Novaland Group Joint Stock Company ( Novaland , stock code: NVL) has just announced its business results for the first nine months of the year, recording revenue of nearly 5,400 billion VND.
Of this, net revenue from sales reached nearly VND 4,956 billion, a 33% increase compared to the same period last year, recorded from handover at projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Sunrise Riverside, Palm City...; net revenue from service provision reached VND 442 billion.
Nevertheless, the company incurred a consolidated after-tax loss of VND 1,820 billion, mainly due to a decrease in financial income.
As of September 30th this year, Novaland's total assets reached nearly VND 239,575 billion. Inventory was recorded at VND 152,285 billion, of which the value of land and projects under construction accounted for 95.1%, with the remainder being completed real estate and real estate goods, including completed real estate awaiting handover to customers.
Novaland's total outstanding debt is over 64,000 billion VND, of which short-term debt is approximately 32,000 billion VND.
Novaland is accelerating construction progress to improve cash flow (Photo: Developer).
The company's cash flow remains very challenging. Accordingly, Novaland stated that it is accelerating the completion of the project and handing it over to customers.
The company reported that 720 products were handed over and 1,935 land ownership certificates were issued during the period. Specifically, at NovaWorld Phan Thiet, in the third quarter, the company reported that over 1,500 products were handed over in the Golf Villas and Florida 3.7 subdivisions, of which 750 units had completed interior design and were ready for rental; while at Aqua City, over 1,000 products were handed over to customers.
Regarding certificate issuance activities this year, as of September 30th, updates show that 1,935 land ownership certificates have been issued in various projects...
On August 5th, the Government Inspectorate announced the Conclusion of its Inspection regarding compliance with policies and laws in the issuance and use of funds from privately placed corporate bonds during the period 2015-2023 for 67 issuing organizations, including the Novaland group and related companies.
In response, Novaland stated that these are bond packages issued from 2015 to mid-2023, with a total outstanding debt of VND 34,878 billion as of June 30, 2023. After a financial restructuring process in 2024-2025, the group has settled VND 15,319 billion, accounting for nearly 44% of the total outstanding debt, bringing the total outstanding debt of privately issued bonds to VND 19,559 billion as of September 30.
Regarding the 24 bond packages mentioned in the Inspection Report, Novaland stated that it has paid and settled 15 packages, with an initial total value of approximately VND 7,000 billion (accounting for 57.7% of the initial outstanding debt); successfully restructured and extended one bond package worth VND 250 billion; maintained timely payments for seven packages from the legitimate revenue sources of the projects; and the remaining overdue bond package (8.2% of the initial outstanding debt) is also being partially repaid, reduced from VND 1,000 billion to VND 833 billion, with the consent of the bondholders.
A representative from Novaland stated that they have seriously considered the conclusions reached and proactively reviewed and addressed each bond package. To date, most obligations have been fulfilled, and the remaining ones are being implemented according to a clear roadmap to ensure maximum benefits for investors.
Regarding the content related to the disclosure of information, Novaland stated that there were some non-essential shortcomings and delays during the social distancing period due to the Covid-19 pandemic, but these were quickly rectified and fully and accurately supplemented as soon as conditions permitted, in accordance with the law.
Novaland affirms that the capital raised from the bonds has been used for the intended purpose and in accordance with the approved plan. The Group periodically reviews accounts payable and requests partners to report on the legal progress and business results of the funded projects.
Regarding the content related to the transfer of capital contributions mentioned in the Inspection Report, the enterprise emphasizes that it is unrelated to the seller's previous transactions and always requires a commitment to the legality and legitimate ownership of the transferred capital contributions.
Source: https://dantri.com.vn/kinh-doanh/9-thang-novaland-lo-hon-1800-ty-dong-da-cap-hon-1900-so-hong-20251028103342322.htm
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