liabilities, an increase of nearly 12%. Of which, outstanding bonds remained around 7,500 billion VND. In the first half of the year, they spent more than 427 billion VND to pay interest to bondholders and did not record any late payments.

Phu Quoc Tourism Investment and Development Joint Stock Company was established in 2014. Initially, Vingroup Corporation (VIC) owned 55% with an original value of more than 350 billion VND. In its 2021 annual report, Vingroup announced that its holding ratio had decreased to 4.5%. By March 2022, VIC completed the transfer of 4.5% of shares in DPQC with a total value of nearly 1,700 billion VND. The profit from this transaction was more than 1,300 billion VND and the transferee was not announced.

This enterprise is operating 7 brands including Vinpearl Safari zoo, VinOasis entertainment complex and resorts such as Vinpearl Resort & Golf, Vinpearl Resort & Spa, Discovery 1 – 2 and 3 in Phu Quoc City (Kien Giang). They also operate betting business at Corona Phu Quoc Casino project for foreigners and Vietnamese people living abroad. This project is the only pilot location for domestic people to participate.

In parallel with the above brands, DPQC is also constructing the Hon Doi Moi project and the Bai Vong conference center, hotel and resort villa area. These are two unfinished projects located in the Phu Quoc Island Project Complex with an area of ​​over 1,160 hectares and a total investment of VND50,000 billion (over USD2 billion).