Novaland's profit increased dramatically, net profit nearly 2,950 billion VND

Novaland recorded consolidated revenue of VND2,010 billion in the third quarter of 2024, but thanks to increased financial revenue, this real estate company achieved after-tax profit of nearly VND2,950 billion.

In September 2024, the Aqua City project received a commitment from the Military Commercial Joint Stock Bank (MB) to disburse a financial package of VND 1,100 billion to synchronously deploy a subdivision of the project - Photo: NGOC HIEN

On October 30, Novaland Group (stock code NVL) announced its business results for the third quarter of 2024.

According to the unaudited financial report, in the third quarter of 2024, Novaland recorded a total consolidated revenue of VND 2,010 billion, including revenue from sales and service provision, excluding revenue from financial activities. Of which, Novaland's gross profit from sales and service provision in this quarter reached VND 545 billion, an improvement compared to previous quarters.

Notably, Novaland's financial revenue in the last quarter skyrocketed to VND3,897 billion , mainly due to profits from investment cooperation contracts, loan interest, capital transfer and bank deposit interest.

Thanks to the sudden revenue from financial activities, after-tax profit in the quarter increased to nearly VND2,950 billion, up 21 times compared to the same period last year.

Explaining the difference in after-tax profit of up to VND 2,813 billion compared to the third quarter of 2023, Mr. Duong Van Bac - Deputy General Director and Chief Financial Officer of Novaland - said that thanks to the increase in financial revenue compared to the same period, including the financial revenue of the first 6 months of this year, the auditing unit adjusted down in the 6-month review report with a value of more than VND 3,045 billion, and the group completed the recovery of this amount in the third quarter.

Accumulated in the first 9 months of the year, Novaland's total consolidated revenue from sales and service provision was VND 4,295 billion, excluding revenue from financial activities.

Of which, net revenue from sales reached nearly VND 3,739 billion, up 64% over the same period last year, recorded from the handover of projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Palm City...

Net revenue from providing services reached 556 billion VND.

Accumulated consolidated profit after tax for the first 9 months of the year recorded a loss of VND 4,377 billion, mostly due to provisions for the 2024 semi-annual reporting period according to the auditor's own opinion.

As of September 30, Novaland's total assets reached more than VND 232,029 billion.

Inventory recorded VND 145,006 billion, of which the value of land fund and projects under construction accounted for 94.1%, the rest was completed real estate and real estate goods, completed real estate waiting to be handed over to customers.

Novaland Group said that in the third quarter of 2024, in parallel with corporate restructuring activities, many of Novaland's projects continued to have positive changes in construction and handover progress.

As of September 2024, NovaWorld Phan Thiet project (Binh Thuan) has had more than 1,200 villas handed over, of which more than 600 have completed interior and put into operation; NovaWorld Ho Tram project (Ba Ria - Vung Tau) has handed over more than 400 villa products, Aqua City project (Dong Nai) has handed over more than 650 townhouses to customers.

According to Novaland, at the end of the third quarter of 2024, after more than 20 months of comprehensive restructuring efforts, Novaland has completed the restructuring of most of its debts, gaining the support of many domestic and foreign contractors and financial partners.

Source: https://tuoitre.vn/loi-nhuan-novaland-tang-dot-bien-lai-rong-gan-2-950-ti-dong-20241030152007879.htm