Handing over products at Akari City and Nam Long Central Lake projects (Can Tho) helped revenue and profit in the fourth quarter of 2024 skyrocket. Thanks to that, cash and cash equivalents of this real estate company skyrocketed to VND5,443 billion.
Nam Long (NLG): Cash and cash equivalents skyrocketed to VND5,443 billion
Handing over products at Akari City and Nam Long Central Lake projects (Can Tho) helped revenue and profit in the fourth quarter of 2024 skyrocket. Thanks to that, cash and cash equivalents of this real estate company skyrocketed to VND5,443 billion.
Specifically, in the fourth quarter of 2024 alone, Nam Long Investment Corporation (NLG)'s revenue was more than VND 6,368.5 billion, nearly 4 times higher than the same period, with after-tax profit of VND 1,327 billion. In the whole year of 2024, Nam Long recorded revenue of VND 7,196 billion and after-tax profit of VND 1,381.7 billion, up 126% and 72% respectively compared to 2023.
This growth came from Nam Long's core business, with 99% coming from land and apartment sales revenue of over VND6,945 billion (handing over key projects such as Akari and Can Tho). During the period, Nam Long also recorded a profit from transfer transactions of VND230 billion when completing the transfer of 25% of ownership in Paragon - a joint venture company to another partner.
As of December 31, 2024, Nam Long's total assets reached VND30,308 billion. In particular, cash and cash equivalents skyrocketed by 114% to VND5,443 billion. According to NLG, cash increased sharply thanks to the handover of Akira, which collected up to 45% of the contract value according to the payment schedule, and the project in Can Tho, which collected up to 95% of the contract value. At the same time, the Presale value also increased by 40% compared to 2023 thanks to the recovery of the real estate industry and the real estate segment.
Inventory items recorded VND 18,032 billion, of which the Izumi project was VND 8,654 billion, Waterpoint project phase 1 was VND 3,832.6 billion, phase 2 was VND 2,594 billion, Can Tho project was VND 1,805 billion; Akari project was only over VND 303.7 billion (compared to the beginning of the period of VND 1,667 billion thanks to the gradual handover in 2024).
According to Nam Long, based on the available launch pad and market momentum, in 2025, the company plans to open sales of Izumi, Paragon, Can Tho, and Southgate.
Continue to develop other large-scale integrated urban areas of the housing and urban business sector such as Waterpoint, Nam Long - Dai Phuoc, Izumi City, Nam Long - Can Tho... At the same time, prepare for expansion to new potential markets in the North and invest in higher-end product segments, suitable for the needs of improving the quality of life of Vietnamese people. Continue to maintain extensive strategic partnerships with Japanese partners, aiming for effective, long-term, win-win cooperation.
For other business segments such as land fund development and commercial real estate, Nam Long will step up the search for new partners suitable for the product portfolio of the group and each member company including Nam Long Land, Nam Long Commercial Property, Nam Long ADC...
On the stock market, NLG shares are trading around VND35,000/share, up nearly 4% in the last month with a trading volume of more than 1.3 million units/session.
Source: https://baodautu.vn/nam-long-nlg-tien-va-tuong-duong-tien-tang-vot-len-5443-ty-dong-d244746.html
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