Nam Long: Negotiating to sell part of Izumi project, starting to hand over EhomeS Can Tho

This is the content raised by shareholders at the 2025 Annual General Meeting of Shareholders of Nam Long Investment Corporation (stock code NLG) held last weekend.

In 2025, Nam Long plans to have net revenue of VND6,794 billion, profit after tax of parent company shareholders reaching VND701 billion, up 35% over the previous year. Of which, sales (presales) are expected to reach VND14,645 billion, 2.8 times higher than in 2024.

Projects that will boost sales and handover include Akari City, Waterpoint, Izumi City, EHomeS Can Tho , EHome Southgate and Nam Long II Central Lake. At the same time, the company plans to launch more than 2,000 new products in key subdivisions, continue to survey and expand operations in potential locations.

Sharing at the congress, Nam Long leaders said that in the first 4 months of the year, sales reached 2,576 billion VND, an increase of 119% over the same period in 2024, mainly from the Southgate project. Sales volume came from existing subdivisions such as The Aqua, Park Village located in the 355-hectare Waterpoint Urban Area in the West of Ho Chi Minh City.

Chairman of Nam Long Board of Directors, Mr. Nguyen Xuan Quang, commented that 2024 is not an easy year, with many challenges, especially legal changes and adjustments to laws related to real estate. Besides, last year was also the year of bond maturity in the real estate market. Particularly for Nam Long , last year, the Board of Directors made efforts to unlock the legality of many projects such as Can Tho, Mizuki, Akari or Paragon.

Updating on the legal status of the projects, Mr. Lucas Loh said that the Izumi project had its 1/10,000 planning approved in November 2024. Currently, NLG has also submitted the 1/5,000 planning in April and expects to have results in June. The Paragon project is undergoing legal work and is expected to be sold by the end of 2025.

Nam Long currently owns more than 681 hectares of clean land in key economic areas such as Ho Chi Minh City, Long An, Dong Nai, Can Tho and some new localities. The company also affirmed that its strategy will continue to promote strategic M&A deals and proactively mobilize capital to optimize resources. The company will focus on high-rise projects with clear legal status and ready for implementation.

Shareholders questioned NLG’s financial plan for 2025, according to CEO Lucas Loh , the company plans to borrow VND5,800 billion to develop existing projects such as Izumi, Paragon and Waterpoint. The management will ensure the debt/equity ratio is below 0.5 times. Currently, this ratio is at 49%.

Regarding the progress of issuing shares to existing shareholders, Nam Long's Board of Directors said that after the Congress   will complete the documents to submit to the State Securities Commission. After approval, the Company will also depend on the market and consider the timing of the stock issuance.

According to the financial report for the first quarter of 2025, Nam Long's revenue reached VND 1,291 billion, a 5-fold increase over the same period thanks to the continued handover of Akari Phase 2 and Can Tho Central Lake II. After deducting expenses, profit reached VND 108 billion. Not only net revenue, NLG's financial revenue also increased by 87%, recording more than VND 48 billion, mostly from interest on bank deposits and loans.

In the first quarter of 2025, Nam Long officially began handing over the EhomeS Can Tho social housing project. With favorable business conditions, the Company's cash and cash equivalents at the end of the first quarter reached more than VND 5,000 billion.

Source: https://baodautu.vn/nam-long-dam-phan-ban-mot-phan-du-an-izumi-bat-dau-ban-giao-ehomes-can-tho-d274579.html