Ninh Van Bay Tourism Real Estate Joint Stock Company (stock code: NVT) has just announced its consolidated financial report for the third quarter of 2023 with optimistic figures.
Specifically, net revenue in the third quarter reached VND106 billion, a slight increase of 7.4%. With the cost of goods sold increasing by only 2.7%, the company's gross profit was VND60.7 billion, an increase of 11.2% compared to 2022.
After deducting expenses, profit after tax in the period was VND 8.2 billion, up 13.5% over the previous year.
In the first 9 months, the real estate company's net revenue reached VND290.8 billion, up 9.5%. Profit after tax reached VND31.9 billion, up 54.9% over the same period in 2022.
Ninh Van Bay's after-tax profit in 9 months increased by 54.9% compared to the same period in 2022 (Photo: Six Senses).
The reason for the sharp increase in profit came from the increase in sales revenue and financial revenue. Meanwhile, the total financial expenses, sales expenses, and business management expenses were at VND114.6 billion, a slight increase of 3.6%. Notably, financial expenses in the first 9 months of the year were only VND7.8 billion, down 61% compared to last year.
The financial report shows that the company where Ms. Dang Thi Ngoc Han (Miss Ngoc Han) is Deputy General Director has been trying to pay off debts in recent times. Short-term loans as of September 30 were VND25.3 billion, down 39% compared to the beginning of the year. Long-term loans were also at VND254.8 billion, down 8.6%.
The company also spent VND40.6 billion to repay principal loans in the past 9 months. In the same period last year, the amount of principal loans paid was VND27.9 billion.
The company has not yet released information explaining its third quarter business results. However, in its semi-annual review report, the company said that expenses only increased slightly due to the application of cost-cutting management measures, resulting in good operating efficiency.
As of September 30, Ninh Van Bay's total assets were at VND1,110.6 billion, a slight increase of 1% compared to the beginning of the year.
In the context of falling interest rates, the company also increased its cash and equivalents holdings from VND35.9 billion at the beginning of the year to VND50.9 billion by the end of the third quarter, an increase of 42%.
Miss Ngoc Han has taken on the position of Deputy General Director of a real estate company since March 16, 2022. As of June 30, Ngoc Han is the person with the highest salary in the company's board of directors with 700 million VND in half a year.
In this report, the company did not provide information about the remuneration of the company's board of directors.
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