Novaland, Masan’s mining arm among Vietnam’s biggest loss-making listed firms in 2024

Real estate developer Novaland and Masan Group’s mining subsidiary were among companies listed on Vietnam’s major bourses that made the biggest losses in 2024.

Novaland, listed on the Ho Chi Minh Stock Exchange as NVL, reported a net loss of VND4.35 trillion ($170.36 million) in 2024, a sharp decline from its net profit of VND486 billion ($19.03 million) in 2023, according to its earnings report.

The company recorded revenue of VND9.07 trillion ($355.25 million) last year, marking a 90.7% year-on-year increase. However, a 161% surge in the cost of goods sold to VND8.96 trillion significantly eroded its consolidated profit, reducing it to VND109 billion ($4.27 million).

Masan High-Tech Materials (UPCoM: MSR), a leading global manufacturer of high-tech tungsten and a subsidiary of Masan Group, posted a record net loss of VND1.58 trillion ($62.14 million) in 2024, slightly higher than its VND1.57 trillion loss in 2023.

According to its earnings report, the company’s revenue remained flat at VND14.33 trillion ($561.32 million) in 2024.

Besides NVL and MSR, Hoang Anh Gia Lai Agricultural JSC (UPCoM: HNG) also recorded substantial losses, reporting a net loss of VND1.27 trillion ($50 million) last year

Similarly, real estate developer LDG Investment JSC (HoSE: LDG) incurred net losses of VND778 billion ($30.46 million) in 2024.

Meanwhile, SMC Trading Investment JSC (HoSE: SMC) faced mandatory delisting after three consecutive years of losses. In 2024, the company reported a net loss of VND286.7 billion ($11.23 million).