According to the Government Portal, Mr. Bui Thanh Nhon, Chairman of Novaland’s Board of Directors, has sent a letter of appreciation to the Government for supporting the business through difficult times.
“We have faced numerous setbacks, but for Novaland, the biggest loss was the trust of our customers, something the Group has cherished for over 30 years. We also recognize that mistakes are inevitable, but what matters is being receptive to feedback and making adjustments to overcome challenges and move forward,” emphasized Mr. Nhon, Chairman of Novaland.
“The empathy, trust, and support of the majority of our customers, the community, our partners, shareholders, and the Government’s close direction in resolving difficulties and supporting businesses are invaluable. They have given Novaland Group the faith, foundation, and motivation to weather the storm,” he added.
Mr. Nhon affirmed, “We are grateful and determined to live up to this trust and support, cherishing these invaluable aspects. We will always maintain our aspirations, dedication, commitment, and contributions, balancing common and private interests and upholding our social responsibility as a business to contribute to the community and the nation’s development.”
In another development, Novaland sent a document to the State Securities Commission (SSC), the Ho Chi Minh City Stock Exchange (HoSE), and the Hanoi Stock Exchange (HNX) explaining its progress in addressing the warning status according to HoSE’s Document No. 1435/SGDHCM-NY dated September 16.
Novaland’s document stated that in the first six months of 2024, the company simultaneously implemented numerous plans and programs to restore its business operations, including restarting projects, completing and delivering products, and providing house ownership certificates to residents, while continuing financial restructuring efforts.
Consequently, the number of transactions and documents increased significantly, resulting in more time being required for auditing procedures and the collection and evaluation of related information for the audit of Novaland’s 2024 semi-annual financial statements by the auditing unit.
Novaland shared that they have been actively coordinating with the auditing unit, PwC (Vietnam), to finalize and publicly announce the reviewed semi-annual financial statements for 2024 within the deadline. However, as of now, the final steps to complete the reviewed semi-annual financial statements for 2024 have not been finalized.
“With the support of PwC (Vietnam), we will strive to finalize and announce the reviewed semi-annual financial statements for 2024 before September 28, 2024. Novaland pledges to continue complying with the regulations and regimes related to information disclosure to protect investors’ interests and ensure the company’s transparency,” the Novaland document stated.
Regarding business performance, according to the self-prepared consolidated financial statements for Q2 2024, Novaland recorded net revenue of over VND 2,246 billion in the first half of the year, a 35.5% increase compared to the same period last year. After expenses, the real estate company posted a net profit of over VND 344 billion, a significant improvement compared to the loss of VND 1,094 billion in the same period last year.
In the market, NVL shares have continuously declined and have now reached an 18-month low with a price of VND 11,200 per share (as of September 18). This figure is only about 10% higher than the historical low recorded in mid-February 2023. Since the beginning of 2024, NVL shares have lost over 34% in value. Novaland’s market capitalization has also decreased to VND 21,800 billion.
The Stock Plunge: Novaland’s Margin Call and the Race to Meet the Audit Report Deadline
The HoSE has placed NVL stock on alert status as of September 23, 2024, due to Novaland’s delayed submission of its semi-annual reviewed financial statements for 2024, which exceeded the regulated deadline by over 15 days. Prior to this, the stock had also faced margin restrictions.
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