The Ultimate Guide to Captivating Copy: “Unveiling the Truth: Nam Long Group’s Insights on the Sale of Nearly 9ha of Land to Aeon, Garnering Tens of Millions of USD”

There has been a circulation of information and multiple images regarding the official collaboration between Nam Long Investment Corporation (stock code: NLG) and Aeon Mall Group. Recently, Nam Long Investment Corporation has responded, stating that the information is not entirely accurate.

“We affirm that any information about our cooperation with partners (if any) will be officially announced through the official communication channels of the Nam Long Group,” shared Nam Long Investment Corporation.

According to our understanding, the source of this information stems from a research report by VnDirect Securities, suggesting that Nam Long Investment Corporation will complete the transfer of 8.9 hectares of land to Aeon Mall this year. This transaction is expected to generate revenue of over $50 million, to be recognized in late 2025 or early 2026.

Regarding the land sale to Aeon Mall as per the circulated information, the plot is located in An Thanh, Ben Luc, Long An Province, along the Ring Road 4. It falls under the Vam Co Dong Urban Area Project (commercially known as Waterpoint), with Nam Long VCD, a subsidiary of Nam Long Investment Corporation, as the investor. According to the circulated information, this is one of the two Aeon Mall Long An shopping centers to be constructed in the upcoming time.

In a previous development, representatives of the People’s Committee of Long An Province, departments, and branches, along with Aeon Vietnam Company Ltd., and Nam Long VCD, held a meeting at the provincial office in Long An to discuss the investment acceptance procedures for the Aeon Mall Ben Luc Commercial Center project. However, there was no mention of Nam Long Investment Corporation transferring 8.9 hectares of land to Aeon Mall.

Nam Long Investment Corporation is known for its investment in mega-projects such as the Waterpoint Urban Area, spanning approximately 355 hectares (in Ben Luc, Long An Province); the Izumi City Urban Area with an area of about 170 hectares (in Bien Hoa City, Dong Nai Province); and a series of large townhouses and apartments in Ho Chi Minh City…

Nam Long has just announced its second-quarter financial report for 2024, recording a net revenue of VND 252 billion, a decrease of nearly 74% over the same period last year, although it has improved significantly compared to the first-quarter revenue of VND 205 billion. Gross profit reached nearly VND 129 billion, with a gross profit margin of nearly 51%, down from 58.8% in the same period last year.

For the first six months of the year, Nam Long recorded a total net revenue of VND 457 billion and after-tax profit of VND 95 billion, down 62% over the same period last year. With these results, after the first half of the year, the company has only achieved nearly 7% of its revenue plan and nearly 12% of its profit plan for the whole year as set out at the Annual General Meeting of Shareholders.

In 2024, Nam Long set ambitious targets with a revenue of VND 6,657 billion and after-tax profit of VND 821 billion. However, after six months, this real estate developer has only achieved 7% of its revenue target and 12% of its profit target.

As of June 30, 2024, Nam Long’s total liabilities increased by 8.9% from the beginning of the year to VND 16,425 billion. Of this, financial debt was VND 6,532 billion, including VND 3,241 billion in short-term loans and VND 3,291 billion in long-term loans.