Novaland's profits surged, with net profit reaching nearly 2,950 billion VND.

Novaland recorded consolidated revenue of VND 2,010 billion in Q3 2024, but thanks to increased financial revenue, this real estate company achieved after-tax profit of nearly VND 2,950 billion.

In September 2024, the Aqua City project received a commitment from Military Commercial Joint Stock Bank (MB) to disburse a 1,100 billion VND financing package to comprehensively develop one phase of the project - Photo: NGOC HIEN

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

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

Notably, Novaland's financial income in the last quarter surged to VND 3,897 billion , mainly due to interest from investment cooperation contracts, interest on loans, capital transfers, and interest on bank deposits.

Thanks to a surge in revenue from financial activities, after-tax profit in the quarter increased sharply to nearly VND 2,950 billion, a 21-fold increase compared to the same period last year.

Explaining the difference in after-tax profit of VND 2,813 billion compared to Q3 2023, Mr. Duong Van Bac - Deputy General Director and Chief Financial Officer of Novaland - said that it was thanks to increased financial revenue compared to the same period, including financial revenue for the first six months of this year that the auditing firm adjusted downward in the six-month review report with a value of more than VND 3,045 billion, and the group completed the recovery of this amount in Q3.

For the first nine months of the year, Novaland's consolidated revenue from sales and services totaled VND 4,295 billion, excluding revenue from financial activities.

Of that, net revenue from sales reached nearly VND 3,739 billion, a 64% increase compared to the same period last year, recorded from the handover of projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Palm City, etc.

Net revenue from service provision reached 556 billion VND.

The consolidated after-tax profit for the first nine months of the year recorded a loss of VND 4,377 billion, largely due to provisions set aside for the 2024 semi-annual reporting period, based on the auditor's own opinion.

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

Inventory was recorded at VND 145,006 billion, of which the value of land and projects under construction accounted for 94.1%, with the remainder being completed real estate and real estate goods, including completed real estate awaiting handover to customers.

Novaland Group announced that in the third quarter of 2024, alongside its corporate restructuring efforts, many of its projects continued to show positive progress in construction and handover.

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

According to Novaland, by the end of Q3 2024, after more than 20 months of comprehensive restructuring efforts, Novaland had completed the restructuring of most of its debts, securing the support of numerous contractors and financial partners both domestically and internationally.

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