Real estate developer Novaland Investment Group Corporation has reported consolidated revenues of nearly VND4.4 trillion for the first half of the year.
In its financial report which was recently released, the company also announced a year-on-year increase in post-tax profit of 48 per cent to VND1.177 trillion.
For the second quarter Novaland reported profit after-tax of VND874 billion, a 72 per cent rise.
As of the end of the first half 2020, its total assets were worth VND98.8 trillion, an increase of 10 per cent in the year-to-date.
The company has maintained liquidity, with its current ratio being 3.52, the same as in 2019 and 1.8 times higher than in 2016 – 2018.
Its quick ratio was 0.8.
Apart from project development, Novaland is also very active in investment and divestment activities. While investment activities are aimed at increasing land bank with potential for development and high prices in future, divestment is considered when projects achieve the expected rate of return.
It reported an income of over VND2.5 trillion from the sale of two projects in the first half. The proceeds from the sales will be used for investment in new projects with higher profits, prepayment and preserve capital for operations, and will be a solid foundation for future growth.
In H1 the company made repayments, including early repayments, on its VND8.359 trillion debts from cash and cash equivalents, collection from sales and services and cash from project sales.
As at June 30, its long-term borrowings and finance lease liabilities were down to less than VND25.7 trillion. Its short-term borrowings and finance lease liabilities were up to VND12.4 trillion, accounting for 32.5 per cent of total debts.
To develop its distribution system and improve its services, Novaland has tied up with many leading property sales agencies to sell its products across the country.
It has organised several launching events to introduce its new projects to prospective customers.
For instance, its Aqua City project in Dong Nai Province attracted great interest, and the company sold around 95 per cent of all villas, shophouses and townhouses in it at every sales event.
This month a new phase is planned to be introduced, and it promises to heat up the real estate market.
In the hospitality segment, the company is developing a number of projects, including NovaWorld Ho Tram. The Wonderland phase of this project has been launched since June including shophouse, retail complex, hotel, villas, and over 270 second homes.
Earlier over 100 ocean villas in the previous phase of the project, The Tropicana, were launched.
Novaland said 2020 is a challenging year but it does not plan to change its strategy and would continue to focus on developments that meet actual demand for housing.
It plans to continue developing 22 projects in HCM City, Dong Nai, Binh Thuan, Khanh Hoa,and Ba Ria-Vung Tau, and hand over units in around 10 of them to buyers this year.
Novaland (NVL) is a large listed company on the Viet Nam stock exchange, which, following a review in July 2020, continued to be included in the VN30 index of the 30 largest companies.
The share again made it to Viet Nam Sustainability Index (VNSI). VNSI targets standardising sustainable development for listed companies, supporting organisations and individuals in identifying good companies for investment, boosting sustainable development of the economy, and providing a new tool to foster the development of stock markets and the economy.
With its focused and clear business strategies, steady land holdings, solid financial structure, sophisticated risk management framework, and attitude of complying with the law, Novalandwill always strive to contribute to society.
At the same time the Novaland workforce is committed to the company’s core values of Integrity – Efficiency – Professionalism.
Thus, in the next five years, Novaland will develop steadily and well.
Novaland firmly believes that the mission of “Creating Community – Building Destinations – Cultivating Happiness” will bring valuable products to society, which will recognise it as a national and reputed international brand, always contributing to the nation’s overall development.
Novaland Group was listed on the Ho Chi Minh Stock Exchange in December 2016. As of June 30, 2020, the company’s market capitalisation was approximately VND59.6 trillion.
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