SYRENA PHU QUOC LAND JOINT STOCK COMPANY.

SYRENA PHU QUOC LAND JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN BẤT ĐỘNG SẢN SYRENA PHÚ QUỐC) is a real estate development enterprise headquartered in Phu Quoc City, Kien Giang Province. Established on 05 April 2011, the company has more than 14 years of operations and focuses primarily on residential construction and property development.

According to the Company Profile on page 1, the company operates as a joint-stock company with charter capital of approximately USD 112.05 million and paid-up capital of over USD 103.41 million as of the end of 2023. The enterprise employs around 25 staff and is registered under Business ID and TIN 1701515256. Mr. DOAN QUOC VIET chairs it.

Financial Performance and Recovery Trend

As presented in the Key Insights table on page 1 and the financial table on page 2, SYRENA PHU QUOC LAND reported total assets of USD 197.87 million in 2024, marking a 13.57% year-on-year increase after a contraction in 2023. Revenue reached USD 64.9 million, remaining broadly stable with a modest 0.91% growth.

Notably, profitability improved significantly. After recording substantial losses in 2022 (USD -23.5 million) and a smaller loss in 2023 (USD -1.27 million), the company returned to profit in 2024 with net earnings of USD 1.33 million. This represents a 205.13% year-on-year improvement, signaling a phase of financial turnaround.

Owner’s equity increased to USD 52.61 million, up 23.37% year-on-year, while net worth stood at USD 32.02 million. However, working capital remained slightly negative at USD -1.4 million, indicating some short-term liquidity pressure despite the recovery in earnings.

Shareholding Structure

The shareholder chart and table on page 3 show that the company is predominantly owned by SYRENA VIỆT NAM JOINT STOCK COMPANY (98.83%). Mr. DOAN QUOC VIET holds 0.67%, and Mr. DOAN QUOC HUY holds 0.5%. This concentrated ownership structure suggests strong control by the parent company.

Outlook

After a period of significant losses in 2022, SYRENA PHU QUOC LAND JOINT STOCK COMPANY has demonstrated measurable financial stabilization in 2024, with improving equity and a return to profitability. While revenue growth has plateaued and working capital remains slightly negative, the rebound in profit and asset growth indicates recovery momentum within a challenging real estate cycle.

With substantial charter capital and backing from its majority shareholder, the company remains positioned as an active real estate developer in Phu Quoc’s residential construction market.