Property developer Novaland gains $83 mln in nine-month profit
Major Vietnamese real estate developer Novaland recorded consolidated after-tax profits of VND2,054 billion ($82.7 million) in the first nine months of the year, down 19% year-on-year.
Novaland, listed on the Ho Chi Minh Stock Exchange as NVL, earned consolidated net revenues of VND7,908 billion ($318.5 million) in the period, down 23.7%.
It recorded sales revenue of more than VND6,445 billion ($259.5 million) from the handover of projects like NovaWorld Phan Thiet (Binh Thuan province), Aqua City (Dong Nai province), NovaWorld Ho Tram (Ba Ria-Vung Tau province), NovaHills Mui Ne (Binh Thuan province), Soho Residence (HCMC), and Victoria Village (HCMC).
Revenue from service provision was more than VND1,463 billion ($58.9 million).
By September 30, 2022, the company's total assets were more than VND259,590 billion ($10.45 billion), up 28.6% compared to the end of last year.
Of this, inventories accounted for more than VND129,636 billion ($5.22 billion), mainly from the acceleration of development investment in the Aqua City, NovaWorld Phan Thiet and NovaWorld Ho Tram projects and from the transfer of new projects.
Most of the inventory, 93% or VND120,750 billion ($4.86 billion), was the value of land fund and projects under construction, and the remaining was completed projects waiting to be handed over to customers. The balance of cash, cash equivalents and deposits held to maturity at banks was nearly VND21,168 billion ($852.4 million).
By the end of Q3/2022, NVL had received a total disbursement of nearly VND27,446 billion ($1.11 billion), according to the company's report. Disbursements are used for M&A activities. The company said that from now until the end of the year, it would continue work on ongoing projects, aiming to hand them over on schedule to customers.
For ongoing projects, from now until the end of the year, NVL will continue to promote construction, completion and handover on schedule to customers.
In early of October, NovaGroup registered to buy 8 million shares of NVL, to expand its ownership to over 37%. NovaGroup is currently the largest shareholder of Novaland. If the transaction is successful, NovaGroup's ownership in Novaland will be more than 37.4% of the firm's chartered capital, equivalent to 729.83 million shares.
The timeline for the acquisitions via the Ho Chi Minh Stock Exchange (HoSE) is from October 14 to November 13, 2022.
On the same day, Bui Cao Nhat Quan, son of NovaGroup chairman Bui Thanh Nhon, also registered to buy an additional two million NVL shares. If the transaction is successful, Quan's NVL shares will mount to 83,242,008 or a nearly 4.27% stake. He currently owns over 81.24 million NVL shares worth approximately VND8,000 billion ($334 million).
NVL shares closed Friday at VND72,500 ($2.9) per unit, down 1.8% against the reference level.
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