Revenue from real estate transfers reached over VND 1,634 billion, a 3.3-fold increase, thanks to deliveries at projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Sunrise Riverside, and Palm City.
However, the company recorded a net loss of more than VND 443 billion due to a loss of nearly VND 262 billion from other expenses, as it no longer received nearly VND 331 billion in contract violation fines as in the same period last year (Q1/2025 received only VND 3 billion).
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Novaland’s Q1/2025 business results. Unit: Billion VND
Source: VietstockFinance
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As of March 31, 2025, Novaland’s total assets reached over VND 234,800 billion, remaining relatively stable compared to the beginning of the year. Inventory also did not change significantly, standing at over VND 148,600 billion, of which the value of land funds and projects under construction accounted for 94.6%, with the remainder being completed or ready-to-transfer real estate.
On the other hand, payables decreased by more than 2%, to nearly VND 186,000 billion. Of this, loan balances accounted for more than VND 59,000 billion, a decrease of nearly 4%.
Novaland is expediting the progress of projects in Ho Chi Minh City, such as The Grand Manhattan and Victoria Village (high-rise area), with expected completion and delivery starting from the end of this year or early 2026.
In other news, in April 2025, the Vietnam International Arbitration Center (VIAC) issued arbitration awards in favor of Novaland in two disputes between TKG Taekwang Vina Joint Stock Company and Real Estate Investment and Development Company Gia Huy – a subsidiary of Novaland Group. Accordingly, VIAC dismissed all requests from TKG Taekwang Vina and granted Gia Huy’s requests, obliging the South Korean enterprise to continue performing the signed contract related to the real estate project in Long Thanh My Ward, Thu Duc City (Ho Chi Minh City).
Ha Le
– 10:00, May 01, 2025
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