NoVaLand Investment Group Corporation (NVL) Reports Fourth Quarter 2021 Financial Results
NoVaLand Investment Group Corporation (NVL) Reports Fourth Quarter 2021 Financial Results
NoVaLand Investment Group Corporation (NVL) recently announced it achieved total consolidated revenues of nearly VND15 trillion and consolidated net profits after tax of VND3.5 trillion in fiscal year 2021.
Total consolidated revenues, which include revenues from sales of goods and services rendered, increased by 186 per cent from 2020.
Revenue from sales was VND13.5 trillion, up 264 per cent, contributed by projects handed over such as NovaHills Mui Ne, Saigon Royal, Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram, and Victoria Village, while income from services and others were VND1,457 billion.
As of December 31st the company’s total assets were worth VND201.5 trillion, up 39.4 per cent for the year. Inventories were worth nearly VND110 trillion, up 26.4 per cent, mostly from the expansion of projects such as Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram and sale of new projects.
Some 92.5 per cent of the total inventories (equivalent to VND101.5 trillion) comprised of land plots and project development costs, the rest being finished works and real estate products and products on handover.
Cash and cash equivalents and deposits at banks were worth VND17.2 trillion, up 49.2 per cent.
The company's total loans and financial leasing were worth VND60.5 trillion, with long-term loans and financial leasing liabilities accounting for 68.5 per cent.
Also in 2021 the company successfully issued US$300 million worth of international convertible bonds with the participation of many reputed global financial institutions and listed them on the Singapore Stock Exchange.
The issuance attracted great interest from investors with the order book subscribed 2.5 times the initial size.
By the fourth quarter the company made principal and interest repayment of nearly VND29.9 trillion for matured debts and loan prepayment from available cash and cash flows from sales.
The total disbursement by the last quarter of 2021 was VND36 trillion.
In terms of product introduction, in the last quarter of 2021 the company actively promoted its sales strategy and received strong support in the market as the Covid-19 pandemic was brought under better control.
On November 6 the Novaland Gallery opened at 2Bis Nguyen Thi Minh Khai, District 1, Ho Chi Minh City, a platform for experiencing NovaGroup real estate and utility services ecosystem. Presales performance in the period increased by 97.4 per cent year-on-year as a result, with the value of total contracts topping VND28.4 trillion.
In mid-December The Kingdom was launched at NovaWorld Phan Thiet. Centrally located, The Kingdom phase is regarded as the ‘heart’ of the project and is directly linked with many main roads such as Walk of Fame, Central Road and the Bikini Boulevard coastal route.
Oriented to the international phase, besides having a limited number of villas, it is also designed with top-class facilities. The highlights are F.E.C (Family Entertainment Center), a high-class entertainment area sprawling over more than 30,000 m2; Arena Center with a capacity of 10,000 people; and a 1,000-seat art theatre.
In November and December Novaland received a number of awards.
Novaland Group, a leading property developer in Viet Nam with a pedigree of over 30 years, is currently developing nearly 50 residential and hospitality real estate projects, including apartments, villas, shop houses, office-tel 24/24, second homes, and branded resort villas.
Novaland continues to implement Phase 2 of business strategy, focusing on the core business of real estate in mid-to-high segment.
It has accumulated land plots of nearly 10,600 hectares for developing three core product lines: residential real estate in the centre of HCM City and locations near the city such as Dong Nai, hospitality real estate in provinces with tourism potential, and industrial real estate.
Novaland Group is listed on the HCM Stock Exchange and finds a place in the VN30 group.
As of December 31 Novaland’s market capitalisation was approximately VND175 trillion ($7.6 billion).
