Novaland reports surge in nine-month growth

Thursday, Oct 31, 2019 18:30

Customers visit a new Novaland real estate centre in Cam Ranh. – Photo Courtesy Novaland Group

Novaland Investment Group Corporation has reported steady growth and a significant increase in consolidated net revenues in the first three quarters of this year.

The company’s third quarter report shows growth of 42 per cent in consolidated net revenues from sale of goods and services to VND9.56 trillion (US$413 million).

Gross profit increased by 30 per cent to nearly VND2.7 trillion ($116.4 million).

There was a significant decrease in leverage from 1.36 at the beginning of the year to 1.17.

The total number of units handed over in the period surged by 70 per cent to 3,269.

The major contributors were The Sun Avenue, Sunrise Riverside, Richstar, Saigon Royal, Orchard Parkview, Newton Residence, and Victoria Village.

The cumulative number of units handed over is 17,198.

The company’s inventories rose 32 per cent from 31 December to VND43.34 trillion ($1.87 trillion) mainly due to the consolidation of NovaHills Mui Ne, NovaBeach Cam Ranh, NovaWorld Ho Tram, Grand Manhattan, Aqua City, and two other projects in Mui Na into the Group.

Over the last 27 years Novaland has become a leading real estate developer in Vietnam, with over 40 residential projects in key locations in HCM City alone.

It has recently begun to expand to other provinces that have potential.

In the second phase of its development strategy, Novaland has been gradually expanding to leisure-tourism property products in places with great tourism potential such as Can Tho, Ba Ria-Vung Tau, Phan Thiet-Binh Thuan, and Cam Ranh-Khanh Hoa. -- VNS

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