Vietnam property developer Novaland incurs first yearly loss since 2016 listing
Novaland, a leading real estate developer in Vietnam, reported a yearly loss for the first time since its listing in late 2016 as the firm has been struggling with financial distress.
In its Q4/2024 earnings report, Novaland recorded a loss of VND4.35 trillion ($173.44 million) in 2024, which the company attributed to provisions made by the auditor for the semi-annual reporting period.
Despite the loss, the firm, listed on the Ho Chi Minh Stock Exchange as NVL, posted net revenue of nearly VND9 trillion ($358.8 million) in 2024, nearly double that from 2023.

Illustration of Novaland's urban project Aqua City in Dong Nai province, southern Vietnam. Photo courtesy of the firm.
The primary revenue driver was sales, which generated VND8.35 trillion ($33.17 million), marking a 104% increase year-on-year. This growth was fueled by deliveries from major projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, and Palm City.
However, the high cost of goods sold, coupled with a significant rise in sales and financial expenses, gobbled up much of the revenue, leading Novaland to report a yearly loss for the first time since its listing in late 2016.
As of the end of 2024, Novaland’s total assets stood at VND238.18 trillion ($9.5 billion), including VND146.6 trillion ($5.85 billion) in inventory, 94% of which comprised land and ongoing construction projects.
Last year, Novaland delivered over 1,400 units, including 691 in Q4. The company has also been accelerating progress on most of its projects.
After nearly two years of comprehensive financial restructuring, Novaland said it has restructured most of its debts. The company has also secured additional capital to implement its project.
It also plans to repurchase all bonds issued since 2020 ahead of their maturity dates for an estimated of maximum VND7 trillion ($275 million).
Recently, the realty developer announced that bondholders of its $300 million international bond package must pay more than triple the market price to convert their bonds to shares. These international convertible bonds were issued for foreign investors without warrants and collateral in 2021, and are listed on the Singapore Stock Exchange.
On January 10, NLV shares fell below par value to VND9,920 ($0.39) apiece, marking their lowest level since its listing.
NVL closed last Friday at VND8,930.
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