Net income by quarter of NVT since 2020
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In addition to being profitable, Ninh Van Bay Tourism Real Estate Joint Stock Company (HOSE: NVT) also recorded its highest quarterly revenue in 15 years, since 2009, at VND114 billion. This represents a 23% increase year-over-year.
Cost of goods sold increased by 9%, resulting in a 35% increase in gross profit to VND67 billion. Consequently, the gross profit margin was approximately 60%, a high rate that NVT has previously achieved. The combined increase in selling and financing expenses (mainly interest expense) and decrease in other expenses had little impact on the final result.
Profit after tax was nearly VND17 billion, but as in recent years, the majority of the profit still belongs to non-controlling shareholders (VND13 billion), leaving net income at VND3.6 billion.
According to the resort real estate company, this result was due to increased marketing and sales efforts with foreign customers. This is a strategy that the company has set for 2024 with the expectation of delivering better business results.
 Source: VietstockFinance
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NVT’s total assets remained largely unchanged after the first three months of 2024, still exceeding VND1 trillion. Notably, other receivables increased from VND800 million to over VND10 billion, but no specific explanation was provided, marking it as the only noteworthy change.
During the period 2021-2025, the company aims to expand into a chain of five high-end resorts and hotels with a total scale of 1,000 international 5-star standard rooms. NVT has yet to release official figures for its 2024 revenue and profit targets.
The World Travel & Tourism Council forecasts that international tourism could fully recover by the end of 2024. Several Asian travel platforms have also made optimistic predictions, suggesting that Asia has ample room for recovery in 2024, particularly for the world’s leading tourism markets such as China.
However, according to research by travel company Arival (Thailand), the “smokeless industry” will not surpass its pre-COVID-19 pandemic peak until 2025. The agency predicts that the Asia-Pacific tourism industry will generate revenue of USD67 billion in 2024 and USD75 billion in 2025.
At the 2023 Year-End Conference, the Vietnam National Administration of Tourism set a target of welcoming 17-18 million international visitors and serving 110 million domestic visitors to Vietnam in 2024.
In other news, NVT shares were moved from the controlled category to the warning category by the Ho Chi Minh City Stock Exchange (HOSE) in early April 2024 due to a negative retained earnings after tax as of the end of 2023. After the first quarter, NVT still has an accumulated loss of VND709 billion.
