Surging Profits from Associated Joint Venture, Nam Long (NLG) Reports After-Tax Profit of over 800 billion VND in 2023

According to NLG, the primary revenue for the entire year came from the sale of houses and apartments, from two major projects Izumi and Southgate. Additionally, in the third quarter, NLG also had the Mizuki project, which was a significant handover project.


CTCP Đầu tư Nam Long (NLG) has just announced its consolidated financial statements for the fourth quarter of 2023, recording VND 1,636 billion in revenue, a 7% increase compared to 2022. After deducting expenses, the company reported a net profit of VND 482 billion and a net profit of VND 290 billion, a decrease of 18%.

According to the explanation of NLG, the company’s fourth-quarter revenue this year increased mainly due to contributions from sales of houses and apartments (accounting for 95% of total revenue for the quarter). The decrease in profit is mainly due to the profit recorded from the transfer of shares in Paragon Dai Phuoc Co., Ltd. in the same period last year.

For the whole year, NLG recorded revenue of VND 3,181 billion, a decrease of 26% compared to the same period last year. After deducting the cost of goods sold, NLG achieved a gross profit of VND 1,562 billion, a decrease compared to the fourth quarter of 2022, but the gross profit margin improved significantly to over 49%.

Despite the increase in interest expense, the company significantly reduced selling and management expenses. Along with the profit from equity joint ventures and associates of over VND 418 billion (compared to VND 24.5 billion recorded last year), NLG reported a net profit of VND 800,5 billion.

According to NLG, this year’s revenue mainly comes from the sale of houses and apartments from two key projects, Izumi and Southgate. In addition, in the third quarter, NLG also had Mizuki project, a key handover project, which is a joint venture project, so only the allocated profit is recognized, not the consolidated revenue.

As of December 31, 2023, NLG’s total assets were nearly VND 28,602 billion, of which current assets were VND 25,309 billion and non-current assets were VND 3,293 billion. Currently, NLG has cash and cash equivalents amounting to over VND 2,540 billion, and the company also has short-term financial investments of VND 1,050 billion. The largest value in current assets is inventory with over VND 17,348 billion.

NLG’s total debt at the end of the period was nearly VND 15,074 billion, and the company’s borrowings were relatively low at only VND 6,107 billion. The equity capital stood at over VND 13,528 billion.

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