No Va Real Estate Investment Corporation (Novaland) has achieved 90 per cent of its full-year net income target within nine months of the year 2020.

It reported that as of the end of September net profit after tax was nearly VND3.3 trillion, up 204 per cent year-on-year.

Total consolidated revenues including revenue from sales and services were appx. VND6.6 trillion. The gross profit margin increased by 8.2 percentage point to 36.3 per cent year-on-year.

As of September 30 2020, financial income recorded a gain of VND2.2 trillion, mainly contributed by the revaluation of previous investments at subsidiaries that were merged into the Group during the reporting period.

The company’s total assets were appx. VND129.4 trillion, a 44 per cent increase year-to-date. Inventories were worth to appx. VND79.4 trillion, an increase of 38.8 per cent year-to-date and up 34.1 per cent quarter-on-quarter, mainly from M&A activities to acquire more landbank and increase in investments in current projects such as NovaWorld Phan Thiet, NovaWorld HoTram, Aqua City, NovaHills Mui Ne, and Grand Manhattan.

The total borrowings and finance lease liabilities were appx. VND44.4 trillion, an increase of 16.6 per cent from the end of the second quarter of 2020. Short-term borrowings and finance lease liabilities accounted for 28.8 per cent of total debts, equivalent to appx. VND12.8 trillion. Long-term borrowings and finance lease liabilities were VND31.6 trillion, an increase of 20.9 per cent year-to-date and mostly for M&A activities. Leverage ratios improved significantly compared to the end of 2019.

In the first nine months of the year, the Company made total repayment and early repayment of appx. VND13.5 trillion worth of its debts’ principal and interest from its cash and cash equivalents, cash collection from sales and rendering of services and cash from project transfer activities.

Novaland received total disbursement of VND21.3 trillion in the first nine months of the year, recorded as ‘Other Short-Term Receivables’ and ‘Other Long-Term Receivables’ on the balance sheet, and the proceeds was for M&A transactions and developing projects.

The continuing disbursements by reputed financial institutions despite the uncertainties caused by Covid-19 affirmed their strong conviction in Novaland’s project development and execution capabilities and the strategic vision it has been pursuing.

Divestment of projects that have achieved the expected returns remain the Company’s focus. In the third quarter it finalised an agreement to transfer 51 per cent of its shares in a company that owns a real estate project in the central area of HCM City and collected the full proceeds.

Other divestments are expected to be completed in the fourth quarter of 2020 and in 2021.

Novaland’s sales remained positive in the third quarter despite the Covid – 19 situation, recording an increase of more than 24 per cent from the second quarter of 2020.

Since 2019 it has been focusing on developing multi-utility eco-systems to bring added value to its hospitality brands like NovaWorld, NovaHills and NovaBeach.

In the third quarter of 2020 the company has signed memorandums of cooperation with many reputed domestic and international brands like the Hanoi Medical University Hospital, German medical group MediVerbund AG and Minor Hotel Group.

Nova Food & Beverage and Nova Entertainment & Media have been incorporated. These two companies have been founded with the aim of providing culinary service chains with high-class brands and organizing top-notch amusement activities.

Thus, in the near future not only residents but also visitors to and others living in the vicinity of Novaland projects will have the opportunity to experience a comprehensive eco-system comprising education, healthcare, food, and entertainment.

On its 28th anniversary Novaland has accelerated its product launches through a variety of attractive promotions. A series of events to introduce its hospitality projects has also been launched, grabbing the attention of thousands of prospective buyers.

In the remaining months of 2020 the company will continue with activities that provide the latest information about its projects and a great experience to customers.

Novaland was named among the top three listed companies (by market capitalization) in terms of the most impressive investor relations (IR) activities for the 2020 IR Awards given by Vietstock.

The messy Covid-19 situation has posed a hurdle to communications between the company and its customers, but its IR department has been organising a number of activities to ensure there is plenty of communication between it and the financial community and existing and potential investors to support its fund raising activities.

Novaland Group is a leading and reputed property developer. In the 28 years since it was established it has developed and is developing more than 50 projects straddling a diverse range of products like apartments, shop house, officetel 24/24, and branded villas. Novaland’s total market capitalization was approximately VND 63 trillion as at September 30th, 2020.