Novaland reduces liabilities by 8.122 billion VND after 18 months, profits 345 billion VND in the second quarter of 2024

Near the 20.500 billion VND extend 

No Va Real Estate Investment Group Joint Stock Company (Novaland; HoSE: NVL) has just announced its consolidated financial report for the second quarter of 2024 and recorded a total consolidated revenue of VND 7.056 billion, including revenue from sales, service provision and from financial activities. Profit after tax recorded nearly 345 billion VND.

Net revenue from sales reached nearly 1.891 billion VND, an increase of 37% over the same period last year, recorded from handovers at projects such as: NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Palm City, Lakeview City…; Net revenue from providing services reached 355 billion VND.

At NovaWorld Ho Tram, the Contractor is implementing many items simultaneously, speeding up the construction progress, expecting to put many utilities into operation in August 8.

As of June 30, Novaland's total outstanding debt payable to lenders decreased by VND 6 billion, equivalent to 8.122%, compared to December 13, 31; Of which outstanding retail bond debt decreased by nearly 12 billion VND, accounting for 2022% of the total outstanding debt reduction.

In addition, nearly VND 20.500 billion of total outstanding debt from foreign loans and Novaland's privately issued bonds has also reached agreement on extension and has a solution plan.

Some large debts include the official completion of the restructuring of the international convertible bond package with a total value of 300 million USD, with the bond term extended to 2027.

A representative of Novaland Group said that currently, 14/16 projects in the Group's ongoing project clusters are continuing to be built with a total construction limit of VND 12.100 billion and being disbursed in stages.

In addition, many large contractors accept construction in advance and receive payment after the products are sold to accompany Novaland during this difficult period.

This helps Novaland's projects to be completed soon to hand over products to customers and have cash flow to pay due debts, while also contributing to changing the local appearance and avoiding waste of social resources. festival.

"The total value of the product, if completed and handed over, as well as newly opened for sale, is estimated at nearly 480.000 billion VND," Novaland said.

September restarts Cu Lao Phuoc Hung commercial service urban area

For more information about the progress of key projects, Novaland said that in the central project cluster in Ho Chi Minh City, Novaland has made efforts to coordinate with the parties to resolve the legal issues and achieved some positive results.

In particular, The Grand Manhattan project is waiting for the final conclusion after receiving legal attention from the Government working group and Ho Chi Minh City authorities. Tower B1 of the project has been topped off and Tower B2 is expected to be topped off in the second half of 2024, and will start handing over products from the second quarter of 2025.

In addition, there are more than 1.200 certificates of ownership for low-rise apartments, apartments... belonging to the Sunrise Riverside project (Southern area of ​​Ho Chi Minh City), Victoria Village (Thu Duc City) that have been handed over to residents from June 6 to the end of 2024.

Aqua City perfects the landscape, internal and external amenities, gradually completing the livable urban area in the East of Ho Chi Minh City.

Particularly, 4 towers in the Victoria Village high-rise area are continuing to be built and completed, expected to be handed over in the fourth quarter of 2025. From July 20, the last two towers G7 and E6 of Sunrise Riverside began handing over apartments to residents.

At Aqua City (Dong Nai), with the Government's attention and efforts to coordinate with relevant agencies to resolve legal difficulties, it is expected that by early August 8, the partial adjustment of the Bien Hoa City Master Plan for Area C2024 and part of the urban area west of the Bien Hoa - Vung Tau Expressway will be completed.

In September 9, Cu Lao Phuoc Hung Commercial Service Urban Area will restart leveling and construction of technical infrastructure when the planning steps are complete.

Currently, the project has delivered 516 products to the subdivisions. Many subdivisions of the project are continuing to be completed and are expected to begin handing over 891 more products in the last 6 months of 2024.

At NovaWorld Ho Tram (Ba Ria - Vung Tau), by the end of the second quarter of 2024, there were 381 products at The Tropicana and Wonderland segments that had been handed over to customers and put into operation for rent with high occupancy rates. Weekdays are about 50% and weekends up to 90%.

From now until the end of 2024, Habana Island, The Tropicana, Binh Chau Onsen... will continue to build a series of projects and hand over 243 products. In the coming time, more than 12 attractive amusement park projects will be put into operation, such as Wonder Museum, Habana Water Park, Pirate Park, Beach Club, Wonder Water Park, Ocean Park... to enhance the experience for visitors, contributing to promoting Travel local economy.

For NovaWorld Phan Thiet (Binh Thuan), the project has completed the 1/500 detailed planning, 1.111 products have been handed over, more than 500 villas are in operation and more than 100 are completing interior construction to exploit business, meeting peak season demand with room occupancy rate up to more than 90%.

In the near future, when the Land Law 2024 takes effect, the project will soon have a specific land price determined as a basis for calculating land rent, constructing and handing over 820 products to residents in parallel with completing and putting into operation. to operate new utility chains such as: The Museum; Jack & Magic Bean theme parks, Fantasy Park... among a total of nearly 40 entertainment and park items invested here.

The positive results in 18 months of comprehensive restructuring and the goal of completing construction and handing over 2.600 products in the last 6 months of 2024 are Novaland's great efforts to fulfill its commitment to customers and restore quality. investor confidence, contributing to promoting sustainable market development.

Novaland's representative said that currently there are still many market difficulties and challenges in liquidity and legal completion progress. To be able to restore business activities soon, thorough guidance from the Government, agencies and branches is needed as well as continued support from financial partners and customers in the coming time.