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 endured tremendous losses recently, but for Novaland, the most significant loss is our customers’ faith in us, something the Group has cherished for over 30 years. We also recognize that mistakes happen, and it is essential to be receptive to feedback and make adjustments to overcome challenges and move forward,” emphasized Mr. Nhon, Chairman of Novaland.
“The empathy, trust, and support of the vast majority of our customers, the community, our partners, and shareholders, along with the Government and Prime Minister’s close attention and guidance in addressing difficulties and supporting businesses, are invaluable. They have given Novaland Group the confidence, foundation, and motivation to weather this 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 contribution, balancing common and private interests and embracing our social responsibility as a business to contribute to the community and the nation’s development.”
In another development, Novaland has 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 16th.
Novaland’s document states that in the first six months of 2024, the company has 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 has 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 actively coordinated with the auditing unit, PwC Vietnam, to finalize and publicly announce the reviewed 2024 semi-annual financial statements within the deadline. However, as of now, the final steps to complete the reviewed 2024 semi-annual financial statements have not been finalized.
“With the support of PwC Vietnam, we will strive to finalize and announce the reviewed 2024 semi-annual financial statements 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 reported 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 market 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 more than 34% of their market value. Novaland’s market capitalization has also decreased to VND 21,800 billion.
“The Novaland Chairman, Bui Thanh Nhon: Our Most Precious Values”
Novaland has submitted a document to the State Securities Commission of Vietnam (SSC), the Ho Chi Minh City Stock Exchange (HoSE), and the Hanoi Stock Exchange (HNX) providing clarification on its efforts to address and rectify the issues that led to the warning.
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.
“Act Fast! Apartment on the Market for $3.9 Million – Brokers Urge Quick Sale as Price May Spike to $4.1 Million Tomorrow”
In today’s turbulent property market, it is essential for prospective homebuyers to remain vigilant and informed. With prices fluctuating, it is crucial to research the history of price increases to avoid falling prey to inflated valuations. Being aware of the market trends and price history will empower you to make informed decisions and navigate the market with confidence.
Preventing Real Estate Price Inflation
It is imperative to regulate the frequent buying and selling of real estate, especially in areas where there are unusual price hikes in condominium projects.
