Novaland aims at $283 mln record profit in 2022

Vietnam's top property developer Novaland targets a profit after tax of VND6.5 trillion ($283 million) and net revenue of $1.57 billion in 2022, both all-time highs.

The figures are 141% and 88% higher than the results of 2021 respectively, according to documents released at the company's shareholder meeting on Tuesday. The 2021 statistics are Novaland's record highs.

The handover of products at big projects like Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram (Wonderland, The Tropicana), and projects in Ho Chi Minh City to customers will be the driving force for revenue growth in 2022, the firm stated.

Simultaneously, Novaland will introduce around 15,000 products to the market in 2022, totalling about VND140 trillion ($6.1 billion) in transaction value. Of this, 1,000 are real estate products in city central areas, more than 5,000 in satellite areas, and the remainder are tourism real estate.

About 80% of the products will come from three important projects now under construction, namely Aqua City, NovaWorld Ho Tram, and NovaWorld Phan Thiet, while 20% derives from future developments.

The present land fund, however, can only cover development demands over the next five to seven years, according to Novaland. As a result, merger and aquisition activities are considered one of the company's core plans for 2022, with the goal of developing 50 projects in 30 provinces and cities over the next decade.

Novaland, listed on the Ho Chi Minh Stock Exchange as NVL, is one of Vietnam's biggest real estate developers.