Novaland reports 88 per cent revenue growth in H1

Aug 2nd at 13:55
02-08-2019 13:55:56+07:00

Novaland reports 88 per cent revenue growth in H1

Property developer Novaland Group has reported an 88 per cent year-on-year jump in net revenues in the first half of the year.

 In a report on its business results, the company said revenues had been worth nearly VND8.1 trillion (US$348.3 million).

Gross profit was VND2.2 trillion, a 53 per cent jump.

In the first six months NVL handed over 2,936 units, a year-on-year increase of 185 per cent and 50 per cent of its full-year target.

The company attributed the excellent results to projects like The Sun Avenue, Sunrise Riverside, Richstar, Saigon Royal, Newton Residence, and Orchard Parkview.

An NVL spokesman said the company is well on course to achieve its targets for the upcoming quarters.

As of June the company’s assets were valued at VND74.8 trillion and owners’ capital was worth nearly VND22.2 trillion, 7 per cent and 9 per cent higher than at the end of last year.

Cash and cash-equivalents at the end of June were VND7.3 trillion.

Debts remained unchanged from the end of last year at VND27.8 trillion

Leading hospitality developer

Novaland, which used to focus on housing projects in HCM City, is now one of the leading real-estate developers in Viet Nam.

From 2019, it entered the hospitality sector aiming to become a leading conglomerate with interests in real estate, finance, tourism, and infrastructure.

To achieve the goal, land and financial resources are two essential factors, and Novaland said it is well prepared in both cases.

Prestige is cited as another factor helping the company fulfil the goal.

A bond issue of $390 million last year underlined the company’s global prestige.

In the domestic market, it has won the trust of customers by completing projects and handing over units to buyers in a timely manner and high selling rate at most of the projects In terms of land parcels, the company has around 4,270ha which owned and researching to develop in future, ensuring it has enough for development for the next 10-20 years.

It said it would use the lands to develop three key products: housing areas in HCM City, hospitality projects in tourist places and satellite urban areas in HCM City’s neighbouring provinces.

This year, Novaland plans to bring into the market 6,500 units, 44 per cent higher than last year. Of them, 4,200 will be housing and 2,300 will be hospitality products.

Investment will also be made in the finance sector, it said.

Prestige strengthened

By the end of June Novaland had launched many projects including Aqua City in Dong Nai, the first eco-urban area in the province.

The other projects to have attracted interest are NovaWorld Phan Thiet in the south-central province of Binh Thuan and NovaWorld Ho Tram in the southern province of Ba Ria-Vung Tau.

The two hospitality projects, NovaWorld Ho Tram and NovaWorld Phan Thiet, have heated up the country’s hospitality market since each is a complex comprising.

Elsewhere, the company’s share, NVL, has been once again included in the Viet Nam Sustainable Index (VNSI), a cap-weighted, free float-adjusted index consisting of listed companies with the highest sustainability scores announced every year in July.

The company is also in the VN30, a list of the top 30 shares on the Vietnamese stock exchange in terms of market capitalisation.

Novaland has also been named among the top 50 efficient companies in Viet Nam, top two property developers by Vietnam Report, and Best Developer by Dot Property Awards 2019.

The awards are a testimony to the company’s prestige and pioneering position on the stock exchange.

bizhub



RELATED STOCK CODE (2)

NEWS SAME CATEGORY

Real estate firms switch to bonds due to less bank loans

Bond issuance is becoming an ideal channel for real estate firms to raise capital as credit policies for property development are gradually being tightened, experts...

Strong desire for M&A deals in real estate

Foreign investment flows into Vietnam’s property sector through merger and acquisition transactions have been reported to be on a strong momentum, with outstanding...

Detailed condotel rules still required

Due to lack of a legal framework, the condotel market remained tight through the first half of the year.

HCM City: office market continues stable growth

The office market in Ho Chi Minh City continued stable growth in the first half of this year, with some increases in rental prices and areas, according to major...

Fairfield by Marriott signs first two contracts in Vietnam

Today at Marriot Hanoi Hotel, Times Garden Vietnam and Marriot International signed a contract to manage Fairfield by Marriott Vinh Yen and Fairfield by Marriott...

Novaland won Best Developer Vietnam at DOT Property Awards 2019

Novaland Group cleared house at the DOT Property Awards 2019 by sweeping in three honours, including Best Developer Vietnam 2019 – the top developer award, Best...

Drawing up legal framework for office-tels remains difficult

The Ministry of Construction has written to the prime minister stating that it has encountered a host of difficulties in researching and drafting a circular on...

HCMC to auction 15 land lots in Thu Thiem 

HCMC will put up for auction the rights to use 15 land lots in functional areas No. 3 and 4, part of the Thu Thiem New Urban Area project in District 2, according...

Green buildings benefit both investors and home buyers

Green buildings provide more benefits for investors in the long term than normal buildings and reduce the economic burden for low- and middle-income families...

Industrial property gains from EVFTA

Industrial property in Vietnam is stepping into the spotlight with the signing of the EU-Vietnam Free Trade Agreement.

Real estate stocks

Construction stocks


MOST READ


Back To Top