Novaland, one of the leading real estate companies in Vietnam, has recently released its financial report for the third quarter of 2024. The report showcases impressive results, with consolidated revenue reaching VND 2,010 billion.

What stands out is the significant surge in profit after tax, which was recorded at nearly VND 2,950 billion, marking a remarkable over 2,000% increase compared to the same period last year.

The completed NovaWorld project.

According to Novaland’s explanation, this substantial growth is mainly attributed to a significant increase in financial revenue. Specifically, there was a large financial revenue item that the auditing firm adjusted downward during the six-month review period earlier this year, but it has now been fully realized and recognized in the third quarter of 2024. Novaland asserts that this profit growth is reasonable and well-founded.

On a cumulative nine-month basis, Novaland’s consolidated revenue from sales and services reached VND 4,295 billion. This revenue was primarily generated from the handover of various projects, including NovaWorld Phan Thiet, NovaWorld Ho Tram, and Aqua City.

However, for the nine-month period, Novaland still posted a loss of VND 4,377 billion. This was mainly due to provisions made in the semi-annual report for 2024.

As of September 30, 2024, Novaland’s total assets amounted to over VND 232,029 billion, with inventory standing at VND 145,006 billion. The majority of this inventory value comprises land funds and projects under construction, with the remaining being real estate products.

Novaland has secured a commitment from Military Commercial Joint Stock Bank (MB) for a VND 1,100 billion financial package to synchronously develop a subdivision of the Aqua City project. This brings the total committed credit limit for the entire project to nearly VND 3,250 billion. Additionally, Aqua City is expected to receive approval for its 1/500 planning adjustment this year.

Regarding the NovaWorld Phan Thiet project, the company has restarted the construction of Festival Town’s infrastructure.

In Ho Chi Minh City, the Sunrise Riverside project in Nha Be district is currently in the process of handover and providing pink books to residents.

The Grand Manhattan project in District 1 has topped out two towers, A2 and A3, and is in the process of completing the remaining towers, with handover expected to begin in the third quarter of 2025.

At the Victoria Village project in Thu Duc City, pink books have been granted for low-rise housing products, and the four towers in the high-rise zone are under construction and nearing completion, with handover anticipated from the end of the fourth quarter of 2025.

NVL stock witnessed a strong surge on October 30, climbing nearly 4% to trade just shy of VND 11,000 per share. Mr. Bui Thanh Nhon currently serves as the Chairman of Novaland’s Board of Directors.

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