Property giant Novaland sees 12-fold increase in Q4 net profit
Vietnam’s leading property developer Novaland reported a sudden net profit of VND1.65 trillion ($67.5 million) in the fourth quarter of 2023, 12 times higher than the same period the previous year.
According to its freshly released financial statement, Novaland, listed on the Ho Chi Minh Stock Exchange (HoSE) as NVL, earned VND805 billion ($32.96 million) in net profit in 2023, down 63% year-on-year.
During the last quarter of 2023, Novaland’s net revenue decreased by 37% to VND2.03 trillion ($83.11 million), and its gross profit fell 44% to VND554 billion ($22.68 million).
However, its financial revenue more than doubled to VND1.83 trillion ($74.82 million), including over VND1 trillion in profit from investment cooperation and VND415 billion in profit from stock trading. Financial and sales costs declined by 63% and 44%, respectively, while management costs rose 39%.
Other activities earned profits of VND572 billion ($23.42 million) compared to a loss of VND1 billion ($40.94 million) in the same period in 2022, mainly thanks to collecting fines. During the period, the company collected nearly VND800 billion ($32.75 million) in fines for contract violations and paid VND200 billion ($8.19 million) in compensation for contract violations.
The group reduced its liabilities by VND17 trillion to VND195.87 trillion ($8.02 billion), mainly long-term debts, while short-term debts increased. Loan debt alone decreased by more than VND7.16 trillion ($293.74 million) to VND57.7 trillion ($2.36 billion).
Notably, at the end of 2023, Novaland had VND19.19 trillion ($785.67 million) of short-term advance payments from home buyers, an increase of VND3.2 trillion compared to the beginning of the year.
On the stock market, NVL closed Wednesday at VND16,700 ($0.68) per share.
- Read More
WB approves $750 mln loan to boost Philippines' digital transformation
The World Bank (WB) approved a loan of $750 million on Wednesday to help boost digital transformation in the Philippines.
Southeast Asia - Thu, November 14, 2024 | 10:12 pm GMT+7
Google forecasts Indonesia to become Southeast Asia’s largest digital economy
A new report by Google, Temasek, and Bain & Company projects that Indonesia's digital economy will reach a gross merchandise value (GMV) of $90 billion in 2024, an annual increase of 13% and the largest figure in Southeast Asia.
Southeast Asia - Thu, November 14, 2024 | 10:06 pm GMT+7
Sekisui Heim Group targets low-cost housing investment in Vietnam
Japan’s Sekisui Heim Group is looking to implement affordable and social housing projects in Vietnam, says Ryuji Saimon, a representative of the group’s subsidiary, Thai SCG Heim.
Real Estate - Thu, November 14, 2024 | 9:53 pm GMT+7
Vietnam’s resort town Da Lat to have $67 mln ESG realty complex
The One Destination has partnered with a Singapore investor and an institutional fund to build an ESG real estate complex in Vietnam’s famous resort town of Da Lat.
Real Estate - Thu, November 14, 2024 | 7:09 pm GMT+7
Vietnam prepares for 11-15% power supply growth in 2025: ministry
Vietnam expects its electricity supply to grow 11-15% in 2025, Minister of Industry and Trade Nguyen Hong Dien said Thursday, while asking relevant state agencies and power suppliers to make utmost preparations.
Energy - Thu, November 14, 2024 | 7:05 pm GMT+7
S Korea’s Kumho Tire to raise investment in Vietnam province to $908 mln
South Korea’s Kumho Tire will pour an additional $300 million into the southern province of Binh Duong as its third-phase investment, increasing the total amount to $908 million.
Industries - Thu, November 14, 2024 | 3:45 pm GMT+7
Former transport minister Nguyen Van The faces disciplinary action for Thanh An Group-related violations
Vietnam's Central Inspection Committee has proposed disciplining Nguyen Van The, former Minister of Transport.
Politics - Thu, November 14, 2024 | 2:43 pm GMT+7
Central Vietnam hub Danang seeks investment for urban railway airport link
Da Nang is calling for investment in a major urban railway project that will connect the Danang International Airport with the central city’s famous My Khe Beach.
Infrastructure - Thu, November 14, 2024 | 2:21 pm GMT+7
HSBC provides first green trade facility in Vietnam’s seafood industry
HSBC Vietnam has entered an agreement to provide green trade financing to Vinh Hoan Corporation, marking the first ever green facility that the former has arranged for the latter and for the seafood sector.
Banking - Thu, November 14, 2024 | 2:11 pm GMT+7
Thailand’s Central Retail opens $17 mln mall in southern Vietnam
Thailand’s leading retailer Central Retail has launched its 41st Vietnam outlet, the GO! Bac Lieu mall, in the eponymous Mekong Delta province.
Industries - Thu, November 14, 2024 | 1:47 pm GMT+7
Taiwan cooling solution firm AVC to spend $18 mln on building factory in Vietnam
Asia Vital Components (AVC), a Taiwan-based cooling solution provider, will spend VND457.1 billion ($18 million) on building a second phase factory in Vietnam.
Industries - Thu, November 14, 2024 | 11:07 am GMT+7
Vietnam stock market likely to face valuation discounts during Trump’s presidency: analysts
Emerging markets, including Vietnam, may face valuation discounts during President-elect Donald Trump’s second term, say analysts at Vietnam-focused fund management company Dragon Capital.
Finance - Thu, November 14, 2024 | 10:26 am GMT+7
Viettel launches world's first O-RAN 5G network using Qualcomm chipset platforms
Viettel has announced the commercial launch of its Open RAN (O-RAN) 5G Network, featuring key equipment developed in-house, marking the world's first O-RAN 5G network utilizing Qualcomm Technologies' 5G RAN platforms.
Companies - Thu, November 14, 2024 | 9:52 am GMT+7
Malaysia commits to net zero emissions by 2050
Malaysia has committed to achieving net-zero greenhouse gas emissions by 2050, positioning itself as a responsible global player in the fight against climate change despite contributing just 0.8% of global emissions.
Southeast Asia - Thu, November 14, 2024 | 8:25 am GMT+7
Thailand eyes congestion charges to ease capital traffic
The Thai Ministry of Transport said on Tuesday that it is exploring the implementation of a congestion charge program to alleviate chronic traffic problems in the capital city of Bangkok, improve air quality and promote the use of public transportation.
Southeast Asia - Thu, November 14, 2024 | 8:24 am GMT+7
Indonesia, Japan agree to reduce greenhouse gas emission
Indonesia and Japan on Tuesday agreed to start implementing the Mutual Recognition Arrangement (MRA) for the implementation of bilateral carbon trading cooperation.
Southeast Asia - Thu, November 14, 2024 | 8:22 am GMT+7